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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 1.20 | 1.30 | 1.25 | 1.25 | 1.25 | 103,034 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.58 | 3.48M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 8079U
Thor Mining PLC
08 April 2021
8 April 2021
THOR MINING PLC
MOLYHIL PROJECT
Mineral Resource Estimate Updated
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF), the diversified resource company, are pleased to provide an update to the Mineral Resource Estimate of its 100% owned critical minerals tungsten asset, the Molyhil Project ("Molyhil"), in the Northern Territory of Australia.
Highlights:
-- The Molyhil Mineral Resource Estimate now comprises Measured, Indicated, and Inferred Mineral Resources totalling 4.4 million tonnes at 0.27% WO(3) (Tungsten trioxide), 0.10% Mo (Molybdenum), 0.05% Cu (Copper) and 17.75% Fe (Iron) using a 0.07% WO(3) cut-off (Table A).
-- New Measured classification in the upper portion of the Southern Lode
-- Concurrent 3D geological modelling identifies priority drill targets to increase resource.
-- New exploration targets identified near the existing resource.
-- July 2020 - the Northern Territory government announced that the Molyhil Project had been awarded Major Project Status
-- Next Steps: Geotechnical drilling for pit wall optimisation, ore sorting review, and drill testing of priority resource and regional targets.
-- Continued discussions with potential financiers and joint venture partners to advance the project
Mick Billing, Executive Chairman of Thor Mining, commented:
"This revised Mineral Resource Estimate using Support Matrix Kriging has generated a more robust resource with the upper portion of the Southern Lode now classified as Measured, the minimum standard required by many project financiers.
"The Thor team is encouraged by the 3D geological model and the drill targets it has generated. With the steady recovery of the tungsten price, the testing of these targets, in conjunction with the proposed geotechnical drilling and ore sorting review, are anticipated to significantly enhance the economic outcomes of the Project.
"Global commodity pricing for both tungsten and molybdenum have shown encouraging improvement since recent lows during the period of August to November 2020 and, with post-Covid-19 global growth recovery and increased global infrastructure spending, Thor's Directors expect this to continue."
T hor Mining PLC (Thor) commissioned a review of the in situ mineral resource estimate for the 100% owned Molyhil Deposit. The resource was estimated for tungsten and molybdenum with ancillary iron and copper.
Previous resource estimations completed by mining consultants RPM Global in October 2019 have used modifying factors to accommodate the differences between the different sample types used in the estimation - reverse circulation ("RC") drilling, diamond drilling and bulk sampling. This is considered by Thor to be an unsatisfactory solution. The current estimation uses Mixed Support Kriging to manage the differences in tungsten (WO(3) ) and molybdenum (Mo) grades in the RC drilling, diamond drilling and bulk sampling.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf
The estimation of WO(3) and Mo using Mixed Support Kriging was undertaken by Golder Associates ("Golder"). Estimation of Fe and Cu by Ordinary Kriging was undertaken by Resource Evaluation Services ("RES")
PROJECT TENURE
Molyhil is located 220 kilometres north-east of Alice Springs (320 km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (place name 'Moly Hill'). The mine is located on Jervois Station and is east of the Elua Range. Tungsten and molybdenum mineralisation was originally discovered at Molyhil in 1973.
MINERAL RESOURCE STATEMENT OVERVIEW
Pursuant to ASX listing rule 5.8.1, and in addition to the JORC tables (attached) the Company provides the following in respect to the Molyhil Mineral Resource Estimate.
Molyhil Mineral Resource Estimate and Reporting Criteria
The Molyhil Mineral Resource Estimate was compiled in accordance with the guidelines of the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012).
The data for the Molyhil Mineral Resource Estimate was prepared and validated by Thor Mining under the supervision of Nicole Galloway Warland who is a Member of the Australian Institute of Geoscientists. Ms Galloway Warland has sufficient relevant experience to be considered a "Competent Person" as defined by the JORC Code (2012).
The resource estimate for WO(3) and Mo was undertaken by Johan van Zyl, Senior Geostatistician with Golder Associates, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr van Zyl has sufficient relevant experience to be considered a "Competent Person" as defined by the JORC Code (2012).
The resource estimate for Fe and Cu was undertaken by Stephen Godfrey, Principal Resource Geologist with Resource Evaluation Services (RES), who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member the Australian Institute of Geoscientists. Mr Godfrey has sufficient relevant experience to be considered a "Competent Person" as defined the JORC Code (2012).
Measured, Indicated and Inferred Resources have been identified for Molyhil. A summary of the Mineral Resource Estimate is provided in Table A.
