Thor Mining jumps as it reveals plans to progress Australian vanadium project (THR)

Thor Mining (LSE:THR) enjoyed a 6.45pc boost to 0.82p on Wednesday after detailing plans to progress its Jervois vanadium project in the Northern Territory of Australia. The business took a 40pc stake in Jervois last year as part of its joint venture (JV) deal with Arafura Resources for the Bonya tungsten and copper deposits near its flagship Molyhil project.

Exploration undertaken at Jervois between 2006 and 2008 showed early signs of success, with many holes intersecting extensive and potentially economic grades of vanadium and titanium. Samples assayed for gold and platinum group elements also returned up to 1.59g/t combined gold plus platinum and palladium.

As it stands, this historical work is not sufficient enough to estimate a mineral resource. However, Thor and Arafura have used 1,296m of assayed mineralisation it to create a substantial exploration target range at Jervois of 90 to 110 million tonnes at 0.3-0.8pc vanadium pentoxide and 4-8pc titanium dioxide.

To take Jervois forward, Thor said on Wednesday that the JV plans to focus on resource drilling at three prospects called Casper, Coco, and RD. It will also test further candidates for commercial grades of vanadium and titanium and complete follow-up work on the asset’s gold and platinum group element potential.

Subject to the successful completion of these activities, the JV would go on to completed further metallurgical studies and other technical activities at Jervois. It would also complete environmental and social impact work aimed at progressing feasibility and mine development permitting. Over the longer-term, Thor said that the JV’s goal is to seek project level investors that can advance Jervois through resource development and subsequent feasibility and permitting activities.

Thor’s executive chairman Mick Billing added that the company is excited to have an interest in Jervois at a time of stimulated global interest in Vanadium, which is currently priced at $34.25/kg.

‘Thor acquired an interest in the Jervois vanadium deposits, at no additional cost, with the acquisition of the Bonya tungsten deposits.  This has proved to be an unanticipated bonus to that acquisition,’ he said. ‘Vanadium metal has very a robust baseline demand in the construction industry, along with exciting prospects as a potential battery metal where large capacity storage is required.’

Wednesday’s update comes shortly after Thor jumped by as much 25pc towards the end of June on the news that laboratory assay results had confirmed the business’s previously announced interim XRF results at Bonya. Bonya contains 13 outcropping tungsten deposits plus a copper resource, which Thor expects to add considerably to the life, scale, and economic outcomes of its proposed Molyhil operation. Despite being part of a known tungsten province, no drilling has taken place at the Bonya licence area since the seventies.

This changed earlier this year when Thor and Arafura embarked on 2,500m RC drilling at several targets including the Samarkand, Jericho, White Violet, and Tashkent deposits. Thor released interim results obtained by portable x-ray fluorescence (XRF) determination at the end of April, heralding them as ‘substantially better than expectations’.

Following this, the business released assay results towards the end of last month that confirmed the area’s prospectivity. Highlights included 27 metres at 0.29pc tungsten trioxide (WO3) from 35m at White Violet, which included 16m at 0.31pc copper from 43m and 7m at 0.2pc WO3 from 67m. Meanwhile, results from Samarkland included 13m at 0.48pc WO3 from 19m and 12m at 0.77pc copper from 22m.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance 

Thor Mining updates on positive progress at Big Sandy lithium project (THR)

Thor Mining (LSE:THR) updated the market on Friday with news concerning the Big Sandy Deposit, located in Arizona, USA. The company enjoys exposure to the project via a 1.075pc equity holding in Hawkstone Mining (ASX:HWK).

Hawkstone has released drilling results this week from a further 7 holes of its 37-hole diamond drill programme, and they look very positive. A number of the holes continued to intersect thick, high-grade lithium with highlights including 52m at 1,953 parts per million (ppm) Lithium from 11m to 63m.  The current drill phase 2 drill programme commenced in February and Hawkstone will drill a final 3 holes to complete the campaign.

The firm also says results to date have successfully outlined extensions to the primary lithium mineralisation to 800m north, with mineralisation remaining open to the north and west.

