Thor Mining (LON:THR) have given the market an impressive update on Wednesday afternoon.

The firm said that the final assay results from the Bonya deposits in Australia have confirmed “robust results which can add significantly” to the life of nearby proposed Molyhil project.

The Bonya project which Thor have mentioned is located in the Northern Territory of Australia. Notably, it is held in joint venture with Arafura Resources Ltd (ASX:ARU) who own 60% whilst Thor Mining hold the other 40%.

Thor acts as the project manager, and both the firms buy into the project as per their equity.

Thor said that a total of 11 holes were drilled at the White Violet Deposit, and a further eight at Samarkand to complete a total of 1,386 meters of drilling.

An independent resource geologist has been engaged with the objective of preparing mineral resource estimates for both deposits, Thor Mining said.

Thor comments

Mick Billing, executive chair, said: “The Bonya tungsten deposits are delivering robust results which, we believe can add significantly to the economic life and commercial outcomes of the nearby proposed Molyhil project.”

“The Bonya project hosts additional tungsten and copper deposits, and these will be tested in due course, however our initial focus is likely to remain with the White Violet tungsten deposit, the Samarkand tungsten/copper deposit, and the Bonya copper deposit,” Billing noted.

“It is hoped that these can extend the Molyhil project life of mine towards ten years,” Billing said.

Thor’s Share Placing

At the end of October, Thor announced that they would be conducting a share placing in order to raise £510,000.

The firm said that the raised funds would go towards funding activities in the companies tungsten and copper projects.

Thor issued 255 million shares at a price of 0.2 p each, and was undertaken by Hybridian LLP as lead broker, alongside SI Capital Ltd.

Of the shares raised, 113.3 million shares will be issued shortly, while the remaining 141.7 million shares are subject to shareholder approval at Thor’s annual general meeting on November 28th.

London listed firm Metal Tiger Plc (LON: MTR) said it had bought shares in Thor, buying 22.5 million shares valued at £45,000.

Certainly, the Bonya project has continued to give pleasing results for Thor and shareholders will be impressed about the update today and the update provided in November. Thor should hope that the success can continue across 2020.

Shares in Thor trade at 0.4p (+3.9%). 8/1/20 13:17BST.