Table A: Molyhil Mineral Resource Estimate by JORC (2012) classification as at March 31 2021, reported at a cut-off grade of 0.07% WO(3) Tungsten which is consistent with the assumed open cut mining technique.
Hot Features
Premium
Classification '000 WO(3) Mo Cu Fe
Tonnes
--------
Grade Tonnes Grade Tonnes Grade Tonnes Grade
% % % %
---------------- -------- ----- ------ ----- ------- ----- ------ ------
Measured 464 0.28 1,300 0.13 600 0.06 280 19.12
Indicated 2,932 0.27 7,920 0.09 2,630 0.05 1,470 18.48
Inferred 990 0.26 2,580 0.12 1,170 0.03 300 14.93
-------- ----- ------ ----- ------- ----- ------ ------
Total 4,386 0.27 11,800 0.10 4,400 0.05 2,190 17.75
-------- ----- ------ ----- ------- ----- ------ ------
Note:
-- Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.07% WO(3)
-- 100% owned by Thor Mining Plc
-- To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been reported down to 200 mRL which defines material that could be potentially extracted using open pit mining methods.
Geology and Geological Interpretation
The Molyhil tenements straddle the boundary between the Neoproterozoic Georgina Basin and the Palaeoproterozoic Strangways Metamorphic Complex. The area is dominated by the east to southeast trending Delny Shear Zone, subdividing the Strangways Metamorphic Complex into two units - the Strangways Metamorphic Complex to the north and the Kanandra Granite to the south.
The Jinka Granite crops out to the east where its northern boundary is faulted against Georgina Basin sediments. A west to south-westerly trending extension to the Entire Point Shear Zone also marks the northerly extent of the younger Harts Range Group rocks.
The Molyhil Deposit consists of two adjacent outcropping iron-rich skarn bodies, the northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to a granite intrusion; both lodes contain scheelite (CaWO(4) ) and molybdenite (MoS(2) ) mineralisation. Both the outlines of the lodes and the banding within the lodes strike approximately north and dip steeply to the east. The lodes are arranged in an en-echelon manner.
Interpretation of mapping and drill-hole logging suggests that the lodes are two fault-displaced sections of an original single mineralised skarn unit. The mineralisation is coarse-grained and its distribution is irregular. Two broad lithological variations are present within the skarn (Barraclough, 1979):
-- "Black Rock Skarn": a dark calc-silicate rock containing a high proportion of magnetite, pyrite, and iron-rich minerals such as andradite-garnet, actinolite, and ferro-amphibole. It is irregularly mineralised with scheelite, molybdenite, and chalcopyrite. The mineralisation is, in general, both coarse-grained and heterogeneous. Decimetre wide bands rich in molybdenite and/or scheelite are separated by metre scale bands of apparently barren black rock skarn; and
-- Unmineralised skarn: a pale green calc-silicate rock containing diopsidic pyroxene and garnet. This variation is defined as granitic hornfels by Thor geologists.
Within each of the two distinct skarn lodes the "Black Rock Skarn" portion forms a relatively coherent layer-parallel unit. The skarn lodes are ellipsoidal with a north-south long axis and a steep east dip. Drill intercepts indicate that they have greater depth than length. Neither of the mineralised lodes is closed at depth. The north end of the Southern lode appears to be faulted off by a northwest trending southwest dipping structure. Minor faults with various orientations cut and displace both skarn banding and mineralisation.
Drilling Technique and Hole Spacing
A total of 19,165 m of drilling from 162 drill holes was available for this MRE. Mineralisation interpretations were informed by RC, diamond drilling and underground shafts/winzes for 4,822 m of sampling intersecting the MRE.
Sample Method
Diamond Drillhole Sampling
Diamond drilling is standard HQ size with oriented core. Core samples were collected from cut half core with the cut line perpendicular to the core orientation line. The majority of RC drilling used a 5" face sampling bit with drill material passing through a cyclone and industry standard sample splitter.
RC Drillhole Sampling
Sampling has been mainly undertaken at 1 m intervals for both drill core and RC holes. There are minor 2 m and 4 m samples as well as some shorter than, and longer than, 1 m core sample intervals. These intervals would have been dictated by geological boundaries and/or visible mineralisation.
Shaft and Winze Sampling
Three shafts were sunk. The north shaft was sunk to 24 m with samples collected over 2 m vertical intervals. A 26 m crosscut was driven from the 20-22 m level. The Central shaft was sunk to 33 m and crosscut 36 m from the 30-32 m level. The South shaft was sunk to 39 m with a 40 m crosscut from 35-37 m. The crosscuts were sampled at 2 m intervals (CRM, 2005).
