Thor Mining

  • Earlier this month, Mick Billing, chief executive of Thor Mining (LSE:THR), carried out a site visit to the firm’s tungsten and copper-prospective Bonya tenements. The trip was carried out as part of planning for a drilling programme at Bonya, which is adjacent to Thor’s flagship Molyhil and tungsten and molybdenum project following promising intersection earlier this year.

    Against the exciting backdrop of an initial 114,000t copper resource at the Moonta project held within Thor’s EnviroCopper subsidiary, we caught up with Billing to discuss his findings from the trip. The chief executive also provides us with an update on Thor’s ongoing efforts to secure project finance and offtake agreements at Molyhil.

    Bonya opportunity

    To recap, Thor purchased a 40pc stake in Bonya from Rox Resources last year and is now in a JV with Arafura Resources. The two firms now share development costs proportionally to the size of their holdings. Bonya hosts 13 outcropping tungsten deposits that currently carry an exploration target of 3-4.9MMts at 0.3-05pc tungsten trioxide.  The area also hosts an inferred copper resources of 230,000ts for 4,600ts of copper.  Thor plans to extract and process this copper at Molyhil for a ‘minimal additional cost’.

    Location of the Bonya tenements relative to Molyhil (Source: Company)

    Despite the licence area being part of a known tungsten province, no tungsten drilling had taken place since the 1970s.  Regardless, in April, Billing said he hoped that Bonya could add ‘considerably’ to Molyhil’s life, scale, and economic outcomes. True to its word, Thor - alongside Arafura - completed an initial 2,500m reverse circulation drilling programme across Bonya earlier this year.

    The work confirmed strong tungsten and copper mineralisation across several deposits, with particularly strong results coming from two areas called White Violet and Samarkand. Highlights from White Violet included 27m at 0.29pc tungsten trioxide from 35m, 12m at 0.67pc tungsten trioxide from 46m and 29m at 0.7pc tungsten trioxide from 81m, including 13m at 1.13pc tungsten trioxide.  Meanwhile, top copper intersections at Samarkand included 5m at 0.36pc copper, 12m at 0.77pc copper, and 7m at 1.23pc copper. To read the results in more detail, please click here.

    Recent trip

    To build on these strong initial results, Thor and Arafura will now target near-term drilling to test the extent of the two deposits and create reportable mineral resource estimates. To support this, Billing says he and his colleagues searched White Violet and Samarkand for surface scheelite – a tungsten compound that shines blue when a UV light is shined on it in the dark – on their recent trip. Billing says the work was high encouraging, further informing and extending the imminent drilling programme and leaving him with the impression that there is a lot of upside to be had in the area.

    ‘At White Violet we have identified a couple of holes where we drilled last time that we would like to take deeper and another one we would like to move the hole a bit to connect better up with some trenching,’he said. ‘We are also going to do some infill work because we are really keen on getting a resource estimate out of this deposit in the next drilling programme, which we expect will start in September.’

    ‘Things were even more encouraging at Samarkand as we have found a couple of quite promising scheelite occurances extending past the area drilled out. We won’t just be going a bit deeper to do resource-type infill work, we will also be extending to the north-west and hopefully also to the south-east. We think there is a good chance we can not only get a resource at Samarkand but also extend the area where the mineralisation is currently known. There is a lot of upside to be had here.’

    Outcropping copper just south of Marrakech deposit at Bonya

    Funding discussions

    Bonya and Molyhil’s prospectivity appears to increase with every related RNS release. Indeed, earlier this week Thor announced that a second metallurgical bulk sample drill hole has further boosted its flagship Molyhil project’s prospectivity for copper alongside tungsten and molybdenum.

    Speaking to MiningMaven, Billing told us that he remains confident Thor will be able to lock in project finance and off-take agreements for both tungsten and molybdenum concentrates mined at Molyhil. As previously discussed, the company has been approached by, and advanced discussions with, several players whose interests include offtake agreements, joint venture arrangement, or debt instruments. Billing says such talks are still proceeding, with the business taking great care to ensure it picks the arrangement that works best for both itself and shareholders.

    ‘There is now quite a large group of companies who would like to offtake from the output at Molyhil. There is a smaller group who are interested in funding and there is another group that have said there is interest in a joint venture,’ he said.  ‘One of the things these potential JV partners will want out of that type of structure is almost certainly an offtake. With this in mine, we are not locking in with any of the others until we have exhausted the opportunity for a JV. These are people that are working at their own pace so I cannot underwrite the success or a timeline. However, we are still confident there is a deal to be done with a couple of the people with which we are in discussions.’

    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’s (LSE:THR) Molyhil project is known for being one of the Western world’s higher-grade open tungsten and molybdenum projects. However, a prospectus released back in August 2006 suggests that the asset also boasts copper mineralisation that could boost its attractive economics further.

    Wholly owned by Thor, Molyhil is based in Australia’s Northern Territory and consists of two adjacent magnetite skarn bodies with economic mineralisation of scheelite, molybdenite, and magnetite. Thor has carried out large amounts of work on the project including resource extension drilling, metallurgical test work, technical, environmental and social studies, and environmental permitting.

    An upgraded feasibility study published last year gave the project a A$239m (c.£130m) EBITDA and a post-tax payback period of within 18 months of first production. Meanwhile, the work also gave the asset an all equity NPV(5) of A$101m (c.£55m), a 59pc IRR, and a seven-year mine life with potential for underground extension. More recently, drilling at the nearby Bonya tenements has strongly suggested several additional years of mine-life at Molyhil.

    These figures were derived from an updated open-cut ore reserve statement published in January last year. This gave Molyhil probably reserves of 3.5MMts at 0.29pc tungsten trioxide and 0.12pc molybdenum – equivalent to 10,200t and 4,300ts of each metal respectively.

    There is no question that these figures paint a promising picture for Molyhil’s prospectivity. However, a quick look back at a project resource estimate contained within a Thor prospectus released more than a decade ago suggests that the project’s tungsten and molybdenum resources could be complemented by the presence of copper. Indeed, the work, which was carried out to a 150m depth, gives Molyhil a total resource of 2.4MMt at 0.072pc copper – split between 0.088pc measured, 0.06pc indicated, and 0.1pc inferred.

    Now, this resource estimate is clearly dated – indeed, the total resource estimate of 2.4MMts sits well below the figures used in the asset’s most up-to-date feasibility study. Likewise, a copper resource of 1,728ts (2.4MMt * 0.072pc) is hardly going to set the world alight on its own. However, with current prices valuing this stock of the red metal at around £10.5m, its inclusion in Molyhil’s overall economics could be significant.

    Indeed, this figure would underpin a large portion of Molyhil’s current $43m (£33.8m) project finance estimate. As such, it could help to cut Thor’s project payback period from 18 months to an even shorter timeframe. What’s more, all of Molyhil ore must be processed comprehensively to produce tungsten – the site’s most valuable metal. Part of this process involves floating off any associated Molybdenum and sulphides. With this in mind, it seems likely that floating off any copper would come at very little additional cost.

    These points could provide Thor with some additional support as it continues to finalise offtake agreements at Molyhil. At the end of last month, the business’s executive chairman Mick Billing said his confidence in securing agreements ‘remains firm’, adding that the business has seen positive engagements from numerous players. Could an additional copper resource help to push a deal over the line?

    Finally, the presence of copper at Molyhil would complement the potential offered by Thor’s 40pc-owned, adjacent Bonya tenements. Last November, an initial estimate gave the historic Bonya Copper Mine deposit an inferred resource of 230,000ts grading 2pc copper. Following this, drilling earlier this month at Bonya’s Samarkand prospect encountered 5m at 0.5pc copper from 9m, 12m at 0.69pc copper from 22m, and 6m at 0.97pc copper from 38m.

    All-in-all, the historic copper on offer at Molyhil is unlikely to be a game-changer for Thor on its own. However, if the company decides to re-visit the resource, it could prove to be a deal-maker for any potential financier.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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.

