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UPGRADED ORE RESERVE AND EXTENDED MINE LIFE
UPGRADED ORE RESERVE AND EXTENDED MINE LIFE.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2224B Thor Mining PLC 08 January 2018 \n\n8 January 2018\n \nTHOR MINING PLC\nUPGRADED ORE RESERVE AND EXTENDED MINELIFE\nMOLYHIL TUNGSTEN PROJECT\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 in the current quarter.\n \nMick Billing, Executive Chairman, commented:\n\"The successful completion of the Ore Reserve Study is a very welcome development for the Molyhil project and the Company. Extending the life of the project, along with evidence that additional blocks have the potential for subsequent underground mining, is a major step forward in the commercialisation potential of Molyhil\"\n\"Discussions with third parties expressing interest in the Molyhil opportunity confirmed that an extension of ...