Thor Mining upbeat on latest resource estimates at Bonya

Thor Mining updated the market alongside Arafura Resources on Wednesday, reporting maiden mineral resource estimates for the White Violet and Samarkand tungsten and copper deposits at Bonya, adjacent to Thor’s Molyhil tungsten and molybdenum project.

The AIM and ASX-traded firm said the project was held in joint venture between Arafura at 60% and itself at 40%, with Thor acting as manager and each party contributing to the cost according to their equity holding.

It said that at White Violet, inferred resources totalled 495,000 tonnes, grading at 0.22% tungsten trioxide and 0.06% copper, containing 1,090 tonnes of tungsten trioxide and 300 tonnes of copper.

At Samarkand, inferred resources totalled 245,000 tonnes, grading 0.19% tungsten trioxide and 0.13 % copper, containing 465 tonnes of tungsten trioxide and 320 tonnes of copper.

Thor said both deposits outcropped and remained open at depth, while Samarkand in particular showed potential for strike extension to the copper mineralisation.

Each deposit was considered amenable to open cut extraction for “significant” components of the resource, the board said.

It added that both deposits were situated in close proximity to Thor’s Molyhil tungsten and molybdenum project, and as a result were potentially within economic trucking distance.

The resources added to the previously-announced inferred resources at Bonya Copper of 230,000 tonnes, grading at 2.0% copper, containing 4,600 tonnes of copper.

“These maiden resources are very significant when combined with the mining inventory of the nearby proposed Molyhil development,” said Thor’s executive chairman Mick Billing.

“More work is required, to convert these inferred resources to, at least, Indicated classification, along with other technical, environmental, and social impact assessments, however we have taken very good first steps.”

Billing said the Bonya project hosted additional known tungsten and copper deposits, and some high tenor copper strike extension at Samarkand.

“These will be tested in due course, and we expect that they will further contribute to the life and value of the greater Molyhil project.”

At 1457 GMT, shares in Thor Mining were up 7.61% in London, at 0.38p.