Thor Mining reveals potential for additional tungsten deposits

The AIM-traded company said that at Molyhil, shallow drilling adjacent to the existing project had turned to potential additional tungsten deposits.

It said follow-up drilling would continue in 2017, along with discussions to secure project finance and for the balance of concentrate production off-take.

At Pilot Mountain in Nevada, permitting approval had been received for the drill programme at the Garnet prospect, and the eastern extension of Desert Scheelite.

Thor said drilling there was scheduled for early 2017.

With regard to new projects, the company said it has conducted assessments of new project opportunities, which has identified several which have the potential for near term development.

The board said the opportunities contain attractive capital and operating cost structures, which are being investigated and evaluated further.

“The identification of potential new sources of tungsten mineralisation close to Molyhil is an important step forward for this project,” said executive chairman Mick Billing.

“While there is much to do before any economic deposits can be confirmed, we are very pleased with this first step.”

Billing said the next phase of field activities for Thor is a drilling campaign at the Pilot Mountain tungsten project in Nevada.

“The company continues to evaluate a number of new project opportunities and we hope to provide a further update to market in this regard at the earliest opportunity.”