  • EnviroCopper is a copper exploration, development, and production business formed in March 2019 to focus on stranded copper projects previously considered too low-grade for development. Thor Mining (LSE:THR) has the right to earn in to up to 30% of the company, while the remainder is held by two businesses called Environmental Copper Recovery and Environmental Metals Recovery.

    With copper prices at multi-year lows, EnviroCopper’s innovative, low-cost, and low-impact approach to copper extraction has never looked more relevant. As the firm’s work to build up production and expand its portfolio continues, Thor’s exposure could provide shareholders with a highly-significant opportunity for returns.

    Low-impact recovery

    EnviroCopper plans to approach assets using a low-environmental impact style of metal production called in-situ recovery (ISR). Unlike conventional mining operations, ISR centres around a chemical process called ‘leaching’, that – in layman’s terms – involves dissolving minerals underground in a solution before extracting them at the surface. As ISR is much cheaper and quicker than actually building a copper mine, EnviroCopper believes that the technique can bring lower-grade projects into economic territory.

    A video from Excelsior Mining explaining the ISR process in detail

    Although it is well established in phosphate and uranium mining, ISR’s introduction to the copper sector has been relatively recent. Indeed, as it stands, two of the only examples of the method’s application in this way are the Gunnison and Florence copper projects in Arizona, operated by Excelsior Mining and Taseko respectively. However, EnviroCopper sees a bright future for the technique and plans to spearhead its growth.

    Proof of concept

    EnviroCopper’s initial focus will be its 75pc-owned Kapunda project, which is found around 90km north-west of Adelaide in Australia. By achieving production at the asset, the firm hopes to demonstrate ISR’s operational viability in the copper market and take the technology to other projects.

    Aided by historical mining data and environmental and hydrogeological work, EnviroCopper has estimated Kapunda contains an ISR-amenable inferred copper resource of 119,000ts. As announced in April, the company has also been able to recover gold from samples taken from the project and work to ascertain whether it can establish a resource for the precious metal is ongoing.

    Before commercialisation, EnviroCopper must complete a pre-feasibility study and a definitive feasibility study at Kapunda.  It will also have to meet any necessary environmental, social, and regulatory requirements and secure financing.  Handily, it will a $2.8m government-issued research grant will support it in these efforts- indeed, the firm expects these funds to take the project through to demonstration of feasibility.

    Bigger picture

    Once progress has been made at Kapunda, EnviroCopper will move on to Moonta - its second 75pc-held project. Moonta is located around 160km north-east of Adelaide within the historical copper triangle of South Australia, where around 300,000ts of copper were mined and processed between the 1860s and 1920s.

    Although it is an earlier-stage project than Kapunda, Moonta is also thought to be a much larger opportunity. In August 2019, EnviroCopper announced an initial inferred resource estimate for the asset of 66.1MMts grading 0.17pc copper. This translates to 114,000ts of contained copper considered amenable to ISR, taking EnviroCopper’s business-wide managed resource inventory 233,000ts. However, this initial figure was formed from the analysis of just 164 drill holes at Moonta. This lead to the identification of three copper deposits, called Wombat, Bruce, and Larwood. A further 308 holes already drilled over these deposits will feature in future resource modelling once quality assurance has been completed, providing an obvious opportunity for upside. What’s more, all three deposits remain open along strike or at depth – providing EnviroCopper with a chance to identify mineralisation beyond that already discovered.

    Location of EnviroCopper’s ISR-amenable copper projects (Source: Thor Mining)

    Perfect conditions

    If EnviroCopper can prove ISR’s operational viability in the copper arena, then it hopes to introduce the technique at projects far beyond Kapunda and Moonta. Indeed, the firm has said that it aims to develop an expanded portfolio of opportunities, initially focusing solely on South Australia but potentially moving into other territories in the future.

    The company has also said it plans to list on a recognised exchange, potential providing interested market participants with a way of getting exposure beyond a Thor investment in the future.

    With copper prices currently sitting at two-year lows, the need for low-cost supply is particularly stark – especially given the forecast explosion in demand over coming years thanks to the rise of electric vehicles.  ISR potentially provides an ideal solution to this scenario – for context, all-in production costs per pound of cathode copper at Gunnison and Florence come in at just $1.23 and $1.10 respectively.

    The potential presented by EnviroCopper and its assets, then, is clear – especially if the business can use its first-mover advantage in Australia to drive the sector’s growth. Importantly, Thor’s considerable stake in the company both diversifies its potential revenue streams and provides shareholders with yet another, significant upside opportunity. Indeed, in June 2019, executive chairman Mick Billing told MiningMaven, that the value of the firm’s copper exposure could even surpass that of its more established tungsten and molybdenum operations.

    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

     

  • Today’s guest on the MiningMaven podcast is Mick Billing, Executive Chairman and CEO of Thor Mining, which is listed on AIM and ASX (LSE:THR). Thor has had a very busy month since we last spoke with Mick on the podcast, with newsflow coming from all of its projects over the past few weeks. Mick starts by discussing recent news about the vanadium opportunity from Thor’s joint venture, Jervois project.

    Also in Australia, and not too far away from Jervois, is the Molyhil Tungsten Project and its satellite Bonya desposit. Mick talks about the next stages in the development of Molyhil and touches on its copper business investments, including the Kapunda Project. Finally, Mick talks about the need to re-assay samples from previous drilling programmes at Pilot Mountain, its tungsten project in Nevada USA.

    This interview was recorded on 15th July 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small-cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

    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.

  • In this episode of the podcast, executive chairman of Thor Mining (LSE:THR), Mick Billing discusses the company’s recent gold recovery at Kapunda. Mick also gives an update on the acquisition of two gold and uranium assets, Pilbara Goldfields and Hammersley Metals and reports on drilling activities at the firms Bonya Tungsten project.

    This interview was recorded on 3rd April 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

    Author: Stuart Langelaan

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Systems Ltd are not responsible for its content or accuracy. 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.

     

  • In this episode of the podcast, executive chairman of Thor Mining (LSE:THR), Mick Billing explains why he is ‘very excited’ by the interim drilling results from the Bonya tungsten deposits in Australia.

    Mick says the average grade of open pit tungsten mines around the globe is around 0.2pc tungsten trioxide (WO3). Molyhill has grades a little higher than that but testing by portable x-ray fluorescence (XRF) at Bonya indicate grades well above average.

    ‘When we see results of 20-30 metres at around 0.7-0.75pc WO3 at Bonya we get pretty excited’ explains Mick during the interview.

    ‘Tungsten’s about four times the price of copper, so this is equivalent to copper grades of nearly 3pc. Anybody intersecting copper mineralisation around 3pc copper is going to be pretty happy, so that puts it into context’ Mick added.

    Thor holds a 40pc interest in Bonya which lies around 30km east of its 100pc owned Molyhil tungsten project. 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.  Interim results for three of the four targets are now available following portable XRF determination. The White Violet deposit stole the show with very strong results, including 27 metres of 0.32pc tungsten oxide from 71 metres. Copper was also found from a number of holes, particularly on the White Violet deposit including 16 metres at 0.43pc copper from 43 metres.

    This interview was recorded on 1st May 2019.

    Author: Stuart Langelaan

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Systems Ltd are not responsible for its content or accuracy. 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.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

     

  • In today's podcast, we speak with Mick Billing, Executive Chairman and CEO of Thor Mining which is listed on AIM and ASX (LSE:THR). Recent months have been very busy for Thor with drilling at Molyhil and the nearby Bonya deposit, a gold discovery being made at the Kapunda Copper project and the commissioning of a resource estimate for the Moonta Copper project. Mick primarily discusses the recently announced bulk sample assay results from Molyhil, the potential to bring copper back into the resource, and highlights what shareholders should look forward to over the coming months.

    This interview was recorded on 7th June 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

    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.

