Thor Mining (LSE:THR) announced an increased mineral resource estimate at its Pilot Mountain project in Nevada, USA on Thursday. The company owns 100% of the Tungsten project and reports a 6.5% increase in the mineral resource which also contains copper and zinc on the Desert Scheelite deposit at Pilot Mountain.
Drilling of the Desert Scheelite deposit has been conducted in a number of campaigns since 1972, with the most recent drilling completed in 2017. This update to the resource includes four new diamond drill holes completed by Thor and seven additional drill holes added to the database from historical sources.
This is the first time the estimate has included zinc in the resource inventory, contributing an additional potential by-product stream. The company expects to be able to recover zinc sulphides with minimal additional cost via a planned flotation recovery process currently being trialed. Thor also believes there is further potential upside at not only Desert Scheelite and but also at the other three Pilot Mountain deposits, Garnet, Gun Metal and Good Hope. Zinc and copper are present across all the deposits however zinc data had not been included in the resource estimate to date.
Mick Billing, Executive Chairman, commented:
"This addition to the resource estimate at Pilot Mountain further enhances the potential of this exciting project."
"Pilot Mountain hosts a large and, in the directors' view, valuable tungsten resource in the USA, where there has been no primary production of tungsten for some years, despite being classified as a critical mineral by the US Department of the Interior."
"I look forward to outlining the next steps for this key Company project in the coming weeks. This update will complement comprehensive updates across all areas of our operations in what is a highly proactive period for Thor."
"In this regard I also expect to provide updates to the market in respect of Molyhil commercialisation, the Bonya project review exercise (including vanadium) and the latest developments in respect of the Company's Kapunda copper project interest."
Author: Stuart Langelaan
Disclosure: The author does not own shares in the company mentioned above