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Thor announces new strategy after tungsten named 'critical commodity'
Thor Mining announced a change in strategic direction on Thursday, indicating an increased focus on its Pilot Mountain, Molyhil and Kapunda projects.
Rapid commercialization of the projects will be prioritized following the US Department of the Interior's listing of tungsten as a critical commodity, which has particular relevance to the Pilot Mountain tungsten, silver and copper project located in Nevada.
The project saw the commencement of a scoping study in February, along with metallurgical testwork for pre-feasibility studies, following positive internal assessment work as the project draws closer to becoming the first tungsten mining operation in the US.
Meanwhile the Molyhil tungsten and molybdenum project in Australia saw an enhanced ore reserve statement and potential for underground mining extension in January, while substantial inferred insitu leachable copper resource was reported at the Kapunda project in February.
Mick Billing, executive chairman of Thor Mining, said: "The recently published progress achieved in respect of each project has been considerable and we are of the view that the best outcome for shareholders will be achieved from the absolute concentration on our core interests."
With £1.6m in cash, Thor stated that it has "sufficient" working capital to undertake and fund its planned activities until well into 2019.
The AIM traded company also said that it is involved in continuing communication with third parties that are keen to consider significan tungsten and copper opportunities.
"Through sale, joint venture and offtake agreements, companies such as Thor can revolutionise their business model and secure greater market recognition and a valuation that reflects the inherent value of their business. That is now our absolute focus at Thor Mining," said Billing.
As of 1159 GMT, Thor Mining's shares, having recently hit a three-year high, were down 9.59% at 2.37p.