  • In today’s podcast Mick Billing, Executive Chairman of Thor Mining (LSE:THR), explains why the company is creating a new vehicle called Enviro Copper Limited and gives an overview of its two copper projects, Kapunda and Moonta. Mick also discusses the potential use of In-Situ Recovery (ISR) techniques at the projects, gives his outlook on the copper market, and provides an update on finance and off-take discussions for Thor’s Molyhil Tungsten Project.

    This interview was recorded on 6th March 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG) #gold #mining #investing

    Author: Stuart Langelaan

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

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

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Systems Ltd are not responsible for its content or accuracy. 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.

     

  • Gervaise Heddle joins us for todays podcast and we discuss, amongst other topics, Greatland Gold (LON:GGP) news today regarding the commencement of drilling at their Bromus Nickel sulphide project in Australia. Gervaise recently became an Executive Director of the Greatland, having previously performed a Non Executive role with the company.

    https://www.investegate.co.uk/greatland-gold-plc--ggp-/rns/bromus-project---commencement-of-drilling/201607261126142576F/

    Gervaise also recently joined the board of THOR Mining (LON:THR) so we discuss the significance of this as we take a look at the potential value drivers for this Australian tungsten focused explorer/resource developer.

    We then move on to talk about the current gold price drivers and the broader resource market, before covering the latest news and activities from some of the other companies where we are invested, namely Ariana Resources, MOD Resources and Metal Tiger.

    We hope you enjoy listening.

    #gold#silver#copper#nickel#MTR#AAU#THR#GGP#AIM#mining#investing

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advise or a recommendation to buy shares in any featured Company.

    From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker, as they deem appropriate.

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  • Against a backdrop of steady progress in its tungsten and molybdenum interests, this year has seen Thor Mining (LSE:THR) introduce radical changes to its copper strategy. Alongside its partner Environmental Copper Recovery, the company has agreed to transfer its stake in the Kapunda copper project into a business called EnviroCopper.

    The new vehicle will focus on using a non-invasive production technique called in-situ recovery (ISR) to recover copper – an approach currently being utilised by few firms globally. As well as Kapunda, the deal gives Thor exposure to Moonta, a highly-mineralised, large Australian copper project featuring numerous historically-mined deposits alongside more recent discoveries.

    In this report, Thor’s executive chairman Mick Billing explains ISR’s potential benefits before running through progress at Kapunda and Moonta and EnviroCopper’s plans for both assets. Importantly, he also highlights how the terms of the EnviroCopper deal and Thor’s heightened copper exposure could provide a ‘game-changing’ opportunity for the organisation and its investors. Indeed, as he puts it in the report:

    ‘With recent technical advances, ISR can now offer a lower footprint and is likely to find further application in mineral recovery fields because it can coexist with other land use activities. This is a very exciting development in Thor’s copper strategy, potentially adding significant scale to our copper interests by bringing Moonta together with our existing interest in Kapunda within a potentially-large ISR-focussed copper business.’

    CLICK HERE TO DOWNLOAD the full report from MiningMaven.com

    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

  • On Tuesday, Thor Mining (LSE:THR) announced it has started drilling at the Bonya tungsten deposits near Molyhil in Australia. Thor holds a 40pc interest in the deposit via a joint venture with ASX-listed Arafura Resources (ASX:ARU).

    The programme will consist of 2,500 metres of Reverse Circulation (RC) drilling of a number of targets including Samarkand, Jericho, White Violet, and Tashkent deposits. Drilling is expected to take around two weeks and Thor expects to update on progress shortly, as well as updating on preliminary on-site XRF analysis. Each of the deposits has outcropping tungsten at surface, and the The Jericho deposit, in particular, has been mined historically, with a surface stockpile estimated at several hundred tonnes of scheelite ore at surface adjacent the deposit. In addition to Tungsten, there are also deposits of copper and vanadium at Bonya.

    30km west of Bonya is the 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.

    Mick Billing, Executive Chairman, commented: "We are very hopeful of positive results from our first drilling and costeaning program on the Bonya tungsten deposits."

    "The 13 outcropping tungsten deposits at Bonya, several of which have historical mine workings, have the potential to add considerably to the life, scale, and economic outcomes of the Company's flagship Molyhil project nearby."

    "We hope to be able to provide regular updates of progress, including provisional XRF analysis, during the program."

    "Despite the licence area being part of a known tungsten "province", it has had no tungsten drilling since the 1970's, and we are very excited at the commencement of this program, and the potential it brings.

    Earlier this month, Mick Billing spoke with MiningMaven to discuss Bonya and Thor Mining’s other assets including Kapunda and the more recently acquired Pilbara Goldfields and Hammersley Metals. You can listen to the interview below.

    Author: Stuart Langelaan

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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 (LSE:THR) rose 3.9pc to 1.4p on Monday morning after revealing strong sampling results at what it expects to be the first of a series of satellite tungsten and copper deposits in Australia.

    The first stage of exploration at Samarkand, one of thirteen known tungsten deposits within Thor’s Bonya project, revealed extensive tungsten mineralisation including high-grade zones. The business collected samples via a systematic sampling program carried out in December last year. This focused on trenches excavated across the deposit more than four decades ago.

    Among the strongest intercepts were seven metres at 0.667pc tungsten oxide and three metres at 0.307pc tungsten oxide within trench one on the deposit. Meanwhile, trench two contained a three-metre intercept at 0.271pc tungsten oxide, and trench three offered a three-metre intercept holding 0.203pc of the compound. Thor added that the deposit outcrops at the surface for more than 500m and is open-ended.

    Thor is 40pc owner and operator at Bonya alongside Australian resource firm Arafura Resources (ASX:ARU). A maiden resource estimate in Q4 last year gave Bonya a deposit of 230,000 tonnes containing 4,600 tonnes of copper. In Monday’s update, executive chairman Mick Billing said Samarkand the business now has ‘confirmed tangible evidence’ of additional extensive surface outcropping tungsten mineralisation at the project.

    ‘These initial results demonstrate proof of surface outcropping tungsten mineralisation extending in excess of 500 metres strike length at the Samarkand deposit,’ he added. ‘Current indications are that Bonya tungsten mineralisation is coarse grained and may be amenable to low cost pre-concentration by x-ray ore sorting and treatment at the Molyhil processing plant.’

    Bonya is found within trucking distance of Thor’s flagship Molyhil mine project in the Northern Territory of Australia. With this in mind, Billing said the case for developing Molyhil would become ‘even more compelling’ if the success at Samarkand is replicated at Bonya’s numerous additional prospects.

    Thor is currently completing traditional owner and regulatory clearance for a drill program at Bonya and hopes to be licenced to begin work by the end of this month.  It believes this will enhance its knowledge of the extent of mineralisation in the area.

    Finally, Billing said Thor is continuing to carry out discussions and negotiations with potential offtake and investment partners at Molyhil. Molyhil is now substantially permitted and ready for construction as a result of Thor’s significant drilling and metallurgical testing work.

    As it stands, the site contains a probable reserve of 3.5MMts at 0.29pc tungsten (10,200ts) and 0.12pc molybdenum (4,300ts). Last August, an updated definitive feasibility study for the site gave it an NPV(5) of A$101m, an internal rate of return of 59pc, an EBITDA of A$239m and a payback period of around 18 months.

    In an update last week, Thor said these enhanced figures had attracted the interest of various potential partners. It hopes to finalise an acceptable arrangement over the near term.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has not 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 (LSE:THR) announced today that proof of concept has been established for In-situ Recovery of copper at the Kapunda Copper Project. The company has the right to earn-in to a 45% effective interest in the project which is located 90km north of Adelaide in South Australia. In February, Thor announced a maiden resource estimate in partnership with Environmental Copper Recovery SA Pty Ltd and Terramin Pty Ltd (ASX: TZN), suggesting the site has an inferred JORC compliant resource of 119,000 tonnes of copper amenable to In-situ Recovery techniques.

    In-situ Recovery (ISR) or solution mining has a lower environmental footprint than conventional mining with little visual impact and minimal infrastructure required.

