TUNGSTEN - MOLYBDENUM - COPPER

MOLYHIL PROJECT

OVERVIEW

The Molyhil Project is located 220 kilometres north-east of Alice Springs in the Northern Territory. It has a known deposit of 11,800t of Tungsten, making it the largest known deposit of this strategic metal in Australia. In July 2020, the Northern Territory government announced that the Molyhil project had been awarded Major Project status.

PROJECT NAME:

LOCATION:

TARGET:

OWNERSHIP: 

Molyhil

Northern Territory

Tungsten, Molybdenum, Copper

100% Thor Mining

Since 2004 the area has been systematically tested with geophysical exploration, diamond and RC drilling programmes, surface and underground bulk sampling, as well as metallurgical testwork. This work has culminated in a JORC compliant Mineral Resouce Estimate and a Defintive Feasibility Study (DFS).

Further afield,  30kms to the east of Molyhil are 13 known outcropping tungsten deposits at Bonya. These deposits have the potential to extend the operational life of Molyhil by several years.

LATEST EXPLORATION UPDATE

ACCELERATING EXPLORATION

In November 2022 Thor Mining announced the signing of a farm-in agreement with ASX-listed mineral exploration and development company Investigator Resources Limited (ASX: IVR) to fund up to AU$8M toward the accelerated exploration of Molyhil Project.

This agreement enables Thor to retain an equity interest in the prospective Molyhil tenements with reduced operational risk, benefitting from exploration upside on the Tenements as well as receiving considerations in the form of cash and IVR shares. The Molyhil divestment and Bonya sale reflect the Company’s focus on our priority US uranium assets and the multi-element Ragged Range project, where we see the most significant and nearest-term value potential within Thor’s portfolio.

- Managing Director Nicole Galloway Warland

The Molyhil Project is Highly Prospective for strategic minerals

Tungsten and molybdenum

Definitive Feasibility Study

 

Following the release of an upgraded Open Pit Ore Reserve in January 2018, an updated Definitive Feasibility Study (DFS) was completed in August 2018 and confirmed that the project:

  • Is technically and economically viable
  • Has a seven year life
  • Has strong financial return potential 
  • Has a rapid capital payback of less than 18 months from first production
 

The DFS also included results from substantial metallurgical testwork by independent consultants demonstrating the production of a Primary Tungsten Concentrate assaying 65% WO₃, with a recovery of 85%, and a Primary Molybdenum Concentrate assaying 51.4% Mo, with a recovery of 77.8%. The resultant process flow sheet was incorporated into the technical and economic assessment.

Because the DFS largely reflects the open cut ore reserve statement, there are opportunities to develop sections of the deposit below the pit shell that may allow for profitable underground mining.

Molyhil Mineral Resource Estimate (2021)

Classification ‘000
Tonnes
WO3
Grade%

Tonnes
Mo
Grade%

Tonnes
Cu
Grade%

Tonnes
Fe
Grade%
Measured
464
0.28
1,300
0.13
600
0.06
280
19.12
Indicated
2,932
0.27
7,920
0.09
2,630
0.05
1,470
18.48
Inferred
990
0.26
2,580
0.12
1,170
0.03
300
14.93
TOTAL
4,386
0.27
11,800
0.10
4,400
0.05
2,190
17.75

Table A: Molyhil Mineral Resource Estimate by JORC (2012) classification as at March 31 2021, reported at a cut- off grade of 0.07% WO3 Tungsten which is consistent with the assumed open cut mining technique.

Note:
• Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.
• Cut-off of 0.07% WO3
• 100% owned by Thor Mining Plc
• To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been
reported down to 200 mRL which defines material that could be potentially extracted using open pit mining methods.

APPROVALS

Thor has completed the Public Environmental Report for the Molyhil Tungsten and Molybdenum Project. This report has been accepted by the Department of Regional Development, Primary Industry, Fisheries and Resources in the Northern Territory

THOR Mining has also obtained all the required agreements from the Traditional Owners of the land to enable the Molyhil Operations to proceed with the recognition and support of the Traditional Owners. The Tripartite Deed records the terms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, the Central Land Council and Thor Mining PLC.

 

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MOLYHIL PROJECT