London-listed miner secures funds for Australian minerals project

Photo: Thor

Improved estimate London-listed Thor Mining Plc has announced it se-cured grant funding for its minerals tungsten asset Molyhil project in Aus-tralia’s Northern Territory.


Some A$110,000 (US$85,000) will be provided to the company as part of Australia’s Round 14 Geophysics and Drilling Collaborations (GDC) pro-gramme, Thor Mining said in a statement. Under the plan, a diamond drill-ing programme is to commence at the Australian project this September.


Nicole Galloway Warland, the managing director of Thor Mining, said that the latest development marks another positive "result for Thor and its shareholders. The successful grant is a strong validation by the Northern Territory Geological Survey of the prospectivity of the magnetic targets identified at Molyhil."


Last September, the company said the project comprised measured, in-dicated, and inferred mineral resources totaling 4.4 million tonnes at 0.27% tungsten trioxide, 0.10% molybdenum, 0.05% copper, and 17.75% iron.