    The process accelerates what is naturally happening within the bedrock and water table and until recent advances in technology, had limited applications in mineral extraction. It’s now possible to apply the ISR method of extraction to copper and gold resources that were previously un-minable. During the process, a benign solution is pumped into bores drilled into the ore body to dissolve the copper. The copper containing solution is then pumped to a recovery plant to extract the metal from the liquid.

    The In-situ Recovery (ISR) process

    source: www.envirocopper.com.au

    Kapunda is suitable for ISR since it is a shallow resource and the area has a high water table. Thor says it has completed water sampling and the initial hydrogeological assessment is positive. Computer modelling suggests that flow through the ore body is possible and the geology is amenable for ISR. 

    As reported in July, The Australian Government Ministry for Science, Jobs and Innovation has offered Environmental Copper Recovery SA Pty Ltd research funding of A$2,851,303, over a 30 month period to demonstrate the In-Situ Recovery (ISR) process at Kapunda.

     Mick Billing, Executive Chairman, commented:

    "The proof of concept stage has been successful in demonstrating that, from both a technical and social viewpoint, we should proceed to the next stage of work. This next stage (stage 2) will include: relevant approval processes, pump and environmental testing, and will incorporate a field recovery trial to generate solution and test a variety of metal recovery options."  

    "The successful completion of these stages was complemented by the receipt of a (CRC-P) Commonwealth Research Program Grant for A$2.85 million for the Kapunda Copper ISR project, further supporting this exciting initiative of an economically and environmentally sustainable mining future technique."

    "We look forward to providing further information on this exciting project, and each of our other projects at Molyhil (including Bonya), and Pilot Mountain in the coming weeks."

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    The Author has not been paid to produce this piece by the company or companies mentioned above.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, has not 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

  • EnviroCopper is a privately-run mining company seeking to develop copper projects using an extraction method called “in situ- recovery” (“ISR”). London-listed Thor Mining Plc (LSE:THR) has the right to purchase a 30pc stake in the business, which in turn is earning into a 75pc position in two Australian assets called Kapunda and Moonta.

    According to EnviroCopper, it is the first business to apply the ISR technique – which is more cost-effective and environmentally friendly than traditional mining – on the ground in Australia. With Kapunda and Moonta boasting a combined resource inventory of 233,000ts of copper, the upside opportunity that Thor’s exposure can offer to its shareholders is clear.

    Alongside Thor’s executive chairman Mick Billing, we begin the below report with a detailed analysis of the ISR technique, the Kapunda project, and Envirocopper’s operational activity. In a subsequent update, we take an in-depth look at EnviroCopper’s August release on Moonta, which saw it announce that it is targeting between 428,000ts and 713,000ts of ISR-amenable copper at the project.

    Simply click on the link below to read the special report in full screen.

     

     

  • Thor Mining (LSE:THR) was trading at 0.8p on Wednesday after announcing plans to expand its operational portfolio through two acquisitions.

    The business said is looking to acquire Pilbara Goldfields and Hammersley Metals, which collectively hold interests in two granted licences and seven licence applications at various stages of advancement. These assets are prospective for gold and uranium and cover a total of 764km2 in the Pilbara region of Western Australia and the Northern Territory of Australia.

    To purchase the companies, Thor will pay £450,500 through the issue of 53m new shares at 0.85p each. These are subject to a six-month lock-in. Furthermore, following shareholder approval, the vendors will receive 26.5m Thor warrants to subscribe for 26.5m of the company’s shares at 1.3p each. These will have a three-year lifespan. Finally, the vendors will receive an additional 22.5m Thor shares if any of their projects enter commercial production.

    To support the development, Thor has undertaking strategic financing raising £400,000 by issuing more than 47m new shares at 0.85p each. These shares are accompanied by three-year warrants exercisable at 1.3p. ‘With existing cash at bank, the strategic financing provides a valuable addition to Thor’s working capital,’ the firm added.

    Thor will now conduct further work on both Pilbara and Hammersley’s licence application interests before reporting back to the market over the coming weeks.

    In Wednesday’s update, Thor said it pursued the deal because much of its portfolio is beginning to reach the crystallisation stage. Indeed, the business has advanced its 100pc-owned Molyhil tungsten and molybdenum project to mine construction-ready status. It is currently in a commercialisation process to secure project-level finance for the mine construction phase. Meanwhile, the company’s Kapunda project interest (up to 45pc) is being divested into a new company called Enviro Copper, as announced earlier this month.

    Once these two transactions have completed, Thor said its exploration interests will be limited to its 40pc-owned Bonya tungsten, copper, and vanadium project. As such, executive chairman Mick Billing said the new firms will give it access to a new round of exploration opportunities in Australia.

    ‘I am extremely pleased to announce today's Strategic Australian acquisitions which add gold and uranium into the Thor Mining Australian portfolio,’ he added. ‘The company is seeing the maturity of its Molyhil project as we move toward the mine construction and production phases. Likewise, with Kapunda as announced the company is moving its interest into a new vehicle with a listing strategy on a recognised stock exchange.

    ‘In anticipation of the above crystallisation process the Company needs to access new Australian opportunities and the Strategic Acquisitions announced today enable us to take a material step forward in this regard. Alongside this the Strategic Financing further bolsters our working capital and provides a considerable extension to our cash runway. Thor is active in multiple areas and we anticipate further news updates to the market in the near-term. I look forward to updating the market across the above areas over the coming weeks.’

    Elsewhere, Thor announced that it is currently undertaking standard director due diligence before appointing a new external non-executive director. This individual will assist the firm with its transition and development.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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 (LSE:THR) inched up 1.8pc to 0.8p on Tuesday morning after announcing the successful recovery of gold from its Kapunda copper project. In what was described as an ‘unexpected bonus’ by executive chairman Mick Billing, Thor said the precious metal was recovered from historical drilling samples at the South Australia-based asset.

    The actual percentage recovery of gold extracted could not be determined accurately in this round of work. However, Thor said the concentrations of the metal in solution indicates that gold extraction does occur at Kapunda. The firm will now carry out further test work to quantify gold recovery, with results for 28 historical surface and drill core samples reportedly boasting grades of between 0.93g/t to 8.58g/t.

    Critically, Thor said the results demonstrate proof of concept at Kapunda using techniques appropriate for in situ recovery (ISR) test work. It added that this enhances its successful recovery of copper using ISR appropriate test work at the project in December.

    ISR or solution mining has a lower environmental footprint than conventional mining with little visual impact and minimal infrastructure required. The process accelerates what is naturally happening within the bedrock and water table and, until recent advances in technology, had limited applications in mineral extraction.  

    It is now possible to apply the ISR method of extraction to copper and gold resources that were previously un-minable. During the process, a benign solution is pumped into bores drilled into the ore body to dissolve the copper. The copper-containing solution is then pumped to a recovery plant to extract the metal from the liquid.

    The In-situ Recovery (ISR) process

    Kapunda, which is based around 90km from Adelaide, is suitable for ISR since it is a shallow resource found in an area with a high water table. The asset is primarily a copper project, with an inferred JORC resource estimate of 47.4MMts grading 0.25pc of the metal. This is equal to 119,000ts of contained copper considered amenable to ISR techniques.

    Thor currently has exposure to the project through its agreement to earn up to 60pc of a private Australian business called Environmental Copper Recovery (ECR). ECR has, in turn, entered a deal with Terramin Australia to earn, in two stages, up to 75pc of the rights over metals that may be recovered at Kapunda. Last month, Thor announced plans to merge ECR with another business called Environmental Metals Recovery to form a new company called EnviroCopper.

    In Tuesday’s update, Billing said there is not yet sufficient drilling assay information to allow a gold resource to be added to Kapunda’s previously-published copper resource. However, he said that its latest results could potentially represent a ‘very significant project enhancement’.

    ‘The information we have suggests the presence of gold relatively evenly across much of the Kapunda deposit,’ he added. ‘The directors of ECR and the directors of Thor are reviewing options in light of this new and potentially strategically critical information, and will provide further updates in the near term.’

