The Government of Australia’s Northern Territory awarded ‘major project status’ to Thor Mining’s (AIM, ASX: THR) Molyhil tungsten/molybdenum project.
“The Northern Territory is the rebound capital of Australia. We are the safest, and quickest to get back to business,” Chief Minister Michael Gunner said in a media statement. “This project will support 59 ongoing jobs in Alice Springs with a further 40 jobs supported during construction.”
With a definitive feasibility study estimated at $43million, the project has an estimated development time, from commencement, of 12 months.
Molyhil, which is operated by Thor’s subsidiary Molyhil Mining, is located 220 kilometres north-east of Alice Springs within the prospective polymetallic province of the Proterozoic Eastern Arunta Block.
According to the miner, the project’s deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralization.