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IMPROVED ORE SORT RESULTS BOOST MOLYHIL
IMPROVED ORE SORT RESULTS BOOST MOLYHIL.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9359U Thor Mining PLC 30 October 2017 \n\n30 October 2017\n \nTHOR MINING PLC\nIMPROVED ORE SORT RESULTS BOOST MOLYHIL \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to announce a step forward in the potential commercial enhancement of Molyhil, the Company's Australian tungsten and molybdenum project in the Northern Territory.\nOre sorting testwork has been progressively undertaken with the objective of increasing the portion of the Molyhil known mineralisation that could be economically extracted to produce tungsten and molybdenum concentrates. Results from this recently completed work have been reviewed internally and the Board expects that this testwork could lead to an enhancement of the economic potential and therefore implicit underlying value of the Molyhil project.\nHighlights:\n· Thor has previously published a Definitive Feasibility Study demonstrating a project NPV of A$67million (approximately UK£39million), further details for which are available on the Company's website (refer to the Company's announcement of 12 January 2015). Outcomes from ore sorting testwork were included in this study;\n· Recent ore sorting testwork has achieved substantially improved outcomes which the Company believes have the potential to materially increase the portion of the Molyhil resource estimate which is economic to recover;\n· An improvement in rejecting waste material, to 41% of total sample mass, from ore sorting, with the latest trials on ore averaging 0.23% WO₃. This compares with previous sorting testwork, achieving waste rejection of between 15% and 25% of the total sample mass, on ore grading between 0.35%WO₃ and 0.56% WO₃.\nMr Mick Billing, Executive Chairman, commented: \n\"Thor is taking steps towards accelerated commercialisation of its key projects, including Molyhil.\"\n\"The impact of the ore sorting work undertaken, all other assumptions unchanged, is potentially to increase that portion of the mineral resource estimate which converts to the ore reserve, and therefore to increase the potential mine life of Molyhil.\"\n\"Increased conversion to ore reserve and an extended mine life, if applied to Molyhil, could materially enhance the value proposi...