The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to provide an update for shareholders in respect of the Company’s 100% owned Pilot Mountain tungsten, copper silver project in Nevada, USA.
The Company can now confirm that following a consultation period, the US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018. A link to the full list of Critical Minerals can be found here:
An Internal Scoping Study commissioned by Thor to help assess the best commercial pathway for project development is nearing completion. Early indications from this study, which reflects the substantial resource announced to the market on 22 May 2017, suggest that the Company should first focus upon the potential to develop a open cut mining operation at the Desert Scheelite deposit with an objective of at least a medium term mining life.
A summary of the resource estimate is documented below.
The Company’s technical team will analyse the results from the Scoping Study which are expected to identify a number of additional positive findings likely to result in a revision in project development plans, further details of which will be communicated to the market in the near term.
Mick Billing, Chairman of Thor Mining commented: “We are pleased to see the inclusion of tungsten in the final list of the US Department of the Interior’s List of Critical Minerals 2018.”
“With Pilot Mountain situated in the State of Nevada, a longstanding mining jurisdiction, and in the secure operating environment of the United States, we have an excellent environment in which to develop this project.”
“Moreover the size and scalability of Pilot Mountain; the opportunity the project provides to create real jobs and additional economic prosperity in-country; and the evident need for a national tungsten supply, places the project in a unique strategic position.”
“As we have expressed previously, the Company is engaged in third party discussions with regard to its key tungsten projects and that interest is intensifying. We are balancing the need to make technical project progress with the obvious advantage of securing third party project level interest, whether that be project interest disposal, joint venture arrangements or offtake agreements.”
“As always there is no assurance that specific technical project progress or commercial transactions can be concluded until any developments have been appropriately announced to market.”
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015¹ suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate² on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor also holds a production royalty entitlement from the Spring Hill Gold project³ of:
·A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
·A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
·¹ Refer ASX and AIM announcement of 12 January 2015
·² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
·³ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
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