Thor Mining says tungsten resource at Pilot Mountain up 55%

Shares in AIM-listed Thor Mining have raced up almost 13% after it announced a 55% increase in the tungsten resource at Pilot Mountain, Nevada.

"This is a significant step forward for the Pilot Mountain project," said executive chairman Mick Billing.

"The resource inventory still has considerable growth potential via the Gun Metal and Good Hope deposits, as well as more potential upside at Desert Scheelite and Garnet," he added.

Billing further noted that the grade of mineralisation at Pilot Mountain was relatively high and this underpinned the robust nature of the project.

The company said the total Pilot Mountain resource inventory now stood at 11.73 million tonnes at 0.28% WO3.

Following drilling in March this year, an inferred resource estimate for the Garnet deposit has been completed comprising 1.83m tonnes (Mt) at an average grade of 0.36% WO3.

Further, a re-evaluation of the Desert Scheelite deposit resulted in an upgrading of the resource estimate to 9.9Mt at an average grade of 0.26% WO3, 19.39 gram/tonne Silver (Ag), and 0.14% copper (Cu).

At 14:46 BST, shares in Thor Mining were up 12.9% to 0.88p.