The Pilot Mountain project is comprised of the Desert Scheelite, Gunmetal, Garnet and Good Hope tungsten deposits, and the goal of the program is to confirm and expand its resource.
The program will include four reverse-circulation drill holes and two diamond drill holes. It will follow up previous good results from Good Hope and will test high-grade mineralization at Desert Scheelite.
“The Pilot Mountain drilling program at Good Hope and Desert Scheelite demonstrates our strong belief that Pilot Mountain will become a very significant multi commodity deposit,” said Mick Billing, executive chairman at Thor Mining.
The company expects to confirm and update those findings with the new program, which is expected to cost no more than $250,000 and is scheduled to last two to three weeks. Assay results will be due several weeks after.
Thor Mining is betting on a rebound in prices for tungsten, which is used in cemented carbide and alloys.
“We are particularly encouraged by the recent tungsten price improvement showing tightness in the market, during what is normally a period of seasonal weakness,” Billing added.
At the beginning of the year, the company sold its Spring Hill gold project for AU$1.5 million to focus its efforts on Pilot Mountain. Aside from this asset, Thor also owns the Molyhil tungsten-molybdenum project in Australia.
Thor Mining’s share price closed in London at 0.94 pence on Monday (August 14), a rise of 3.61 percent since the announcement. It has surged more than 100 percent since the beginning of the year.
Don’t forget to follow us at @INN_Resource for real-time news updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.