Sampling and Sub Sampling
Sample data was composited to one metre for statistical and geostatistical analysis and grade estimation. Analysis was undertaken on the four analytes, WO(3) , Mo, Fe and Cu. The composites were flagged to the geological interpretations and statistical analysis performed by domain. A 3D block model was constructed with parent block dimensions 10 m NS by 5 m EW by 5 m vertical and sub-cells of 2.5 m by 1.25 m by
1.25 m. The parent block size was selected on the basis of being approximately 40% of the average drill hole spacing. No assumptions were made on selective mining units.
Cut-Off Grades
The deposit mineralisation was constrained by wireframes constructed using a 10-15% Iron Oxide cut-off grade with a minimum intercept of 2 m required. The wireframes were applied as hard boundaries in the estimate. Three dimensional mineralised wireframes were used to domain the mineralised data.
The Mineral Resource has been reported at a tungsten cut-off grade of 0.07% WO(3) based on parameters defined by an Ore Reserve update in 2017 and RES's experience in these types of deposits.
Estimation Methodology
A Surpac block model was used for the mineral resource estimate with a block size of 10 m N by 5 m E and 5 m in elevation with sub-cells of 2.5 m by 1.25 m by 1.25 m. No rotation was applied to the block model as the overall strike of mineralisation is north-south.
For WO(3) and Mo, Mixed Support Kriging ("MSK") was used to estimate blocks in the Southern Lode to approximately 70 m below surface. The remaining blocks were estimated with Ordinary Kriging ("OK"). For Cu and Fe all blocks were estimated with OK. Multi pass estimates with subsequent passes relaxing the estimation parameters ensure all blocks were estimated.
The influence of extreme grade values was addressed by reducing high outlier values by applying high grade cuts to the data. These cut values were determined through statistical analysis.
Classification Criteria
The current resource estimation is classified as Measured, Indicated, and Inferred. The classification of the mineral resource estimation is based principally on the confidence in the geological interpretation and the density of data; sample spacing, continuity of the interpreted zones and geostatistical measurement of estimation errors.
In previous resource estimates no Measured material was defined due to the uncertainty surrounding the factors used to adjust the estimated grades. With the MSK estimate replacing the factored estimate the confidence in the upper portion of the Southern Lode as Measured.
Mineralised areas below the 200 mRL were not classified as further work is required to determine economic grade cut-offs below this level. A Feasibility Study completed in January 2018 identified this material as economic for underground mining techniques subject to further geotechnical work.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180115-asx-mh-ore-reserve-clarification.pdf
Mining and Metallurgy
The Molyhil Deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation. Since mid-2004 it has been the subject of systematic test work comprising geophysical exploration, diamond and RC drilling programmes, surface and underground bulk sampling, metallurgical test work and a geotechnical study. Based on this work the Mineral Resource Estimate reported has reasonable prospects for economic extraction by open cut mining methods, using a tungsten cut-off of 0.07% WO(3) (above 200 mRL).
Eventual Economic Extraction
To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been reported down to 200 mRL which defines material that could be potentially extracted using open cut mining methods.
Thor completed a Feasibility Study in August 2018. This study confirmed that the project is technically and economically viable and has a 7-year life with strong financial returns and rapid capital payback.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20180823-asx-molyhil-dfs.pdf
EXPLORATION POTENTIAL
In parallel to the Mineral Resource Estimation work Thor engaged Independent consultant Jennifer Gunter, Virga Pty Ltd to undertake 3D geological modelling of the Molyhil Project. 3D Modelling encompassed interpretation and modelling of all available geological, geochemical and geophysical information including MRE wireframes.
The 3D modelling has identified two prominent structures - Yacht Club fault and South Offset fault . At this stage, these faults are interpretative and need validation however based on the geological timing of these faults they may have a significant impact on mineralization, creating targets for potential extensions.
Modelling of the 3D magnetics and the position of the modelled South Offset Fault, strongly implies an offset of the magnetic material associated with the mineralisation, identifying the potential for a magnetic anomaly, south of the fault. Although there are a few drillholes to the south of the South Offset Fault, these have not intersected the magnetic body .
Molyhil deposit is a strong regional anomaly in RTP magnetics, with the 3D magnetics modelling closely correlating to the mineralised wireframes. Based on this modelling several regional magnetic targets have been identified for follow up exploration.
NEXT STEPS
To enhance the Project economics the following activities are to be undertaken:
1. Geotechnical drilling for pit slope optimisation:
The pit walls are within competent granite, and Thor have identified the potential via targeted geotechnical drilling to increase the pit slope angles from 48 degrees which, if successful, would ultimately reduce the waste to ore ratio and hence operating costs. This would allow economic mining deeper in the open pit, and also reduce the footprint of the waste storage dump.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20180823-asx-molyhil-dfs.pdf
2. Ore sorting review:
X-Ray (XRT) ore sorting was at two sizes, initially set at -55 mm to +25 mm, and -25 mm to +10 mm; this technology has since been improved, allowing sorting with improved precision and also allowing sorting of finer particles, warranting further testing.
