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Thor Mining Plc
Summary
| Project: | Molyhil | |
|---|---|---|
| Deposit: | Molyhil | |
| Location: | Australia | |
| Commodities: | Tungsten-Molybdenum | |
| Date: | 1/15/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-1-2018: Thor Mining Plc announces a Resource Estimation report for its Molyhil deposit at the Molyhil project. Amended report including clarification on the reserve calculation. The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is | |
| Resources: | (Reserve, Prob.): 3.5Mt @ 0.29% WO3, 0.12% Mo | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to provide a positive progress update on the Company’s wholly owned proposed Molyhil tungsten/molybdenum mine in Australia's Northern Territory ("Molyhil"). In October 2017 the Company announced it had commissioned a revised Ore Reserve study to draw together the technical data from various positive work completed since the last report prepared in 2014. This report containing an Open Cut Ore Reserve Statement has now been successfully completed with positive findings increasing the overall Ore Reserve and extending the Molyhil mine life. Significantly also, a new and potentially profitable additional underground mining option has been identified, in addition to the original plan for Open Pit mining The successful completion of the Ore Reserve Study is a very welcome development for the Molyhil project and the Company. Extending the life of the project, along with evidence that additional blocks have the potential for subsequent underground mining, is a major step forward in the commercialisation potential of Molyhil" “Discussions with third parties expressing interest in the Molyhil opportunity confirmed that an extension of mine life was a key precursor to more proactive engagement and with the findings announced today we have moved solidly down that pathway. The fact that this progress has been achieved in an environment when there is an industry desire to secure reliable supplies of tungsten concentrates makes the outcomes announced today all the more timely.” | |
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