Thor adds tonnes to advanced tungsten asset

THOR Mining has increased the reserve estimate at its Molyhil tungsten project in a move designed to attract third parties keen on backing development of the asset located 320km by road east of Alice Springs in Northern Territory.

Thor adds tonnes to advanced tungsten asset Thor adds tonnes to advanced tungsten asset Thor adds tonnes to advanced tungsten asset Thor adds tonnes to advanced tungsten asset Thor adds tonnes to advanced tungsten asset

The reserve has increased from 3 million tonnes to 3.5Mt, with the tungsten grade reducing from 0.31% to 0.29% and molybdenum grade of 0.12% remaining unchanged.

The increase takes potential mine life out to seven years, and was largely driven by cost savings and upgraded test results of pre-concentration of ore using ore sorting technology.

A new financial model for the asset is now being assessed, with previous estimates of a capital cost being north of A$60 million.

“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 d...

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