(Alliance News) - Thor Mining PLC on Thursday posted a revised mineral resource estimate for its Molyhil project in Australia, showing an increase in tungsten and molybdenum.
Shares in Thor were up 9.0% at 0.54 pence in London in morning trade.
Molyhil is Thor's flagship project and is located in the Northern Territory of Australia. The indicated and inferred mineral resources at Molyhil total 4.7 million tonnes at 0.28% tungsten trioxide and 0.14% molybdenum, plus 0.05% copper and 18.0% iron.
This revised figure represents a 1.5% increase in contained tungsten trioxide plus a 9.3% increase in molybdenum versus the previous estimate.
Executive Chair Mick Billing said: "This revised mineral resource estimate is a welcome boost for the Molyhil project with a 1.5% increment in contained tungsten metal along with a very impressive 9.3% increase in contained molybdenum."
The mineral resource is also enhanced by "inclusion of copper in the resource inventory" which contributes "an additional potential by-product stream for the project".
Thor said process test work has shown it is possible "to produce a separate copper concentrate from molyhil ore with minimal additional cost".
"The inclusion of copper in the Molyhil mineral resource further enhances the potential of this project as we work toward a project financing package for Molyhil," said Billing.
"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," he added.
Given the "consistent recoveries of copper" from Milyhil ore samples, Thor has commissioned RPM Global to review the mineral resources estimate and determine if it "could be augmented accordingly".
By Anna Farley; firstname.lastname@example.org
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