Thor snaps up tungsten project
PERTH (miningweekly.com) – Mineral developer Thor Mining has signed a deal with fellow ASX-listed Black Fire Minerals to acquire its Pilot Mountain tungsten project, in Nevada, in the US.
Under the terms of the agreement, Thor would issue Black Fire 418.75-million shares in exchange for the project. Thor would also acquire a debt of A$625 000, partially secured against the project and payable by the end of September 2015.
The share exchange valued the acquisition at around A$1.67-million.
Thor executive chairperson Mick Billings said on Tuesday that the transaction with Black Fire was a milestone acquisition for Thor, adding both resource and exploration potential, while further establishing the company as a tungsten entity with an expanded portfolio of assets.
“Production at Molyhil may start as early as late next year, as the start of up to a 20-year supply pipeline by Thor into the global tungsten market. The combined resource inventory, following this acquisition, of around 30 000 t of tungsten plus significant upside via drilling known tungsten deposits, potentially could position Thor towards the top-end of non-Chinese tungsten miners.”
Billings said that this was reinforced by the grades of both resources, which were above that of several Western-world deposits, suggesting the potential for low-cost production.
The Pilot Mountain project consists of five deposits, all within close proximity of each other. The Desert Scheelite deposit has a Joint Ore Reserves Committee-compliant resource of 6.8-million tonnes, grading 0.31% tungsten, while the Garnet deposit has an exploration target of between 1.5-million to 2-million tonnes, at between 0.35% and 0.4% tungsten.
The Gunmetal deposit also has an exploration target of between 1.5-million and 2-million tonnes, grading between 0.37% and 0.42% tungsten.
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