This week’s results compound the success of results released in May, which covered 5 holes. Highlights from that batch included 39m at 2,015 ppm Lithium from 23m to 62m. Hawkstone recently appointed Dr David Deak, formely of Tesla and Lithium Americas Corp to its technical team. Big Sandy is located with the United State’s ‘Battery Corridor, which includes Tesla Motors Gigafactory 1 near Reno in Nevada.

Hawkstone Managing Director Paul Lloyd commented "The assay results from these latest 7 diamond holes demonstrate the significant potential of the Big Sandy project and we look forward to updating the market further regarding assay results pending from the next 8 diamond drill holes as they become available."

Mick Billing, Executive Chairman, added: 

"We welcome this additional positive news from the Big Sandy drilling program noting that the program is continuing with more news scheduled in the coming weeks."

 "We look forward to the balance of the drilling results as the program continues to improve the prospects for Big Sandy and the value of our Hawkstone investment."

Thor has also announced very good results from its own drilling programme at Bonya earlier this week. The company’s share price jumped as much as 25pc in early trading on Tuesday hitting 0.94p, on the news that laboratory assay results confirmed its previously announced interim XRF results at Bonya.

The exciting copper results add further potential for Bonya which is well positioned to be a satellite resource for Molyhil. In an interview with the MiningMaven podcast earlier this month, Mick Billing mentioned the potential to bring copper back into the resource.

Author: Stuart Langelaan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

Thor Mining confirms high grade tungsten at Bonya with ‘very good’ assay results (THR)

On Monday, Thor Mining (LSE:THR) jumped as much as 25pc in early trading, hitting 0.94p, on the news that laboratory assay results confirmed its previously announced interim XRF results at Bonya.
Highlights from White Violet was 27 metres at 0.29pc tungsten trioxide (WO3) from 35 metres, which included 16 metres at 0.31pc copper from 43 metres and 7 metres at 0.2pc WO3 from 67 metres. Meanwhile, results from Samarkland included 13 metres at 0.48pc WO3 from 19 metres and 12 metres at 0.77pc copper from 22 metres.

The drilling campaign consisted of around 2,500 metres of Reverse Circulation (RC) drilling at a number of targets including the Samarkand, Jericho, White Violet, and Tashkent deposits. Thor released Interim results obtained by portable x-ray fluorescence (XRF) determination at the end of April, heralding them as “substantially better than expectations”. The laboratory assays corroborate the firm’s initial findings with Mick Billing, Executive Chairman of Thor Mining, commenting:

"It is exciting to have confirmation of very good tungsten results along with exciting copper readings from the White Violet and Samarkand deposits at Bonya."

"These robust, near surface tungsten and copper mineralisation occurrences have significant growth potential and the joint venture will now target near term drilling to both test the extent of the deposits and facilitate reportable mineral resource estimates.

"The proposed Molyhil processing facility is designed to extract copper as well as tungsten and molybdenum so any primary copper at Bonya can potentially be extracted at minimal additional cost."

"In the event that follow up drilling leads to the definition of mineral resource estimates, there is potential to add materially to both the life and financial outcomes at the Company's Molyhil project"

Thor holds a 40pc interest in Bonya via a joint venture with ASX-listed Arafura Resources (ASX:ARU). The deposits lie around 30km east of Thor’s 100pc owned Molyhil tungsten project which Thor is developing towards commercial production. The firm completed an updated Definitive Feasibility Study for the project back in August and is now focused on securing project finance to bring Molyhil into production. Thor has been in advanced discussions with a number of potential partners regarding potential off-take, joint venture and debt financing arrangements.

The exciting copper results add further potential for Bonya which is well positioned to be a satellite resource for Molyhil. In an interview with the MiningMaven podcast earlier this month, Mick Billing mentioned the potential to bring copper back into the resource.

MiningMaven recently compiled a company report detailing how Thor’s exposure to the new copper vehicle EnviroCopper could represent a ‘fascinating opportunity’ for investors.

CLICK HERE TO DOWNLOAD the full report from MiningMaven.com

Author: Stuart Langelaan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance