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Thor Mining says plans to accelerate development at its Pilot Mountain tungsten resource

Published: 12:23 20 Feb 2018 GMT

Tungsten
Thor pointed out that its Pilot Mountain project has a mineral resource inventory of 11.73mln tonnes of tungsten

Thor Mining PLC (LON:THR) (ASX:THR) plans to accelerate development at its Nevada-based Pilot Mountain tungsten resource against a positive backdrop for the metal, and it also said it would consider any suitable proposals that could advance projects.

In a statement, the AIM-listed firm noted that the US Department of the Interior recently advised that tungsten remains on the Federal Register of commodities classified as critical by the US government.

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It also further noted that a publication by the US Geological Survey, titled "Mineral Commodities Summary 2018", dated 31 January 2018, indicated that there has been no production of tungsten concentrates from mining activities since prior to 2013.

Thor pointed out that its wholly-owned Pilot Mountain project has a mineral resource inventory of 11.73mln tonnes of tungsten plus attractive by-product values for copper and silver.

The group said, against this backdrop, it has taken the decision to accelerate development at Pilot Mountain and has commenced Phase 2 of metallurgical test-work along with scoping study work.

Scalability of Pilot Mountain recognised

Mick Billing, Thor’s executive chairman commented: "The Pilot Mountain resource inventory is already very substantial and when in production would be expected (to) make a material contribution toward domestic demand for tungsten concentrates in the United States.”

He added: "What is important to recognise also is the scalability of Pilot Mountain, with significant potential for substantial growth in defined resource base. This adds considerably to the commercial attractiveness of the project, and the assertion that the project may offer long-term production potential and become an important supplier of strategic tungsten concentrates in the US."

Billing concluded: "We note the increasing interest in Tungsten acquisition, joint venture and offtake opportunities by third parties which has increased in recent months. Thor has and will engage with third parties and will consider any suitable proposals that could advance projects and be beneficial to shareholders."

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