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Thor Mining Plc
Summary
| Project: | Pilot Mountain | |
|---|---|---|
| Deposit: | Desert Scheelite | |
| Location: | United States | |
| Commodities: | Tungsten-Zinc-Copper | |
| Date: | 9/7/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 7-9-2018: Thor Mining Plc announces a Scoping Study report for its Desert Scheelite deposit at the Pilot Mountain project. Scoping study results incl. pre-tax profit of US $125M, 12yr LOM at the project. The Board of Thor Mining Plc (“Thor” or the “Compan | |
| Resources: | (Resource, I+I): 11.73Mt @ 0.28% WO3 | |
| CP/QP: | [Overall Report]: Richard Bradey (Internal) | |
| ABSTRACT: | The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR) is pleased to announce results of Scoping Study for the Pilot Mountain tungsten project in Nevada USA. Scoping Study Parameters - Cautionary Statements This Scoping Study has been undertaken to determine the potential viability of an open pit and/or underground mining and processing plant operation constructed onsite at the Pilot Mountain Tungsten Project and to form a view of the order of magnitude potential and a basis on which to complete further studies. The Scoping Study has been prepared to an accuracy level of ±35%. The resultsshould not be considered a profit forecast or production forecast. The Scoping Study is a preliminary technical and economic study of the potential viability of the Pilot Mountain Tungsten Project. In accordance with the ASX Listing Rules, the Company advises it is based on low-level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further evaluation work including infill drilling, metallurgical testwork, and other appropriate studies are ongoing and they will contribute to our ability to estimate any ore reserves or to provide any assurance of an economic development case. This study does not warrant that reserves will be reported. The total production target for Desert Scheelite is based on Indicated resource with minor quantities of Inferred mineralisation and unclassified mineralisation, while that for Garnet is based upon inferred resources. The Company has concluded that it has reasonable grounds for disclosing a production target. The Scoping Study is based on the material assumptions outlined elsewhere in this announcement. These include assumptions about the availability of funding. While Thor considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range outcomesindicated in the Scoping Study, additional funding will likely be required. Investors should note that there is no certainty that Thor will be able to raise funding when needed. It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of the existing shares in Thor Mining. It is also possible that Thor could pursue other‘value realisation’strategiessuch assale, partialsale, or joint venture of the Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. | |
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