Thor Mining has received ministerial approval to expand and acquire interests in tungsten, copper and vanadium tenements adjacent to the company’s Molyhil mine in the Northern Territory.
Thor will acquire a 40 per cent stake in exploration licence EL29701, which hosts 13 outcropping tungsten, Bonya copper and Jervois vanadium-titanium deposits.
The Bonya tenements are in the highly prospective Eastern Aileron Province between the Jervois base metals deposits to the east and the Molyhil tungsten molybdenum deposit to the west.
Thor executive chairman Mick Billing said, “This is outstanding news for the Molyhil development. The potential to increase both the scale and the life of the proposed Molyhil operation is very exciting.
“The proximity of the Bonya deposits to Molyhil should add significantly to the projected economic returns, dovetailing with our commercialisation strategy for Molyhil.”
Billing said Thor will commence drilling some of the deposits as soon as it obtains clearance.
Within the next five working days, Thor will put forth a consideration of $550,000 in fully paid shares to joint venture (JV) owners Rox and Arafura Resources for their Bonya and Jervois tenement interests.
Commenting on the sale, Rox managing director Ian Mulholland said in March, “The Bonya project has a number of areas of outcropping tungsten and molybdenum mineralisation, and when added to Thor’s nearby Molyhil tungsten and molybdenum mineral resources, it makes a very exciting project.
“Rox will retain a significant exposure to any future developments at Bonya and Molyhil through its shareholding in Thor and will allow the company to place a clear focus on its other projects in Western Australia.”
Billing said in the coming weeks Thor will review the high grade assay results of Jervois’s drilling program.
Positive about the vanadium market, he said, “Global vanadium pricing has moved up aggressively over the past few weeks, with Argus Metals quoting the latest price for vanadium contained within ferro vanadium delivered Rotterdam at $US100,000 ($138,000) per tonne on 20 September 2018.”