Thor contemplates start at Spring Hill
PERTH (miningweekly.com) – Dual-listed junior Thor Mining was hoping to start mine development at the Spring Hill gold project, in the Northern Territory, within the next 12 months.
The miner said on Monday, that since signing a toll treatment agreement with TSX-listed Crocodile Gold Corporation in April this year, the company had been looking to accelerate the development of the Spring Hill project.
Thor told shareholders that an opportunity has now been identified which could expedite early environmental and regulatory approvals to mine shallow oxidized ore by constraining the initial mine plan to extract only near-surface oxide material for off-site processing.
At a capital cost of less than A$5-million, up to 900 000 t of ore, yielding between 40 000 oz and 45 000 oz of gold, would be mined over a two- to three-year period.
Ore would be delivered to Crocodile Gold’s Union Reefs processing plant for treatment.
Thor noted that a notice of intent had now been lodged with the Northern Territory Department of Mines and Energy, and noted that the assessment would determine the level of environmental and other regulatory compliances required.
“While this process should not be underestimated, it is anticipated that a proposed mining operation which does not require a processing plant, has no requirement for a tailings storage facility and is not expected to generate acidic liquor from waste dumps, will face competitively fewer environmental hurdles,” the company said.
Thor would also continue with economic studies and permitting for mining the deeper transition and primary ore, and further drilling was also planned to delineate additional low-cost, near-surface mineralisation.
The Spring Hill project is estimated to host an indicated resource of 450 000 oz of gold, within a 10-million-ton resource, grading 1.4 g/t. The project is 51% held, with the balance belonging to fellow-listed Western Desert Resources.
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