Thor extends Molyhil mine life, identifies potential for underground development
JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed Thor Mining has achieved a major step in the commercialisation potential of its proposed Molyhil tungsten/molybdenum mine, in the Northern Territory, with a 17% increase in mine life and the emergence of a possible underground mining option.
The update followed the company’s October commissioning of a revised ore reserve study, the results of which, classified as probable, stated 3.5-million tonnes at 0.29% tungsten oxide (WO₃) and 0.12% molybdenum (Mo), as well as an extension to seven years of Molyhil’s mine life.
“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,” said Thor executive chairperson Mick Billing.
The work had also identified a new and potentially profitable additional underground mining option, in addition to the original plan for openpit mining, following the assessment of significant blocks of the resource, in the indicated and inferred resources category, outside and below the pit shell.
While subject to further drilling and other technical reviews, the results appear to warrant a subsequent underground mining operation.
“The company is updating capital and operating cost estimates with an objective of further cost reductions and positively impacting mining and processing economics,” Billing added.
The completed work supports the completion of an upgraded definitive feasibility study, which is expected in the current quarter.
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