Thor Mining plc (ASX:THR) announced an updated ore reserve statement of 3 million tonnes at 0.31-percent WO3 and 0.12-percent molybdenum for its proposed Molyhil tungsten mine, located in Australia’s Northern Territory.
As quoted in the press release:
- Reserve statement of 3.0 million tonnes @ 0.31% WO₃ and 0.12% Mo.
- Ore sorting increases grade of material processed by 15% to 0.35% WO₃ and 0.14% Mo.
- Post ore sort tungsten equivalent grade of 0.46% WO₃ using a 15% upgrade.
- Very high grade near-surface tungsten provides opportunity for early payback of project capital.
- Update capital and operating cost estimates
- Completion of upgraded feasibility study
Mick Billing, executive chairman of Thor Mining, commented:
This is a major step forward for the Molyhil project. The Open Cut Ore Reserve Statement provides for significant additional production from Molyhil, whilst the process improvements demonstrate that production costs will be very low, particularly in the initial couple of years. Indeed, the tungsten grade of the mineralisation, in the top 40 metres of the resource, before molybdenum credits, is 0.53% WO3, substantially above the project’s average grade, suggesting very low operating costs in the first two years of operation, and subsequent early capital payback.