- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Thor Acquires Interests in Tenements Near Molyhil
Following a March announcement, Thor Mining has acquired interests in tenements adjacent to its Molyhil tungsten project in Australia’s Northern Territory.
Thor Mining (ASX:THR, LSE:THR) has received ministerial approval to acquire tungsten, copper and vanadium tenements adjacent to the company’s Molyhil tungsten project in Australia’s Northern Territory.
Through the agreement, Thor is acquiring a 40-percent interest in exploration license EL29701 and a 100-percent interest in exploration license EL29599; the former hosts 13 outcropping tungsten deposits, the Bonya copper deposit and the Jervois vanadium/titanium deposit. Meanwhile, the latter license is considered prospective for copper mineralization.
Executive chairman Mick Billing expressed his excitement about the expansion in a statement, highlighting how the Molyhil project will benefit from the acquisition.
“This is outstanding news for the Molyhil development. The potential to increase both the scale and the life of the proposed Molyhil operation is very exciting,” he said.
“The proximity of the Bonya deposits to Molyhil should add significantly to the project economic returns, dovetailing with our commercialisation strategy for Molyhil.”
Thor will be contributing a consideration of AU$550,000 in fully paid shares as part of the agreement. In the meantime, Rox Resources (ASX:RXL) and Arafura Resources (ASX:ARU) are working on a Deed of Assumption for Thor to take Rox’s place in a joint-venture that encapsulates the Bonya tenements.
When the sale was first announced in March, Rox managing director Ian Mulholland commented on the win-win situation that would present itself for both companies.
“The Bonya project has a number of areas of outcropping tungsten and molybdenum mineralization, and when added to Thor’s nearby Molyhil tungsten and molybdenum mineral resources, it makes a very exciting project,” he said in a statement.
“Rox will retain a significant exposure to any future developments at Bonya and Molyhil through its shareholding in Thor and will allow the company to place a clear focus on its other projects in Western Australia.”
The Bonya tenements are located in the Eastern Aileron Province between the Jervois base metals deposits to the east and the Molyhil tungsten molybdenum deposit to the west.
Thor’s stock price grew 13.04 percent to AU$0.026 per share by the end of trading on Tuesday (September 25).
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
The Beginner’s Guide to Investing in Gold (Australia Edition)
Ready to invest in gold? Our beginner's guide makes it simple to get started.
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Gold Sector
Your Newsletter Preferences
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.
Learn about our editorial policies.