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IN BRIEF: Thor Energy gives updated Molyhil project estimate

Tue, 28th May 2024 21:57

Thor Energy PLC- exploration company with prospective projects in Australia and US - Says diamond drilling programme at Molyhil project has "resulted in a significant improvement in resource confidence". The project is located at the Molyhil tungsten-molybdenum-copper deposit in the Northern Territory, Australia. The resource estimate now includes 4.65 million tonnes at 0.26% tungsten trioxide. It notes a 150% rise in tonnes and a 20% increase in grade.

The updated results mean Investigator Resources Ltd, farming in to the project, is now entitled to a 25% interest in the project, as specified under a prior agreement.

Thor Energy Managing Director Nicole Galloway commented: "This is a positive result for the project, and along with strong tungsten and molybdenum prices, it will be valuable for the scoping study assessment to be undertaken by IVR early in Q3, 2024."

Current share price 0.87 pence

12-month change: down 68%

By Aidan Lane, Alliance News reporter

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