LONDON: The Board of Thor Mining Plc has announce commencement of the second drilling program at the Bonya tungsten deposits adjacent to its key 100%-owned Molyhil tungsten and molybdenum project, in the Northern Territory of Australia.

The Bonya project is held in joint venture with Arafura Resources Limited, with both parties contributing to the cost of the program in proportion to their project equity. Thor has 40% percent stake and Arafura holds 60 percent.

Program objective is to achieve sufficient drill density to allow preparation of a mineral resource estimate for Samarkand and White Violet, once assays results have been received. Drilling program expected to take approximately three weeks.

Mick Billing, Executive Chairman, commented: “We are very hopeful of positive results from this follow-up drilling at Bonya.”

“Each of the Samarkand and White Violet deposits had high grade results from our initial program in April this year and we hope to be able demonstrate sufficient continuity of good grade mineralisation along strike and at depth at each to allow subsequent preparation of a mineral resource estimate for these two deposits ”

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

“Tungsten prices have improved considerably over the past few weeks with APT tungsten quoted most recently at US$227.50/mtu, just over a 25% improvement from early September”.

The program will comprise in the order of 2,000 metres of drilling by Reverse Circulation (RC) method on Samarkand and White Violet deposits.

Each of these deposits returned high grade tungsten assays and encouraging copper assays from the Samarkand deposit, during the first program conducted in April 2019.

It is anticipated that the program will be completed within three weeks of commencement with progressive provisional XRF results, followed by laboratory assay results after up to a further four weeks.

Edited by Kazim Rizvi