Northern Territory-focused Thor Mining will make its maiden nickel foray in WA at the Dundas gold project, 100km east-south-east of Norseman.
Chairman Mick Billing says Thor will explore 25sqkm of Dundas in light of recent nickel discoveries along the Fraser Range. A small number of soil samples have previously been collected from the target area and assayed for gold. These samples will also now be assayed for nickel and associated indicator minerals, following which a more detailed geochemical sampling program is scheduled.
The Dundas project is 80km south of Sirius Resources’ Nova discovery, which surged the Mark Creasy-backed explorer’s market value by $480m to $488m at the end of September.
Thor holds 60 per cent equity in Dundas along with rights to increase its stake to 100 per cent. The period in which Thor was required to spend a minimum of $1 million to be eligible to increase its staged equity to 80 per cent expired on September 30, but Thor is negotiating an extension with the project vendors.
THR Price at posting:
1.1¢ Sentiment: LT Buy Disclosure: Held
