INVESTOR UPDATE

MAIDEN RESOURCE ESTIMATES – BONYA TUNGSTEN AND COPPER

Thor Mining Plc (“Thor”) (AIM, ASX: THR) and Arafura Resources Limited (“Arafura”) (ASX: ARU) are pleased to advise maiden mineral resource estimates for the White Violet and Samarkand tungsten and copper deposits at Bonya, adjacent to the Thor Mining Molyhil tungsten and molybdenum project.

The project is held in joint venture between Arafura (60%) and Thor (40%) with Thor acting as manager, and each party contributing to the cost according to their equity holding.

Project highlights:

White Violet;
• Inferred Resources of 495,000 tonnes, grading 0.22% Tungsten Trioxide (WO3) and 0.06% copper (Cu), containing 1,090 tonnes of WO3, and 300 tonnes Cu.

Samarkand;
• Inferred Resources of 245,000 tonnes, grading 0.19% Tungsten Trioxide (WO3) and 0.13 % copper (Cu), containing 465 tonnes of WO3, and 320 tonnes Cu.

  • Both deposits outcrop and remain open at depth, while Samarkand, in particular, shows potential for strike extension to the copper mineralisation.

  • Each deposit considered amenable to open cut extraction for significant components of the resource.

  • Both deposits situated in close proximity to the Thor Mining Molyhil tungsten and molybdenum project, and potentially therefore within economic trucking distance.

These resources add to previously announced Inferred Resources at Bonya Copper of 230,000 tonnes, grading 2.0% Cu, containing 4,600 tonnes Cu (ref Table B and announcement of 26 November 2018).

 

These maiden resources are very significant when combined with the mining inventory of the nearby proposed Molyhil development.” More work is required, to convert these inferred resources to, at least, Indicated classification, along with other technical, environmental, and social impact assessments, however we have taken very good first steps. The Bonya project hosts additional known tungsten and copper deposits, and some high tenor copper strike extension at Samarkand. These will be tested in due course, and we expect that they will further contribute to the life and value of the greater Molyhil project.

- Managing Director Mick Billing

THE

MOLYHIL TUNGSTEN PROJECT

The Molyhil Project is located 220 kilometres north-east of Alice Springs in the Northern Territory. It has a known deposit of 11,800t of Tungsten, making it the largest known deposit of this strategic metal in Australia. In July 2020, the Northern Territory government announced that the Molyhil project had been awarded Major Project status.

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