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New US legislation to accelerate Thor Mining's tungsten project
Thor Mining lauded the passing of new legislation by the United States' Natural Resources Committee which will aid its Pilot Mountain Project, the company said on Friday.
The company's share price jumped over 20% following the passing of legislation which will accelerate the permitting process and related matters at the tungsten project in Nevada, which is wholly owned by Thor.
The National Strategic and Critical Minerals Production Act still has several steps to complete in the legislative process, but its current progress represents further good news for Thor after tungsten was classified as a critical commodity by the US Department of the Interior in February.
In May last year, the company indicated an inferred JORC compliant resource of 32,720t of tungsten trioxide, 192t of silver and 14,300t of copper at the site.
Mick Billing, executive chairman of Thor Mining, said: "Just three months ago, we signalled significant project milestones for our core tungsten and copper projects, including the Molyhil Open Cut Ore Reserve, and the Kapunda Copper mineral resource estimate. We could not however, accurately predict the positive events outside of our control, including the continuing strengthening of the tungsten price, and now this US initiative to streamline and accelerate regulatory approvals of mining developments for critical minerals in the USA."
Following the progress seen at Pilot mountain and the Molyhil and Kapunda projects, Thor has opted to focus on these "key resources" and not proceed with its work at the Western Shaw project in Western Australia.
"After years of challenge in the tungsten sector, the Company has received interest in its projects from multiple avenues. To secure best value for shareholders we must be seen to drive our tungsten interests forward whilst engaging commercially with third parties," said Billing.
Billing further emphasised the company's current positive position and stated that it has "£1.6m cash at bank, no debt and a focus on commercialisation."
As of 1426 GMT, Thor Mining's shares were up 22.22% at 2.75p.