The directors of Thor Mining Plc, a diversified resource company, have provided an update to the mineral resource estimate of its 100% owned critical minerals tungsten asset, the Molyhil Project, in the Northern Territory of Australia.
- The Molyhil mineral resource estimate now comprises measured, indicated, and inferred mineral resources totalling 4.4 million t at 0.27% tungsten trioxide (WO3), 0.10% molybdenum (Mo), 0.05% copper (Cu) and 17.75% iron (Fe) using a 0.07% WO3 cut-off.
- New measured classification in the upper portion of the Southern Lode.
- Concurrent 3D geological modelling identifies priority drill targets to increase resource.
- New exploration targets identified near the existing resource.
- July 2020: the Northern Territory government announced that the Molyhil Project had been awarded Major Project Status.
- Next steps: Geotechnical drilling for pit wall optimisation, ore sorting review, and drill testing of priority resource and regional targets.
- Continued discussions with potential financiers and joint venture partners to advance the project.
- Mick Billing, Executive Chairman of Thor Mining, commented: "This revised mineral resource estimate using Support Matrix Kriging has generated a more robust resource with the upper portion of the Southern Lode now classified as measured, the minimum standard required by many project financiers.
"The Thor team is encouraged by the 3D geological model and the drill targets it has generated. With the steady recovery of the tungsten price, the testing of these targets, in conjunction with the proposed geotechnical drilling and ore sorting review, are anticipated to significantly enhance the economic outcomes of the project.
"Global commodity pricing for both tungsten and molybdenum have shown encouraging improvement since recent lows during the period of August to November 2020 and, with post-COVID-19 global growth recovery and increased global infrastructure spending, Thor's Directors expect this to continue."
Read the article online at: https://www.globalminingreview.com/exploration-development/08042021/thor-mining-provide-updated-mineral-resource-estimate/