NT Molyhil tungsten project in good shape

CASH-strong Thor Mining is confident of securing offtake and financing for its advanced Northern Territory Molyhil tungsten project.

Thor Mining excavation work at its Bonya tenement in the Northern Territory. Picture: Supplied

CASH-STRONG Thor Mining is confident of securing offtake and financing for its advanced Northern Territory Molyhil tungsten project.

Executive chairman Mick Billing, in the company’s quarterly activities report, said it had been a positive quarter with progress on core projects.

“Our confidence in securing offtake and finance for Molyhil remains firm,” he said.

“There has been positive interest from a number of players, whose interests vary from offtake, to joint venture arrangements, to debt instruments. These discussions continue, and it is hoped that a favourable arrangement can be finalised in the near term.”

Adjacent to Molyhil, the Bonya tenements, in which Thor acquired a 40 per cent interest during 2018, host outcropping tungsten deposits, a copper resource and a vanadium deposit, which is under evaluation.

A 2500m drilling program is being conducted at Bonya testing four of the 13 known tungsten deposits.

“Additionally, we look forward to drill assays from the Bonya tungsten deposits with great interest,” Mr Billing said.

“The developments in our ISR copper investments show tremendous promise as we look towards a, potentially quite large, ISR focused copper business. Our cash position remains sound with activities fully financed into 2020.”