Thor Mining’s gold assets energise the share price

What does Thor Mining do?

Thor Mining PLC (ASX:THR)(LON:THR) specialises in exploration and the development of gold and base metals resources in Australia and the US.

It’s run by Mick Billing, a seasoned mining industry professional who has more than 40 years experience in resources and the resources finance business and who boasts extensive time at Western Mining on his CV.

What does Thor Mining own?

Base metals

The key asset is the Molyhil tungsten and molybdenum project, which lies 220 kilometres east of Alice Springs.

Thor has also recently demonstrated the existence of a significant new tungsten deposit adjacent to Molyhil at the Bonya Samarkand prospect.

The Bonya tenement is held jointly with Arafura Resources (ASX:ARU).

Last year, Thor agreed to spin out its copper interests into a new vehicle, EnviroCopper, where it will take up to a 30% stake.

Enviro has rights for up to 75% of both the Kapunda copper project and the Moonta copper project.

In the US, at the Desert Scheelite deposit on the Pilot Mountain project in Nevada, Thor now boasts a resource of 10.7mln tonnes of ore grading 0.26% WO3 (tungsten), with additional silver, zinc and copper.

The group has also added uranium and vanadium assets with the acquisition of  American Vanadium.

Gold

Excitement has built recently about the Ragged Range project in its Pilbara Goldfields tenements in Western Australia where early exploration has “exceeded management expectations”.

The AIM-listed group said the results from 2020 detail sampling support extend from two 2019 test sites defining a zone of “highly anomalous gold”, with sampling results having also defined an overall broader target zone and demonstrated potential to host a “significant gold-bearing system”.

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Inflexion points

• Gold exploration at Ragged Range has exceeded expectations
• Recent acquisition has added uranium and vanadium to the mix
• Copper and tungsten assets still developing