Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

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.”


View full THR profile View Profile

Thor Mining PLC Timeline

Related Articles

Tungsten symbol
August 23 2018
Thor Mining has a strong pipeline of projects across an attractive range of commodities

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use