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Thor Mining boosts reserves and mine life at Molyhil

Thor has significantly boosted reserves at Molyhil
Tungsten in periodic table
Tungsten prices have been strengthening in recent months

Part of the attractiveness of Thor Mining PLC’s  (LON:THR) new reserve upgrade is that it allows for the extension of the mine life at the Molyhil tungsten-molybdenum project by 17% to seven years.

According to the latest estimate, Molyhil contains 3.5 mln tonnes at 0.29% WO3 and 0.12% molybdenum in probable reserves.

READ: Thor Mining hammers away at due dilig ence on the Western Shaw project

What’s more, a new and potentially profitable additional underground mining option has been identified, in addition to the original plan for open pit mining.

The company is now updating capital and operating cost estimates with the objective of identifying further cost reductions and boosting the economic potential of the project.

"The successful completion of the ore reserve study is a very welcome development for the Molyhil project and the company,” said executive chairman Mick Billing.

READ: Thor Mining all cashed up for 2018 as it looks to move towards commercialisation

“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.”

 

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