Thor Mining Reports High-Grade Lithium Results At Big Sandy Deposit

  • May 16, 2019 AEST
  • Team Kalkine
Thor Mining Reports High-Grade Lithium Results At Big Sandy Deposit

Thor Mining PLC (ASX: THR) is engaged in the business of exploration and development of tungsten and copper projects in Australia and the USA. The company’s registered office is in Australia and was officially listed on ASX in September 2006.

On 16th May 2019, Thor Mining PLC updated the market about high-grade lithium results at Big Sandy Hawkstone Mining Limited. The Board of THR has commented on the drilling results at Big sandy deposit in Arizona USA by HWK. Hawkstone released results with respect to the first 19 holes of its 37-hole Phase 2 diamond drilling program at its Big Sandy lithium-clay project, which is located in Arizona USA. The company also pointed out that in the coming weeks, further results are anticipated.

THR holds 7,421,875 ordinary shares in HWK, which depicts 1.30% of Hawkstone’s issued share capital, and HWK is the 100% owner of the Big Sandy Project.

In another recent update, Thor Mining PLC reported positive interim results with respect to drilling at the Bonya tungsten deposits, near Molyhil, in Australian Northern Territory.

The company mentioned that Bonya project is operated in a joint venture with Arafura Resources Limited, wherein both the companies are contributing to the cost of the program in proportion to their project equity, where Thor Mining PLC and Arafura Resources Limited contributes 40% and 60%, respectively.

THR released a report on 7th May 2019, stating tungsten highlights from the Samarkand drilling program, which includes 15 metres @ 0.44% WO? from 19 metres from drill hole 19RC026, 8 metres @ 0.36% WO? from 38 metres from drill hole 19RC028, and 11 metres @ 0.61% WO? from 64 metres, including 2 metres @ 0.21% Cu from 69 metres from drill hole 19RC030. The same report consist of the highlights with respect to copper drill intersection, which includes 5 metres @ 0.5% Cu from 9 metres, including 2m @ 0.22% WO? from drill hole 19RC029, 12 metres @ 0.69% Cu from 22 metres from drill hole 19RC030 and 6m @ 0.97% Cu from 38 metres from drill hole 19RC032.

THR also presented highlights of Bonya Tungsten in another report published on 1st May 2019, which includes 27 metres @ 0.32% WO? from 71 metres, and 16 metres @ 0.43% Copper from 43 metres, from White Violet hole 19RC020, 12 metres @ 0.70% WO? from 35 metres and 25 metres @ 0.42% WO? from 63 metres from White Violet hole 19RC021, and 2 metres @ 0.43% WO? from 16 metres from Tashkent hole 19RC001.

The company reported its cash flow in Appendix 5B, according to which, the net cash used in operating activities stood at $0.577 million, which is comprised of $0.267 million of exploration and evaluation expenses and $0.278 million of administration and corporate costs.

The stock of Thor Mining PLC last traded at $0.014 per share with a market capitalisation of $11.44 million as on 14th May 2019. For one month, three months, six months and one year, the stock yielded returns of -6.67%, -33.33%, -46.15% and -61.11%, respectively. While on a YTD basis, the stock yielded a return of -41.67%.


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