Business
Half-yearly Report
Half-yearly Report.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8581X Thor Mining PLC 27 February 2017 \n\n27 February 2017\n \nTHOR MINING PLC\n \nHALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2016\n \nHIGHLIGHTS\n \n· Pilot Mountain (USA): Regulatory approvals received for drilling programs at the Garnet tungsten target and the Desert Scheelite copper/tungsten target.\n· Molyhil (Australia): Successful aircore drilling program testing anomalies adjacent to the Molyhil Tungsten Project provided impetus to apply for an additional licence area contiguous with one tested prospect.\n· Dundas (Australia): Advanced planning for new drilling program at Dundas gold project.\n· Detailed appraisal of a number of potential new projects, including a specific focus on mainstream commodities.\n \nREVIEW OF OPERATIONS\n \nA drilling program aimed at potential new tungsten deposits near Molyhil comprised the active field work for the period, while substantial preparation work progressed in readiness for drill programs at both Pilot Mountain and Dundas in the second half of the financial year. \nThe cash receipt of A$1.5million, received after the period end, from completion of the sale of the Spring Hill gold project, strengthens the Company's cash position significantly, providing funds to accelerate exploration field work on the Company's projects. \nThe net result of operations for the half-year was a loss of £394,000 (2015: £1,036,000). \n \nPilot Mountain Tungsten project (Nevada, USA) (100% Thor)\nThor's Pilot Mountain Project, acquired in 2014, is located approximately 200 kilometres (\"km\") south of the city of Reno and 20km east of the town of Mina located on US Highway 95.\nThe Pilot Mountain Project is comprised of four tungsten deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All are in close proximity, approximately three km, of each other and have been subjected to small-scale mining activities at various times during the 20th century.\nIn December 2014, Thor outlined a proposed exploration development plan with the objective of upgrading the knowledge and status of the mineralisation of these deposits where historical drilling outlined potentially economic mineralisation.\nAt Pilot Mountain, Thor holds 100% equity interest in:\n· An In...