RE: RNS20 Feb 2018 10:40
Pilot Mountain Update
Tue, 20th Feb 2018 10:37
RNS Number : 3851F
Thor Mining PLC
20 February 2018
20 February 2018
THOR MINING PLC
US GOVERNMENT CONFIRMS TUNGSTEN AS CRITICAL COMMODITY
THOR ACCELERATES PILOT MOUNTAIN TUNGSTEN PROJECT, NEVADA, USA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to note that the United States Department of the Interior has recently advised that tungsten remains on the Federal Register of commodities classified as critical by the Unites States government.
The register was published by the Department of the Interior on 16th February 2018 and may be accessed via following the weblink:
https://www.federalregister.gov/documents/2018/02/16/2018-03219/draft-list-of-critical-minerals
The Company further advises that in a publication by the U.S. Geological Survey, titled "Mineral Commodities Summary 2018", dated 31 January 2018, that there has been no production of tungsten concentrates from mining activities since prior to 2013. This report may be accessed via the following weblink:
https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf
Thor Mining's wholly owned Pilot Mountain tungsten project in Nevada, USA, has a mineral resource inventory of 11.73 Million tonnes at 0.28% WO3 (Table 1), plus attractive by-product values for copper and silver.
Against this positive backdrop, Thor has taken the decision to accelerate development at its Nevada based Pilot Mountain project and has commenced Phase 2 of metallurgical testwork along with scoping study work.
Mr Mick Billing, Executive Chairman of Thor: "The Company's Pilot Mountain project with its substantial tungsten resource has Thor very well placed in the United States with the tungsten commodity recognised as a critical metal by the homeland authorities".
"The Pilot Mountain resource inventory is already very substantial and when in production would be expected make a material contribution toward domestic demand for tungsten concentrates in the United States. At present the US is a significant consumer of tungsten products, and also a significant importer of tungsten concentrates along with scrap and other intermediate products."
"What is important to recognise also is the scalability of Pilot Mountain, with significant potential for substantial growth in defined resource base. This adds considerably to the commercial attractiveness of the project, and the assertion that the project may offer long term production potential and become an important supplier of strategic tungsten concentrates in the US."
"With its strong financial position Thor is focused on the commercialisation pathway and, in light of the tungsten criticality highlighted above, is to accelerate its Pilot Mountain project feasibility work. The value of any resource project rises as you increasingly demonstrate its operational and economic v