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Thor Mining confirms new drill campaign

By BFN News | 07:14 AM | Monday 15 August, 2016


Thor Mining has announced a new drill campaign designed to confirm the close proximity of additional tungsten mineralisation within a 6km radius of its existing Molyhil tungsten deposit in the Northern Territory. Chairman Mick Billing commented: "Improvements in the APT price combined with renewed interest in the sector leads us to believe that now is the ideal time to test these exciting targets, as we move to the next phase of work at Molyhil with renewed vigour. "The key objective is to extend the mine life of Molyhil, and hopefully increase the scale of operations to reduce unit production costs. "Exploration of adjacent known deposits is a sound and cost effective exploration tactic and this initial test of these Molyhil lookalike targets will hopefully lead to a significant increase in the project's current known mining inventory." HIGHLIGHTS: - 50 hole drill programme designed to test bedrock through shallow alluvial cover; - Targeting magnetic anomalies with similar characteristics to Molyhil; - Key objective of new drilling programme is to find additional ore sources for Molyhil project, thereby extending mine life and reducing costs; - Targets include; Solar Farm, Stock Yard, Think Big and Gap Track areas, all of which are located within 6km of Molyhil; and - The low cost programme, estimated at less than A$100,000 is expected to commence in late-August 2016. Story provided by StockMarketWire.com

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