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Thor Energy Plc (ASX:THR) has reported a 200 percent increase in contained tungsten at its Molyhil project in the Northern Territory according to an updated resource estimate conducted by Investigator Resources Ltd (ASX:IVR), which has farmed into the project.
The increase was within the measured resource category, and brought the amount of contained tungsten at the project to 3,945 tonnes.
The updated estimate also showed an overall 150 percent increase in tonnes and 20 percent increase in the grade of tungsten trioxide (WO3), when compared to Thor’s previous mineral resource estimate (MRE) completed in 2021.
Molyhil’s resource now sits at 4.65 million tonnes Mt) 0.26 percent WO3 and 0.09 percent molybdenum (Mo) for 12.1 kilotonnes of WO3 and 4.4 kilotonnes of Mo (JORC 2012).
The resource rise in the measured category was largely the result of a verification diamond drilling program conducted by Investigator at the project, which is located in the state’s south.
Thor managing director Nicole Galloway Warland said the increase in both resource amount and confidence boded well for future developmental activities at Molyhil.
“The targeted 12-hole diamond drilling program completed by IVR in December 2023, along with QAQC validation of historic data, has provided a strong level of increased resource confidence, lifting tonnage and increased tungsten grade to the higher Measured Resource category,” she said.
“This is a positive result for the Project, and along with strong tungsten and molybdenum prices, it will be valuable for the scoping study assessment to be undertaken by IVR early in the second half of 2024.
“Based on the HoA, IVR is now entitled to a 25% interest in the Project and surrounding tenure, as such Thor is looking forward to working with IVR to complete all documentation to effect the transfer and form a JV (joint venture).”
Thor has been trading at 1.8 cents.
