Thor Mining Plc Acquires Pilot Mountain
The Directors of Thor Mining PLC' ("Thor") (AIM, ASX: THR) are pleased to announce completion of a significant step in the acquisition of the Pilot Mountain tungsten project, in the US state of Nevada, from Black Fire Minerals Limited ("Black Fire") (ASX: BFE) (termed the "Acquisition").
As announced on 16 September 2014, Thor had executed a formal Share Sale and Purchase Agreement for the Acquisition, subject to a number of conditions precedent, including approval by shareholders of Black Fire. That approval was granted at a General Meeting of Black Fire shareholders on 23 October 2014. Documentation relating to the proposed acquisition is being finalised and a further announcement on final completion will be made as soon as practicable.
The Pilot Mountain project is situated in south-western Nevada approximately 200kms south of Reno. It comprises four deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All are in close proximity (~3 kilometres) of each other and have been subjected to low-scale mining activities at various times during the 20th century.
Mr Mick Billing, Executive Chairman of Thor Mining:
"This is an exciting time for Thor. We are very pleased to be this significant step closer in the acquisition of the Pilot Mountain project which has an attractive existing resource and significant exploration upside. Previous exploration was halted due to market forces, rather than lack of targets. At Pilot Mountain, we have a number of "walk up" drill targets along with very interesting longer-term exploration opportunities. Some metallurgical testwork has been conducted with encouraging results, however, more is required."
The Desert Scheelite Indicated + Inferred Resource comprises 6.8 million tonnes @ 0.31% WO3, 0.17% Copper, and 22.8g/t (grams/tonne) Silver, announced on 10 June 2014.