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Tungsten and molybdenum estimates rise at Thor Mining's Molyhil desposit

Molyhil, which lies 220km east of Alice Springs in Australia, is wholly-owned by Thor Mining

Thor Mining PLC -

A new independent review has raised the estimate of the amount of tungsten and molybdenum at Thor Mining PLC’s (LON:THR) Molyhil deposit in Australia.

Molyhil, which lies 220km east of Alice Springs, is wholly-owned by the exploration company.

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Mining consultants RPM Global raised by 1.5% the total indicated and inferred estimate to 13,300 tonnes of tungsten trioxide, a compound used in the manufacturing of fireproof fabrics and gas sensors.

Thor said the deposit also comprises 6,800 tonnes of molybdenum, a 9% increase on previous estimates while there was a new inclusion of 2,200 tonnes of copper.

RPM’s estimate was based on grades of 0.28% tungsten trioxide, 0.14% molybdenum, and 0.05% copper.

Executive chairman Mick Billing called the new estimate “a welcome boost” for the project with “a very impressive 9.3% increase in contained molybdenum".

Metallurgical process test work has also demonstrated the capacity to produce a separate copper concentrate from Molyhil ore with “minimal additional cost”.

Billing explained: "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 sulphide products flotation stage without additional reagent addition, and virtually therefore at no additional cost".
 

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Price: 0.339 GBX

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