    Busy period

    Tuesday’s news comes at a busy time for Thor. Towards the end of last month, the company announced plans to expand its operational portfolio through two acquisitions. The business is looking to acquire Pilbara Goldfields and Hammersley Metals, which collectively hold interests in two granted licences and seven licence applications at various stages of advancement. These assets are prospective for gold and uranium and cover a total of 764km2 in the Pilbara region of Western Australia and the Northern Territory of Australia.

    Thor said it has chosen to pursue the opportunities – which will cost it around £450,000 - because much of its portfolio is beginning to reach the crystallisation stage. Indeed, alongside the divestment of Kapunda, the business has advanced its 100pc-owned Molyhil tungsten and molybdenum project to mine construction-ready status. It is currently in a commercialisation process to secure project-level finance for the mine construction phase.

    Once these two transactions have completed, Thor said its exploration interests will be limited to its 40pc-owned Bonya tungsten, copper, and vanadium project. As such, Billing said the new firms will give Thor access to a new round of exploration opportunities in Australia.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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.

  • On Thursday, AIM and ASX-listed explorer Thor Mining (LSE:THR) announced encouraging bulk sample assay results from its Molyhil tungsten molybdenum deposit. The firm, which wholly owns Molyhil, drilled two 85mm PQ diamond drill holes, one of which has been assayed. Highlights included 92.6 metres at 1pc Tungsten, 0.16pc Molybdenum, and 0.13pc copper from surface and included 2.2 metres of un-mineralised granite from 11.5 metres.

    Molyhil is located 220 kilometres north-east of Alice Springs as the crow flies within the prospective polymetallic province of the Proterozoic Eastern Arunta Block. The firm completed an updated Definitive Feasibility Study (DFS) 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 DFS suggests project capex will be around $51m with a payback period of just 18 months from fiest production.

    Around 30 kms away from Molyhil is Bonya which Thor hopes will be a satellite deposit providing additional resource inventory and extending the life of Molyhil. Thor owns a 40pc equity interest in Bonya which also contains a significant copper resource.

       .                                         A map showing the diamond drill hole location                                                   A portion of the core sample under ultraviolet light (highlighting scheelite mineralisation)

     Mick Billing, Executive Chairman, commented: "This bulk sample assay result is very encouraging for the Molyhil project." 

    "It is rewarding to see confirmation of extensive high-grade scheelite mineralisation along with expected grades of molybdenum.  It is also very pleasing to see the copper mineralisation at potentially economic levels".

    "While the hole design was for the purpose of collecting material most likely to produce sufficient concentrate, rather than for resource purposes, the high-grade nature of the scheelite mineralisation provides further substantial confidence in the Molyhil deposit"

    "Additionally, copper, while part of historic mineral resource estimates at Molyhil, has not been included in the resource estimate for some time, however recent testwork has shown encouraging results for production of a separate saleable concentrate.  While this work has implications for potential production from the nearby Bonya deposits, it is expected to also apply to any copper mineralisation extracted at Molyhil"

    "Since acquiring the Bonya properties, ongoing studies on the combined Molyhil-Bonya project have identified the copper potential of Bonya and its potential suitability for processing at Molyhil (news releases 26 November2018 and 7 May 2019). This has led to the reappraisal of the copper potential at Molyhil itself. Although copper was part of the historical resource estimates at Molyhil, copper has not been included in the recent Thor Mineral Resource and Reserve estimates, and does not form part of the DFS.  At this time, Thor does not plan to amend the resource estimates for Molyhil, or the current DFS on the strength of this new copper perspective, and as such Thor ascribes no additional value for any potential copper revenues at this time."

     

    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.

  • 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 WO3from 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

     

  • Thor Mining (LSE:THR) sat at 0.7p on Tuesday morning after revealing high-grade tungsten and copper intersections from drilling on the Samarkand deposit at its part-owned Bonya asset in Australia.

    Thor owns a 40pc stake in Bonya, which is adjacent to its 100pc-owned, advanced Molyhil tungsten project in the Northern Territory of Australia. 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 last month when Thor - alongside its 60pc partner Arafura Resources - began a 2,500m RC drilling program after receiving approval in March from the Northern Territory Aboriginal Areas Protection Authority.

    The drilling focuses on five targets called Samarkand, Jericho, White Violet, Tashkent, and Marrakesh, all of which have outcropping tungsten at surface. This ensures that drilling is into, or below, previously-known mineralisation.

    In Tuesday’s update, Thor revealed that drilling on Samarkand had intersected strong grades for both tungsten and copper. On the tungsten side, this includes 15m at 0.44pc tungsten trioxide from 19 metres and 11m at 0.61pc tungsten trioxide from 64m. Elsewhere, drill holes encountered 12m at 0.69pc copper from 22m and 6m at 0.97pc copper from 38m.

    On the results, Thor’s executive chairman Mick Billing said: ‘More very good XRF tungsten results along with exciting copper readings from the Samarkand deposit at Bonya. The proposed Molyhil processing facility is designed to extract copper as well as tungsten and molybdenum so any primary copper at Bonya can be extracted at minimal additional cost. We look forward to the full laboratory assays from this drill program, along with results from the trench sampling from Marrakech and Tashkent, all expected during May.’

    Monday’s results come just a week after Thor released the first set of interim results from its Bonya drilling programme, which it described as ‘substantially better than expectations’. Highlights included 27m at 0.32pc tungsten trioxide from 71m and 16m at 0.43pc copper from 43m at a hole on White Violet. Meanwhile, a hole at Tashkent delivered 2m at 0.43pc tungsten trioxide from 16m.

    Alongside its work at Bonya, Thor has also been busy delivering progress in other areas of its portfolio. For example, in April it announced the commissioning of a resource estimate at its part-held Moonta copper project in South Australia. Moonta stakeholder Enviro Copper has engaged a mining consultancy called Mining Plus to prepare the forecast for several Moonta deposits considered amenable to in-situ recovery (ISR). Numerous drill holes made over several decades will provide the basis for this resource estimation.

    Based in Adelaide, Moonta sits within the historical ‘copper triangle’ of South Australia. Here, around 300,000ts of copper was mined and processed from the 1860s until the 1920s. The site is thought to contain an ISR amenable exploration target of between 238Mt and 310Mt at a grade range of 0.18pc-0.23pc copper.

    Enviro Copper is earning up to a 75pc interest in Moonta from ASX-listed Andromeda Metals. As part of an agreement announced in March, Thor can earn up to a 30pc stake in Enviro Copper before listing activities. These are ‘potentially scheduled’ for later this year, according to last month’s update.

    Last month’s deal also saw Thor transfer its interest into the Adelaide-based Kapunda copper project into Enviro. Kapunda hosts an in-situ recovery (ISR) amenable inferred mineral resource estimate of 119,000ts of contained copper.

    Thor held its interest in the product through a private Australian company called Environmental Copper Recovery (ECR). Thor announced an agreement to earn up to 60pc in ECR last August in exchange for convertible loans worth up to $1.8m.

    ECR holds an agreement to earn, in two stages, up to 75pc of the rights over metals that may be recovered in the Kapunda deposit from ASX-listed miner Terramin. Under the Enviro MOU, Thor relinquished its interest in ECR in exchange for a 25pc, pre-listing, stake in Enviro for A$0.6m. It will also hold the right to acquire a further 5pc seed capital interest in the vehicle for $0.4m.

    Thor said the new combined Enviro entity would provide a strategic opportunity to build a substantial ISR-focused copper exploration, development, and production business with an initial focus on Australia. It said a key strategic target would be the ‘timely development’ of Kapunda into production, which would demonstrate the viability of ISR. This model would then be applied to the larger scale Moonta project. Beyond its two initial interests, Enviro will aim to develop an expanded portfolio of ISR copper opportunities.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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 (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 

  • On Tuesday, Thor Mining (LSE:THR) announced expectation-beating drilling results from the Bonya tungsten deposits in Australia. 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. Interim results for three of the four targets are now available following portable x-ray fluorescence (XRF) determination. The White Violet deposit stole the show with very strong results, including 27 metres of 0.32pc tungsten oxide from 71 metres. Copper was also found from a number of holes, particularly on the White Violet deposit including 16 metres at 0.43pc copper from 43 metres.

