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Thor Mining (ASX:THR) - Executive Chairman, Mick Billing - The Market Herald
Executive Chairman, Mick Billing
Source: NT News
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  • Thor Mining (THR) has updated the mineral resource estimate (MRE) for its Molyhil Project in the Northern Territory
  • The MRE was updated using results from 162 holes of reverse circulation and diamond drilling
  • The Molyhil MRE reads 4.4 million tonnes at 0.27 per cent tungsten trioxide, 0.10 per cent molybdenum, 0.05 per cent copper and 17.75 per cent iron
  • Thor will now undertake geotechnical drilling to optimise the pit, regional exploration to follow up on priority targets and ore sorting
  • Discussions are also continuing with potential financiers and joint venture partners to advance the project
  • Thor has ended the day a healthy 14.3 per cent in the green with shares trading at 1.6 cents

Thor Mining (THR) has updated the mineral resource estimate (MRE) for its Molyhil Project in the Northern Territory.

The Molyhil Project lies 220 kilometres northeast of Alice Springs within the highly prospective polymetallic province of the Proterozoic Eastern Arunta Block.

An previous update to the feasibility study has confirmed it is technically and economically feasible with a seven-year mine life.

The MRE was updated using results from 162 holes, totalling 19,165 metres, of reverse circulation (RC) and diamond drilling.

The Molyhil MRE now reads 4.4 million tonnes at 0.27 per cent tungsten trioxide, 0.10 per cent molybdenum, 0.05 per cent copper and 17.75 per cent iron.

Furthermore, this drilling identified exploration targets within the resource that will be subject to further drilling.

"This revised mineral resource estimate has generated a more robust resource with the upper portion of the Southern Lode now classified as measured," Executive Chairman Mick Billing said.

"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 is anticipated to significantly enhance the economic outcomes of the project," he added.

Thor will now undertake geotechnical drilling to optimise the pit, regional exploration to follow up on priority targets and ore sorting.

Based on the outcome of these activities the company will revise the feasibility study.

Discussions are also continuing with potential financiers and joint venture partners to advance the project.

Thor has ended the day a healthy 14.3 per cent in the green with shares trading at 1.6 cents in a $21.48 million market cap.

THR by the numbers
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