7th Sep 2018 11:12
LONDON (Alliance News) - Thor Mining PLC said Friday its scoping study for the Pilot Mountain tungsten project in Nevada, US has shown a 12 year open pit life for at least one deposit.
Shares in Thor Mining were down 12% Friday at 1.77 pence each.
Thor Mining projects the Desert Scheelite open pit will have an annual throughput of 650,000 tonnes - which will produce scheelite, copper silver and zinc silver concentrates - with total production of 7.5 million tonnes.
Pretax profit expectations from the initial open pit operations range from USD125 million to USD317 million. The upper range guidance includes improved Scheelite recovery and reduced mining costs at greater throughput volumes.
Thor Mining believes the outcome of the pilot study supports the commencement of a more detailed pre-feasibility study to progress the project "along the development pathway".
Executive Chairman Mick Billing said: "I am delighted to release the results of the scoping study for the Pilot Mountain project showing potential for at least a medium term life on one, and potentially two, of the four tungsten deposits at 100% owned Pilot Mountain.
"With no US domestic production, and tungsten classified by the US Department of the Interior as a Critical Mineral, our objective is to re-start Unites States commercial mining and tungsten concentrate production after a significant break."
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