London-listed Thor Mining Plc has announced an up-date to the mineral resource estimate of its minerals tungsten asset Molyhil project in Australia’s Northern Territory.
The company said the project now comprises measured, indicated, and inferred mineral resources totaling 4.4 million tonnes at 0.27% tungsten trioxide, 0.10% molybdenum, 0.05% copper, and 17.75% iron, Thor Min-ing said in a statement.
“This revised Mineral Resource Estimate using Support Matrix Kriging has generated a more robust resource with the upper portion of the South-ern Lode now classified as Measured, the minimum standard required by many project financiers,” said Mick Billing, the executive chairman of Thor Mining.
“Global commodity pricing for both tungsten and molybdenum have shown encouraging improvement since recent lows during the period of August to November 2020 and, with post-Covid-19 global growth recov-ery and increased global infrastructure spending, Thor's Directors expect this to continue,” according to Billing.