Thor Mining (AIM, ASX: THR) made public an updated mineral resource estimate for its flagship Molyhil project in Australia’s Northern Territory.
In a media statement, Thor revealed that the Molyhil mineral resource now comprises indicated and inferred mineral resources of 4.7 million tonnes at 0.28% WO₃ or tungsten trioxide, 0.14% molybdenum, 0.05% copper, and 18% iron.
The Mineral Resource for the Molyhil deposit is reported at a cut-off grade of 0.12% tungsten equivalent and above an elevation of 200m RL as of 18th September 2019
According to the miner, this revised resource estimate increases contained WO₃ by 1.5%, and contained Mo by 9.3% compared with the previous estimate and it is further boosted with the inclusion of copper in the resource inventory, which contributes an additional potential by-product stream for the project.
“The inclusion of copper in the Molyhil mineral resource further enhances the potential of this project as we work toward a project financing package for Molyhil,” Executive Chairman Mick Billing said in the press brief. “While the copper grades in the Molyhil mineral resource are modest, the copper minerals are extracted as a by-product of the molybdenum and other
Billing explained that it was precisely the consistent recovery of copper in process testwork on Molyhil ore samples what prompted the company to commission RPM Global to review the mineral resource estimate for the project.
“The revised estimate is based upon no new sample data other than for these historical copper intersections,” the executive said.
Molyhil is located 220 kilometres north-east of Alice Springs within the prospective polymetallic province of the Proterozoic Eastern Arunta Block.