LONDON (ShareCast) - (ShareCast News) - Exploration and development company Thor Mining announced on Thursday that it is clear to proceed with the acquisition of further acreage in Australia's Northern Territory.
The company will now purchase 100% of the copper play EL29599 licence and a 40% stake in the EL29701 exploration licence which is home to 13 outcropping tungsten deposits and a copper deposit at the Bonya Creek area.

The total consideration for the two purchases is A$550,000, which will be satisfied by Thor shares.

Arafura Resources, the 60% owner of the EL29701 exploration licence has declined to exercise its pre-emptive right to match the offer by Thor.

Mick Billing, executive chairman of Thor Mining, said: "Historic drilling and trenching has confirmed tungsten mineralisation on several deposits at Bonya, however there has been no tungsten focussed exploration on the tenement in over 35 years. Provided some of these known prospects mature, along with others which we expect to develop, it is more than likely that Molyhil production life and throughput volume should increase substantially."

The Bonya Creek area is located just 30km away from Thor's wholly owned Molyhil Tungsten - Molybdenum Project and is thus expected to add significantly to the project's resource inventory and operational life.

"The potential for small but high grade copper deposits is also very attractive with the proposed processing plant at Molyhil highly likely to be also suitable for copper flotation," said Billing.

As of 1042 BST, Thor Mining's shares were up 9.47% at 2.60p.

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