Thor Mining PLC's mineral resource estimate for its flagship Molyhil project in Australia's Northern Territory increased 1.5% for contained tungsten trioxide and 9.3% for contained molybdenum compared to the previous estimate.
The project hosts 4.7 million tonnes at 0.28% tungsten trioxide, 0.14% molybdenum, 0.05% copper and 18.0% iron above a cutoff of 0.12% tungsten trioxide.
The company said Oct. 10 that the resource further improved with the inclusion of copper in the inventory, contributing an additional potential byproduct stream for the project.
Executive Chairman Mick Billing said copper minerals can be extracted as a byproduct at virtually no additional cost.
The estimate is based on data from 82 surface reverse circulation holes, 15 surface diamond holes and three underground exploration shafts and crosscuts.
A definitive feasibility study for Molyhil in August 2018 estimated an all-equity, posttax net present value, discounted at 5%, of A$101 million and a 59% internal rate of return.
