(MENAFN - ProactiveInvestors - Australia) Thor Mining (ASX: THR, AIM: THR) has successfully raised 332,800 (A515,631) via a placement which will go towards financing the Molyhill tungsten and molybdenum project in Australia's Northern Territory.
The placement of 47.5 million shares was to UK sophisticated clients of Simple Investments at 0.70 per share.
Mick Billing, executive chairman, commented: "We are pleased to have raised these additional funds following the refreshment of our capital raising capacity at our General Meeting held on 31 October 2012.
"The funds will help finance the project development at the Molyhil tungsten/molybdenum project, and resource development at the Spring Hill gold project, each in Northern Territory, and the continuing exploration and evaluation program at Dundas in Western Australia."
At the Molyhil Project, following the completion of a Definitive Feasibility Study earlier this year, Thor has been focused on negotiations to secure agreements for offtake and project finance.
Discussions have been held with a number of potential customers for project concentrates, and more are scheduled.
This is targeted at starting site development before the end of 2012 and first production of concentrates early in 2014.
Molyhill has an Open Cut Reserve of 1.64 million tonnes at 4.2% tungsten and 0.13% molybdenum.
Meanwhile, at Spring Hill, Thor has been focused on extending mineralisation at its Spring Hill gold project in the Northern Territory.
Assays from drilling into the main Hong Kong Zone have confirmed further improved grades and extensions of known gold mineralisation at Spring Hill.
This paves the way for an upgrade to the current JORC Resource of 3.6 million tonnes at 2.3 grams per tonne (g/t) for a contained 274,000 ounces of gold to be undertaken during the next three months, once check-assaying has been completed.
Thor has also begun nickel exploration in the Albany-Fraser Province of Western Australia at its Dundas Project.
The company will undertake preliminary nickel exploration activities over a small area in conjunction with the ongoing gold exploration program at the project.
The Albany-Fraser belt hosts a number of nickel prospects, including Sirius Resources' (ASX: SIR) recently announced Nova discovery, about 80 kilometres north-northeast of Dundas, and historical nickel intercepts nearby at the Gnama South and Talbot prospects.