Thor Mining (ASX:THR, LON:THR, ) said this morning that a “number of parties” are interested in signing off-take agreements for tungsten and molybdenum production from the company’s Molyhil project in Northern Territory, Australia.
In a stock exchange statement this morning, the company revealed that these putative off-take partners have also proposed “various alternatives for financing the project”.
“These discussions are ongoing,” it added.
The capital cost, as estimated by Proteus EPCM Engineers, is put at A$66 million and the cash costs at A$80 a tonne.
The update comes at a crucial stage for Molyhil, with a definitive feasibility study and resource extension expected at some point this quarter.
Thor also said that an independent metallurgical assessment of the planned tungsten processing system for Molyhil has recommended an additional stage in the process.
This, it reckons, will help to achieve an improvement on the previous 67 per cent recovery estimate.
At Spring Hill, the company’s gold project in Northern Territory, six of the ten diamond drill holes
have been completed.
Unearthed from hole SHDD005 was a 0.7 metre section at 36.2 grams per tonne of the precious metal and 0.1 metres at 78.5 grams. The best section from SHDD004 was 31.4 grams per tonne.
Finally, a detailed flora and fauna study was submitted to the Western Australia Department of the Environment to support the proposed drilling programme on the Dundas Gold project.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23946/thor-mining-says-potential-off-take-partners-may-offer-alternative-finance-for-molyhil-23946.html
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