Thor Mining PLC’s (LON:THR)(ASX:THR) chairman Mick Billing has indicated that the company is now close to completing the sale of its royalty on the Spring Hill tungsten project and revealed how the firm is coping with the coronavirus (COVID-19) pandemic.
“Challenging market conditions prevail, and we have taken further steps to reduce overheads, along with taking advantage of Australian government COVID-19 initiatives aimed at meeting some employment costs,” he said, as the company released a quarterly update.
“We expect also that we will be able to complete the sale of the Spring Hill royalty shortly, and we look forward to providing details of our exciting potential new asset acquisition when finalised.”
Billing also updated on progress at the company’s copper projects.
“Our ISR copper investments continue to develop value with excellent outcomes from testwork at Kapunda. We hope to be able to advise final drill assays shortly,” he added. “Critically however the real story at Kapunda is the ongoing buildup of evidence that the ISR process will work in practice”.
Meanwhile, on the company’s long-standing Molyhil project progress is also continuing.
“We have continued to add value to the Molyhil project with the release of resource estimates at Bonya in January, potentially adding materially to the life and economic outcomes of the project”,” said Billing
“In addition, recent renewed interest by the Australian government in critical minerals has resulted in increased support for projects of this nature, and we hope to be able to take advantage of this.”
“Finally, the initial sampling program in our 100% owned Pilbara project produced some outstanding initial results, and we look forward to follow-up work on these, once COVID-19 access restrictions are lifted,” the Thor chairman concluded.