Thor Mining sat at 0.68p on Tuesday morning after releasing a set of quarterly results that saw it reveal a robust financial position and a healthy outlook for all of its assets.

In its figures for the three months ended June 2019, the business said its cash position remains ‘sound’, with enough funds in place to cover its scheduled field programs for the remainder of the year. Elsewhere on the financial side, Thor said that it expects to recover just over A$200,000 in annual research and development costs in the September quarter.

Moving on to portfolio progress, the April to June quarter saw Thor make a great deal of progress at its flagship Molyhil tungsten project in the Northern Territory of Australia. Throughout the period, it launched marketing activities to lock-in project finance, and off-take agreements for tungsten and molybdenum concentrates from the project. Meanwhile, its metallurgical drill samples at Molyhil produced high-grade tungsten, molybdenum and copper assays, and it achieved strong results from drilling at its nearby Bonya tenements.

Over the next quarter, it expects to continue discussions with financiers and off-take partners at Molyhil and add copper to the project’s mineral resource estimate. Likewise, it plans to complete a follow-up drill programme at Bonya and establish an initial tungsten resource for the site.

Beyond Molyhil, Thor completed a successful second-stage metallurgical testwork programme at its Pilot Mountain project in Nevada, which included gold detected in the process sample. In the September quarter, the organisation plans to follow up this gold occurrence by re-assaying historical drilling samples as well as carry out metallurgical process optimisation work.

On the copper side of its operations, Thor spent the three months to June completing successful laboratory testwork at its Kapunda project in Australia that recovered gold from drill samples. It also commissioned a mineral resource estimate for several copper deposits at its Moonta project, also in Australia. Over the coming months, Thor expects to complete field pump test at Kapunda and receive mineral resource estimates at Moonta.

Mick Billing, executive chairman at Thor, said: ‘Our confidence in securing off-take and finance for Molyhil remains firm, with positive interest from a number of players, whose interests vary from offtake, to joint venture arrangements, to debt instruments.  The Directors acknowledge that this has taken much longer than anticipated, however we are confident of a positive outcome.

‘In the meantime, we continue to work on initiatives which we believe will enhance the project, including extending project life beyond the initial seven year open cut program, as well as other programs anticipated to enhance commercial outcomes.

‘The developments in our ISR copper investments, substantially funded by the Australian Government research and development grant, continue to show great promise and we look to the scheduled drill program during the September quarter. We also look forward to assay results from historical Pilot Mountain drill samples which are being tested for gold content.’

Author: Daniel Flynn

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