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
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