Thor Mining has provided an update regarding positive exploration work conducted at its wholly owned Tungsten-Molybdenum Molyhil Project in Australia's Northern Territory.
- In January 2015 Thor produced an updated feasibility study in respect of Molyhil demonstrating a post tax NPV of A$67m (£42m) further details of which are provided on the Company's website;
- Thor is now proactively building its knowledge of the Molyhil project with a view to further enhancing the quality of the existing resource/reserve, increasing the total amount confirmed Tungsten-Molybdenum mineralisation and further improving efficiency with regard to future planned mine activities;
- One important element of this work has been to identify new areas of Tungsten mineralisation in and around the project, which is the subject of the positive findings in this market announcement;
- Laboratory assay results have reinforced the prospectivity of several targets following the completion of the exploration drilling program to test for additional tungsten mineralisation satellite to the Company's existing Molyhil tungsten deposit;
- Prospective host rocks (skarn & calc-silicate, with proximal granite) are confirmed to exist under shallow alluvial cover in each of three prospects tested (Cattle Track, Gap Track, and Think Big);
- In addition the Company's work has identified elevated tungsten assays at Cattle Track and Gap Track prospects;
- Finally, the exploration programme has confirmed elevated titanium assays at the Think Big prospect.
At 9:20am: (LON:THR) Thor Mining PLC share price was +0p at 0.03p