Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has announced an updated Mineral Resource Estimate (MRE) for the Molyhil Tungsten-Molybdenum-Copper Deposit in the Northern Territory, Australia.
The update was completed by ASX-listed Investigator Resources Limited (IVR), which is farming into the Molyhil Project.
Molyhil’s MRE now includes 4.65Mt @ 0.26% WO3 (Tungsten trioxide) and 0.09% Mo (Molybdenum), resulting in 12.1kt WO3 and 4.4kt Mo.
This represents a significant improvement in resource confidence, with a 150% increase in tonnes and a 20% increase in WO3 grade in the Measured Resource Category compared to the previous estimate from April 2021.
Contained tungsten metal in the Measured Resource category increased by 200% to 3,945 tonnes.
Nicole Galloway Warland, managing director of Thor Energy, stated: "The 12-hole diamond drilling program completed by IVR in December 2023 along with QAQC validation of historic data, has provided a strong level of increased resource confidence, lifting tonnage and increased tungsten grade to the higher Measured Resource category.
“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."
The updated MRE, reported at a 0.05% WO3 cut-off grade, is based on an open pit mining scenario. The recent renewal of Northern Territory Major Project status for Molyhil is expected to provide valuable pathways to advance the project towards production.