    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 its 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.

     Bonya Exploration Targets

     

    Meanwhile, Thor continues to progress its 100pc owned Pilot Mountain tungsten project ideally located in Nevada, USA. The firm believes the resource is ‘substantial on a global scale’ and with the US Department of the Interior declaring the mineral as critical in 2018, it perhaps couldn’t be better placed. Thor is carrying out testwork to further advance the project to a pre-feasibility study standard.  Last December the company upgraded its resource estimate for the Desert Scheelite deposit. This included a 6.5pc increase in tungsten and added also added Zinc mineralisation.

    Back to Australia, and there has been plenty of recent activity concerning Thor’s copper interests; the Kapunda and Moonta projects. 

    Kapunda hosts an in-situ recovery (ISR) amenable inferred mineral resource estimate of around 119,000ts of copper. Thor holds an interest via a private Australian company called Environmental Copper Recovery (ECR). Thor announced an agreement to earn up to 60pc in ECR last August in exchange for convertible loans worth up to $1.8m.  Under a memorandum of understanding (MOU) signed in March, Thor will relinquish its interest in ECR and buy a 25pc, pre-listing, interest in Enviro for AUS$0.6m and will retain the right to acquire a further 5pc seed capital interest in the vehicle for AUS$0.4m. Moonta sits within a very prolific copper mining area known as the ‘copper triangle’ in South Australia and contains an ISR amenable exploration target of  238Mt-310Mt at a grade range of 0.18pc-0.23pc copper. 

    In a separate RNS on Tuesday, Thor announced it will be holding a general meeting at 9am on 23 May at the offices of Grant Thornton UK LLP in London.

    Mick Billing, Executive Chairman, commented:

    "These are very exciting interim results, particularly from the White Violet deposit, where results are substantially better than expectations."

    "The inclusion of attractive copper interim assays from several holes also elevates the potential of the Bonya area in general, but White Violet especially."

    "We look forward to the interim results from the Samarkand drilling, and also to the full laboratory assays expected during May."

    Author: Stuart Langelaan

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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.

     

  • Monday saw Thor Mining (LSE:THR) reveal that a second metallurgical bulk sample drill hole has further boosted its flagship Molyhil project’s prospectivity for copper alongside tungsten and molybdenum.

    The hole, which was one of two drilled down-plunge of the Molyhil Yacht Club lode to obtain material for concentrate samples, has now been assayed. Highlights include 3.5m at 1.32pc tungsten trioxide from 9.5m, 10m at 0.32pc copper from 44m, and 10m at 1.32pc tungsten trioxide from 53m. Elsewhere, assays included 5m at 1.74pc tungsten trioxide from 76m including 2m at 0.81pc molybdenum from 78m and 7m at 1.58pc tungsten trioxide from 88m including 4m at 0.44pc molybdenum from 88m.

    Monday’s update follows the assay results from the first Yacht Club hole, which were released in June. The hole confirmed extensive high-grade scheelite mineralisation and molybdenum grades as expected. However, like the second hole, it also encountered copper from the surface at a grade described by Thor executive chairman Mick Billing as ‘potentially economic’.

    Although copper has been part of Molyhil mineral resource estimates before, it has been absent from Thor’s recent marketing efforts. A historic Molyhil mineral resource estimate with copper can even be viewed on page 33 of 124 at the following link.

    With recent work supporting the production of separate, saleable copper concentrate at Molyhil, this could soon change. Thor believes that the modest copper levels could provide another revenue stream and plans to include the metal in an updated Molyhil mineral resource estimate over coming months. Indeed, on Monday, the business revealed that it has now commissioned RPMGlobal to assess the Molyhil Mineral Resource Estimate for the inclusion of copper in response to the promising results. Billing added that the continued confirmation of copper was ‘very pleasing’. 

    ‘Thor has commissioned a review of the resource estimate for Molyhil to include this, however until that work is complete, we can ascribe no additional value for any potential copper at this time,’ he said. ‘Since acquiring the Bonya properties, ongoing studies on the combined Molyhil-Bonya project have identified the copper potential of Bonya and its potential suitability for processing at Molyhil (news releases 26 November 2018 and 7 May 2019). This has led to the reappraisal of the economic potential for copper at Molyhil.’

    Molyhil is a tungsten and molybdenum asset located around 320km east of Alice Springs. The project is formed from two adjacent magnetite skarn bodies that contain economic amounts of scheelite, molybdenite and magnetite mineralisation.

    Before Thor’s involvement, little work had taken place at Molyhil bar a brief period of mining at its southern ore body during the late 1970s and early 1980s. Thor has built upon these efforts considerably, completing resource extension drilling and metallurgical test work. It has also made a great deal of permitting progress, carrying out technical, environmental and social studies as well as securing environmental approvals and land agreements with traditional owners.

    Thanks to Thor’s work, Molyhil is now one of the higher-grade open-pit tungsten in the western world. A mineral resource estimate in 2014 gave it a complete resource of 4.71Mt for 13,100ts of tungsten trioxide and 6,220ts of molybdenum.

    To build on this potential, the firm completed a feasibility study in August last year. The work gave Molyhil a post-tax NPV of $101m, an IRR of 59pc, and a seven-year open pit mine life delivering annual production of 120,000mtu tungsten trioxide and 450t of molybdenum – both in concentrate. Meanwhile, opex came in at just $90/mtu.

    Thor also believes that Molyhil could deliver a great deal of upside, through both operational enhancements and the opportunity to pursue satellite resources and underground production. Indeed, the firm has demonstrated that high molybdenum and tungsten trioxide continue below the pit floor.

    Thor has spent much of this year focused on locking in project finance and off-take agreements for both tungsten and molybdenum concentrates mined at Molyhil. Although this has taken longer than expected, Billing recently said Thor’s confidence in securing such a deal ‘remains firm’. He added that the company had been approached by, and advanced discussions with, several players whose interests include offtake agreements, joint venture arrangement, or debt instruments.

    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 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

    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’s (LSE:THR) Pilot Mountain project in Nevada was thrust back into the spotlight on Monday after the firm revealed positive results from project drill samples including potentially economic levels of gold. Thor, which currently sits at 0.78p, conducted locked-cycle metallurgical testwork on 600kg of drill core grading 0.265pc tungsten trioxide from Pilot Mountain’s Desert Scheelite deposit. The work produced a scheelite concentrate considered saleable at a recovery of 73.57pc assaying over 68pc tungsten trioxide.

    What’s more, the tailings produced from the testwork contained potentially economic levels of gold assayed at 0.33g/t along with other tungsten minerals not usually recovered using flotation. Thor will investigate whether these minerals, which include wolframite, have the potential for subsequent recovery.

    Pilot Mountain is based 250km south-east of Reno and contains tungsten, copper, zinc, and silver skarn-style mineralisation at four primary locations. These are the Desert Scheelite, Garnet, Gunmetal, and Good Hope deposit. After extensive historical drilling, work by Thor has delivered JORC resources on two deposits. All-in-all, the asset boasts an inferred and indicated resource of 12.53Mt for 34,290ts titanium trioxide, 16,000ts copper, 207ts silver, and 40,300ts zinc.

    A scoping study completed in September last year projected project life of mine EBITDA of $125m for Desert Scheelite alongside $30-35m of project capex, and a project payback period of 30 months. When Garnet and process enhancements are factored in, the project has a life of mine EBITDA of $202-370m, with the same capex and a shortened 12-18-month payback period.

