Thor Releases Maiden Copper Resource Estimate for Bonya

Thor Mining’s share price shot up 20 percent on the ASX on the news. Bonya is part of a tenement jointly owned with Arafura Resources.

Thor Mining (ASX:THR,LSE:THR) has released an initial mineral resource estimate for the Bonya copper mine deposit, reporting an inferred resource of 230,000 tonnes at 2 percent copper with traces of tungsten and molybdenum.

The Bonya copper mine deposit is part of the Bonya tenement recently bought into by Thor, and is jointly owned by Thor (40 percent) and rare earths-focused Arafura Resources (ASX:ARU) (60 percent). It’s situated adjacent to Thor’s Molyhil mine project in Australia’s Northern Territory.

While the deposit is considered small, it’s also seen as a moderately high-grade copper resource with the inferred resource containing 4,600 tonnes of copper. The maiden resource also indicates that the deposit has the potential to add six months to Molyhil’s mine life.

“This small but high-grade copper resource will provide valuable supplementary mill feed to the company’s nearby Molyhil process plant,” Thor Executive Chairman Mick Billing said in a statement.

“The Molyhil processing plant design is amenable to the treatment of copper ores of this nature, without modification, and we expect this material will flow through the plant with no additional investment required, other than mining and haulage,” he added.

Molyhil is a tungsten-molybdenum project that consists of six wholly owned tenements with an indicated and inferred resource of 4.7 million tonnes at 0.28 percent tungsten and 0.13 percent molybdenum.

In late August, the company released an upgraded definitive feasibility study for Molyhil. It lays out a seven-year mine life with first production docketed for early 2020.

Alongside Bonya’s copper deposit are vanadium and tungsten deposits, which the company intends to further explore going forward. According to Thor, an external review of the vanadium deposits is currently underway, while drill testing at the tungsten deposits is planned for early 2019 after clearance for site access is received.

Thor’s share price on the ASX shot up 20 percent on Monday (November 26), closing the day at AU$0.036. On the LSE the company closed up 13.51 percent at GBP 2.10.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News