Consultants upped tungsten, molybdenum and copper estimates at Molyhil
Preparing a mineral resource estimate at Bonya tungsten deposits
Management has long track record of mining industry experience
Kapunda copper project looks amenable to in-situ extraction
Financing talks for Molyhil ongoing
What does Thor Mining do?
It’s run by Mick Billing, a seasoned mining industry professional who has more than 40 years experience in resources and the resources finance business and who boasts extensive time at Western Mining on his CV.
What does Thor Mining own?
The key asset is the Molyhil tungsten and molybdenum project, which lies 220 kilometres east of Alice Springs.
The Molyhil deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation. Since mid-2004 it has been the subject of systematic testwork comprising geophysical exploration, diamond and reverse circulation drilling programmes, surface and underground bulk sampling, metallurgical testwork and a geotechnical study.
A feasibility study revealed in August 2018 that the project is technically and economically viable, has a seven-year life, with strong financial returns and rapid capital payback.
In October, mining consultants RPM Global raised by 1.5% the total indicated and inferred estimate to 13,300 tonnes of tungsten trioxide, 6,800 tonnes of molybdenum, and 2,200 tonnes of copper.
Thor has also recently demonstrated the existence of a significant new tungsten deposit adjacent to Molyhil at the Bonya Samarkand prospect. The Bonya tenement is held jointly with Arafura Resources (ASX:ARU).
At the Desert Scheelite deposit on the Pilot Mountain project in Nevada, Thor now boasts a resource of 10.7mln tonnes of ore grading 0.26% WO3 (tungsten), with additional silver, zinc and copper.
In March, Thor agreed to to spin out its copper interests into a new vehicle, Enviro Copper, where it will take up to a 30% stake.
Enviro has rights for up to 75% of both the Kapunda copper project and the Moonta copper project.
Both projects are amenable to in-situ leaching (ISR).
"The developments in our ISR copper investments show tremendous promise as we look towards a, potentially quite large, ISR focussed copper business".
Thor also owns 1.87% of the issued capital of Hawkstone Mining Limited (ASX: HWK), which wholly-owns Big Sandy lithium deposit in Arizona, which published a maiden mineral resource estimate for the deposit in September.
Chairman Mick Billing confident of continued progress
“Samarkand is just one of what we believe will be series of satellite tungsten and copper deposits within economic trucking distance of Molyhil, thus making the case for Molyhil development even more compelling,” said Thor Mining chairman Mick Billing.
“We now have confirmed tangible evidence of extensive surface outcropping tungsten mineralisation at Bonya, including mineralisation extending in excess of 500 metres of strike at Samarkand. Our discussions and negotiations with potential partners continue with regard to Molyhil project level offtake and investment.”
In late-October, Thor raised £510,000 in a share placing to progress work at its core Molyhil and Bonya projects.
Financing talks in regard to the development of Molyhil are ongoing and will be supported by the evidence of new tungsten mineralisation adjacent to the project at Bonya.
At Pilot Mountain, work on other deposits like Gun Metal and Good Hope has the potential to add further resources.
Completion of deal to set up Enviro Copper.
Prices of tungsten and molybdenum improve.