    On Monday, Thor’s executive chairman Mick Billing called the metallurgical results a ‘significant step forward’ for the business at Pilot Mountain: ‘The locked cycle testwork has demonstrated production of a high grade scheelite concentrate with good recoveries. We are following up the gold potential via extraction of sample pulps from previous testwork which will be re-assayed for gold. Significant potential exists for further enhancements to this work which may improve project economic outcomes.  Tungsten remains classified as a critical mineral in the USA, with no domestic tungsten production’.

    Elsewhere, Billing said Thor continues to have a principal focus on securing off-take and finance agreements for its flagship Molyhil tungsten-molybdenum deposit in the Northern Territory of Australia. Molyhil is located 220 kilometres north-east of Alice Springs as the crow flies within the prospective polymetallic province of the Proterozoic Eastern Arunta Block.  Thor completed an updated Definitive Feasibility Study (DFS) for the project back in August and is now focused on securing project finance to bring Molyhil into production.

    The firm has been in advanced discussions with several potential partners regarding potential off-take, joint venture and debt financing arrangements.  The DFS suggests project capex will be around $51m with a payback period of just 18 months from first production.

    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 (LSE:THR) rose 8.7pc to 1.3p on Wednesday after revealing strong progress at all of its projects, an improved cash position, and a bullish outlook for tungsten price.

    In an update for Q4 2018, the firm revealed that its forecast activity is entirely financed until late 2019 following the exercise of £581,000 worth of warrants last year. It also updated investors on recent activity and plans for the current quarter at its portfolio of tungsten, molybdenum, and copper projects around the world.

    The end of last year saw the business appoint Argent Partners to provide corporate advice aimed at securing financing for its flagship Molyhil project.

    Molyhil, which is located in the Northern Territory of Australia, is now substantially permitted and ready for construction as a result of Thor’s significant drilling and metallurgical testing work. As it stands, the site contains a probable reserve of 3.5MMts at 0.29pc tungsten (10,200ts) and 0.12pc molybdenum (4,300ts).

    Last August, an updated definitive feasibility study for the site gave it an NPV(5) of A$101m, an internal rate of return of 59pc, an EBITDA of A$239m and a payback period of around 18 months. In Wednesday’s update, the firm said these enhanced figures had attracted the interest of various potential partners. It hopes to finalise an acceptable arrangement over the near term.

    Over the coming quarter, Thor also plans to carry out marketing activities to lock in off-take agreements for both tungsten and molybdenum concentrates at Molyhil. It also expects to get drilling approval for the project’s nearby Bonya deposits.

    A maiden resource estimate in Q4 last year gave Bonya a deposit of 230,000 tonnes containing 4,600 tonnes of copper. It is also expected to include tungsten deposits that could add to Molyhils life and scale. The company hopes to launch a drilling programme to assess this in the current quarter.

    Elsewhere, Thor plans to carry out the second stage of metallurgical test work and environmental and infrastructure studies at its 100pc-owned Pilot Mountain tungsten project in Nevada. Last year saw the firm release an update to the resource estimate for the project’s Desert Scheelite deposit. This increase contained tungsten by 6.5pc and included attractive zinc levels for the first time.

    Finally, the business said it plans to prepare the Kapunda copper project in Australia for field pump testing in the current quarter. This comes after it demonstrated proof of concept for in situ recovery at the site last year.

    Mick Billing, executive chairman of Thor Mining, said: ‘A positive quarter with progress on all core projects, and a strengthened cash position. The appointment of corporate advisors to support and guide our efforts towards off-take & financing for Molyhil is a strategy we believe will improve our prospects of securing the best arrangement possible for our shareholders. A number of potential scenarios are possible with various interested parties, and we hope to be in a position to advise progress shortly. Additionally, the potential of nearby Bonya tenements, hosting tungsten, copper, and vanadium, provides potential upside for Molyhil, and also for other stand-alone development opportunities.’

    The improvement in the Pilot Mountain resource estimate is an additional welcome boost as we advance our technical studies. Proof of Concept for ISR recovery for the Kapunda copper project is a significant critical step in this very exciting project. We will continue to provide investors with regular updates in respect of activities and progress.’

    Elsewhere, the company gave a bullish outlook for price trends in its important tungsten and molybdenum markets. As at the time of the report’s release, tungsten price per mtu of Ammonium Para Tungstate were $262.50/mtu. Speaking to MiningMaven, Billing said industry dynamics indicate that prices could rise from this level:

    ‘China, the dominant global supplier, has withdrawn production licences from a number of producers for environmental reasons, and reports suggest that they have issued no new production licences for a couple of years. While a number of projects elsewhere are in development and hopeful producers, like Thor, are poised to commence development, it is unlikely that these new developments will meet the expected growth in demand.’

    Meanwhile, molybdenum prices sat at $11.25/lb. Billing said the industry is expecting several years of supply constraints. This has led numerous potential molybdenum off-take partners to indicate a willingness to discuss fixed price purchasing agreements with Thor.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has not 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 (LSE:THR) enjoyed a 6pc rise to 0.8p a share on Tuesday morning after announcing the commissioning of a resource estimate at its part-held Moonta copper project in South Australia. Moonta stakeholder Enviro Copper has engaged a mining consultancy called Mining Plus to prepare the estimate for several Moonta deposits considered amenable to in-situ recovery (ISR). Numerous drill holes made over several decades will provide the basis for this resource estimation.

    Based in Adelaide, Moonta sits within the historical ‘copper triangle’ of South Australia. Here, around 300,000ts of copper was mined and processed from the 1860s until the 1920s. The site is thought to contain an ISR amenable exploration target of between 238Mt and 310Mt at a grade range of 0.18pc-0.23pc copper.

    Enviro Copper is earning up to a 75pc interest in Moonta from ASX-listed Andromeda Metals. As part of an agreement announced last month, Thor can earn up to a 30pc stake in Enviro Copper before listing activities. These are ‘potentially scheduled’ for later this year, according to Tuesday’s update.

    Thor’s executive chairman Mick Billing called Tuesday’s development ‘very exciting’ for the firm’s copper strategy.

    ‘The non-invasive production technique of In-situ Recovery of copper has the potential to co-exist without significant disruption to farming and once completed, have little to no impact on future agricultural land use,’ he added. ‘ISR is an extension of proven technology and has been in use since the 1960's. With recent technical advances ISR can now offer a lower footprint and is likely to find further application in mineral recovery fields because it can coexist with other land use activities. The Moonta project, hosts oxide copper minerals and some secondary sulphide copper minerals in deep weathered troughs, indicating early stage potential for copper production via ISR methods.’

    Last month’s deal also saw Thor transfer its interest into the Adelaide-based Kapunda copper project into Enviro. Kapunda hosts an in-situ recovery (ISR) amenable inferred mineral resource estimate of 119,000ts of contained copper.

    Thor held its interest in the product through a private Australian company called Environmental Copper Recovery (ECR). Thor announced an agreement to earn up to 60pc in ECR last August in exchange for convertible loans worth up to $1.8m.

    ECR holds an agreement to earn, in two stages, up to 75pc of the rights over metals that may be recovered in the Kapunda deposit from ASX-listed miner Terramin. Under the Enviro MOU, Thor relinquished its interest in ECR in exchange for a 25pc, pre-listing, interest in Enviro for A$0.6m. It will also hold the right to acquire a further 5pc seed capital interest in the vehicle for $0.4m.

    Thor said the new combined Enviro entity would provide a strategic opportunity to build a substantial ISR-focused copper exploration, development, and production business with an initial focus on Australia. It said a key strategic target would be the ‘timely development’ of Kapunda into production, which would demonstrate the viability of ISR. This model would then be applied to the larger scale Moonta project. Beyond its two initial interests, Enviro will aim to develop an expanded portfolio of ISR copper opportunities.

    Author: Daniel Flynn

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

    The Author has not been paid to produce this piece by the company or companies mentioned above.

