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CLARIFICATION OF UPGRADED ORE RESERVE AT MOLYHIL
CLARIFICATION OF UPGRADED ORE RESERVE AT MOLYHIL.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8398B Thor Mining PLC 15 January 2018 \n\n15 January 2018\n \n THOR MINING PLC\nCLARIFICATION OF UPGRADED ORE RESERVE and EXTENDED MINELIFE\nMOLYHIL TUNGSTEN PROJECT\nOn 8 January 2018, the Company announced an upgraded ore reserve and extended mine life for its Molyhil Tungsten project. The following clarification release, which reproduces most of the announcement of 8 January 2018, has been made on ASX today to meet ASX guidelines in respect of reporting of reserves and resources and contains additional information which is included in the notes on the Molyhil Open Cut Ore Reserve Statement below.\nThe Board of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR), is pleased to provide a positive progress update on the Company's wholly owned proposed Molyhil tungsten/molybdenum mine in Australia's Northern Territory (\"Molyhil\").\nIn October 2017 the Company announced it had commissioned a revised Ore Reserve study to draw together the technical data from various positive work completed since the last report prepared in 2014. This report containing an Open Cut Ore Reserve Statement has now been successfully completed with positive findings increasing the overall Ore Reserve and extending the Molyhil mine life. Significantly also, a new and potentially profitable additional underground mining option has been identified, in addition to the original plan for Open Pit mining.\nHighlights\n· Open Cut Ore Reserve Statement, classified as probable, of 3.5 million tonnes @ 0.29%WO₃ & 0.12% Mo;\n· Molyhil Open Cut mine life extended by 17% to 7 years;\n· Additionally, significant blocks of the resource, in indicated and inferred resources category, outside and below the pit shell have been assessed and, subject to further drilling and other technical reviews, appear to warrant a subsequent underground mining operation after Open Pit mining has concluded;\n· The Company is updating capital and operating cost estimates with an objective of further cost reductions and positively impacting mining and processing economics;\n· Work undertaken confirms increased project viability and supports the completion of an upgraded Definitive Feasibility Study (DFS) expected...