    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 not 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. 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 (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 (LSE:THR) announced an increased mineral resource estimate at its Pilot Mountain project in Nevada, USA on Thursday. The company owns 100% of the Tungsten project and reports a 6.5% increase in the mineral resource which also contains copper and zinc on the Desert Scheelite deposit at Pilot Mountain.

  • EnviroCopper is a privately run mining company, which is seeking to develop the Kapunda and Moonta copper projects using an extraction method call “in situ- recovery” (“ISR”). Thor Mining Plc (LSE:THR) has the right to purchase a 30pc stake in EnviroCopper, which is pioneering the application of ISR in copper mining operations in Australia. ISR is a highly cost effective and environmentally more friendly extraction method compared to traditional mining.

    EnviroCopper is earning into 75pc of two ISR projects in Australia, at Kapunda and Moonta. Across these two projects EnviroCopper now has a managed resourced inventory of 233,000 tonnes of copper; 119,000 tonnes at Kapunda and now, following August’s maiden resource estimate, 114,000 tonnes at Moonta.

    In this special MiningMaven Wire we provide analysis of the maiden copper resource estimate at Moonta and provide some more contextual background about other global ISR copper projects that could provide indicators as to how EnviroCopper might develop.

     

    The latest Moonta report can be read by accessing the download page HERE.

     

    This MiningMaven Wire also provides an update to the main EnviroCopper report published in June 2019, following release of the initial mineral resource estimate at Moonta in August 2019. The full report can be read HERE.

  • Thor Mining (LSE:THR) has risen from 1.6p to 2.2p this month, boosted largely by the news that it has taken on a corporate adviser to help it secure financing with interested firms at its Molyhil tungsten project in Australia. The news follows a year of strong progress at Molyhil that has seen Thor release greatly enhanced financials for the site, while also boosting its upside through a nearby acquisition and work on an underground operation.

  • Thor Mining chief executive Mick Billing is currently out in the Northern Territory of Australia visiting the company’s Bonya tenements adjacent to its flagship Molyhil tungsten and molybdenum project. The visit follows recent claims by the business that it is continuing to make steady progress in its efforts to lock in project finance and off-take agreements for metal concentrates mined at the asset. With this in mind, can investors expect an imminent update on the project? Here we look at Molyhil and Bonya’s in detail before running through Thor’s recent efforts to enhance both assets’ already attractive fundamentals.

    Making Molyhil

    Wholly-owned by Thor, Molyhil is a tungsten and molybdenum asset located around 320km east of Alice Springs. The project is formed from two adjacent magnetite skarn bodies that contain economic amounts of scheelite, molybdenite and magnetite mineralisation.

    Before Thor’s involvement, little work had taken place at Molyhil bar a brief period of mining at its southern ore body during the late 1970s and early 1980s. Thor has built upon these efforts considerably, completing resource extension drilling and metallurgical test work. It has also made a great deal of permitting progress, carrying out technical, environmental and social studies as well as securing environmental approvals and land agreements with traditional owners.

    Thanks to Thor’s work, Molyhil is now one of the higher-grade open-pit tungsten in the western world. A mineral resource estimate in 2014 gave it a complete resource of 4.71Mt for 13,100ts of tungsten trioxide and 6,220ts of molybdenum.

    To build on this potential, the firm completed a feasibility study in August last year. The work gave Molyhil a post-tax NPV of $101m, an IRR of 59pc, and a seven-year open pit mine life delivering annual production of 120,000mtu tungsten trioxide and 450t of molybdenum – both in concentrate. Meanwhile, opex came in at just $90/mtu.

    Thor also believes that Molyhil could deliver a great deal of upside, through both operational enhancements and the opportunity to pursue satellite resources and underground production. Indeed, the firm has demonstrated that high molybdenum and tungsten trioxide continue below the pit floor.

    The underground case for Molyhil(Source: Company)

    Advancing talks

    Thor has spent much of this year focused on locking in project finance and off-take agreements for both tungsten and molybdenum concentrates mined at Molyhil. Although this has taken longer than expected, Billing recently said Thor’s confidence in securing such a deal ‘remains firm’. He added that the company had been approached by, and advanced discussions with, several players whose interests include offtake agreements, joint venture arrangement, or debt instruments.

    In the meantime, Thor has also spent time working to support these discussions by enhancing Molyhil’s already attractive fundamentals. In June, the organisation drilled two holes down plunge of the site’s Yacht Club lode to support the production of tungsten and molybdenum concentrate samples for prospective offtake partners. One of these holes intersected 1pc tungsten trioxide and 0.16pc molybdenum down 92.6m.

    The hole confirmed extensive high-grade scheelite mineralisation and molybdenum grades expected at Molyhil. However, it also encountered 0.13pc copper from the surface, a grade that Billing described as ‘potentially economic’. Although copper has been part of Molyhil mineral resource estimates before, it has been absent from Thor’s recent marketing efforts. However, with recent work supporting the production of a separate, saleable copper concentrate at Molyhil, this could soon change. Thor believes that the modest copper levels could provide another revenue stream and plans to include the metal in an updated Molyhil mineral resource estimate over coming months.

    Bonya boost

    Thor’s efforts to enhance Molyhil’s fundamentals have also seen it complete considerable work at a collection of adjacent tenements called Bonya this year. Bonya, in which Thor purchased a 40pc position from Arafura Resources last year, hosts 13 outcropping tungsten deposits. These currently carry an exploration target of 3-4.9MMts at 0.3-05pc tungsten trioxide. The area also hosts an inferred copper resources of 230,000ts for 4,600ts of copper. Thor plans to extract and process this at Molyhil for a ‘minimal additional cost’. Despite the licence area being part of a known tungsten province, no tungsten drilling has taken place since the 1970s. Regardless, in April, Billing said he hoped that Bonya could add ‘considerably’ to Molyhil’s life, scale, and economic outcomes.

    Location of the Bonya tenements relative to Molyhil(Source: Company)

    True to its word, Thor - alongside Arafura - completed an initial 2,500m reverse circulation drilling programme across Bonya earlier this year. The work confirmed strong tungsten and copper mineralisation across several deposits, with particularly strong results coming from two areas called White Violet and Samarkand.

    Highlights from White Violet included 27m at 0.29pc tungsten trioxide from 35m, 12m at 0.67pc tungsten trioxide from 46m and 29m at 0.7pc tungsten trioxide from 81m, including 13m at 1.13pc tungsten trioxide. Meanwhile, top copper intersections at Samarkand included 5m at 0.36pc copper, 12m at 0.77pc copper, and 7m at 1.23pc copper. To read the results in more detail, please click here. To build on these strong initial results, Thor and Arafura will now target near-term drilling to test the extent of the two deposits and create reportable mineral resource estimates.

    Vanadium opportunity

    Finally, it is worth mentioning that Thor’s deal with Arafura last year also saw it take a 40pc stake in the Jervois vanadium project in Australia at no extra cost. Although the project is very early-stage, past exploration has intersected extensive and potentially economic grades of vanadium and titanium. Some samples also returned up to 1.59ppm of combined gold, platinum, and palladium when assayed.

    Thor and Arafura announced an exploration target range for Jervois of 90-110MMts at 0.3-0.8pc vanadium pentoxide and 4-8pc titanium dioxide in July. The pair also outlined a future work programme for the asset, which will focus on resource drilling at the Casper, Coco, and RD deposits. They will also test another prospect for potentially economic grades of vanadium and titanium and complete follow up work on the gold and PGE potential on all candidates. Subject to success in these areas, the business would then conduct further metallurgical studies along with environmental and social impact studies.

    Where next?

    As can be seen, Molyhil has long represented an attractive asset. Work completed by Thor over the past year has only enhanced this prospectivity by adding in a whole new source of tungsten deposits and throwing copper into the mix. With the company long claiming that Molyhil has enjoyed third party interest, there seems a good change that these efforts will have made the project more attractive to potential offtakers and financiers. In the wake of Billing’s trip to Bonya, then, can Thor firm finally take discussions over the line and create value for itself and shareholders alike?

    Author: Daniel Flynn

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