3. Depth Potential - MRE Classification:
The Measured, Indicated and inferred Mineral Resource Estimate is currently based only on mineralisation above 200 mRL; drilling at depth in conjunction with pit design and optimisation has the potential to grow the mineral resource estimate at depth.
Based on Feasibility Study completed in 2018 mineralised areas below the 200 mRL appear economic for mechanised underground mining techniques however requires further geotechnical work to determine economic grade cut-offs below this level
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180115-asx-mh-ore-reserve-clarification.pdf
4. Drilling Targets:
Drill test geological and magnetic anomalies identified within the area of mineralisation.
5. Regional Exploration:
Follow up the priority regional magnetic targets with geochemical analysis.
6. Revise Feasibility Study based on the outcomes of the activities listed above.
MARKET OUTLOOK FOR TUNGSTEN and MOLYBDENUM
Tungsten
The majority of tungsten resources are located in China, Canada, Russia and the United States, with the main consumer of tungsten China (about 50% of global tungsten demand), followed by the USA and Europe.
The outstanding and unique physical properties of tungsten (melting point/hardness/tensile strength) and lack of substitutes makes tungsten critical in industrial, oil & gas, mining and agricultural applications and as such is considered a strategic commodity in the USA, China & the European Union.
In February 2018 the United States, Department of the Interior confirmed that tungsten remains on the Federal Register of commodities classified as critical by the Unites States Government.
Hard metals account for around half of the tungsten consumption; with steels and alloys sector consuming about 25%.
Chinese restrictions on its tungsten industry (concerning mining, exports, foreign investment) brought changes to world supply pattern.
Production outside China is expected to increase, with new projects being started, and closed facilities reopening.
Tungsten prices are expected, by Thor directors to rise steadily in 2021 on expectations of a recovery in the global economy and as COVID production cuts take effect on supply and demand. Tungsten consumption is closely linked to the global economy's development, as tungsten carbide, alloy and chemicals are widely used in the construction, electronics, mining, automotive and petrochemical industries.
Molybdenum
Molybdenum is a key component of many of the higher quality stainless steels, along with nickel and can be substituted for a portion of the nickel component when nickel prices are elevated. In consequence, when nickel prices climb, often molybdenum pricing will follow. Much of global molybdenum supply is as co-product from a number of large porphyry copper mining operations. Supply, therefore, can be somewhat non-elastic with over-supply in times where demand is weak, and conversely under-supply when demand is high.
The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
- Ends -
For further information on the Company, please visit www.thormining.com or contact the following:
Thor Mining PLC
Mick Billing, Executive Chairman Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220
and Joint Broker) 1666
Jessica Cave / Darshan Patel
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
Competent Persons Report
The resource estimates were classified in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012).
The data for the Molyhil mineral resource estimation was prepared and validated by Thor Mining under the supervision of Nicole Galloway Warland who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
The resource estimate for Wo(3) and Mo has been undertaken by Johan van Zyl, Senior Geostatistician with Golder Associates, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr van Zyl has sufficient relevant experience to be considered a "Competent Person" as defined the JORC Code (2012).
The resource estimate for Fe and Cu has been undertaken by Stephen Godfrey, Principal Resource Geologist with Resource Evaluation Services, who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member the Australian Institute of Geoscientists. Mr Godfrey has sufficient relevant experience to be considered a "Competent Person" as defined the JORC Code (2012).
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.
The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the first half of 2021.
At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via Insitu Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold(1).
Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia and both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.
Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.
Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.
Notes
(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3) www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf
(5) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf
Compliance with the JORC Code Assessment Criteria
The JORC Code (2012) describes a number of criteria, which must be addressed in the documentation of Mineral Resource estimates, prior to public release of the information. These criteria provide a means of assessing whether or not the data inventory used in the estimate is adequate for that purpose. The resource estimate stated in this document was based on the criteria set out in Table 1 of that Code. These criteria have been discussed in the main body of the document and are summarised below. Only sections relevant to the reported resource have been addressed. The JORC Code Assessment Criteria in the following table are italicised.
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * The mineralised lodes at the Molyhil deposit were
random chips, or specific specialised industry sampled using surface diamond drill holes, percussion
standard measurement tools appropriate to the holes, and underground shaft and cross-cut bulk
minerals under investigation, such as down hole gamma sampling. Drilling was conducted primarily on nominal
sondes, or handheld XRF instruments, etc). These 25m by 25m line spacing, reduced in areas to 12.5m by
examples should not be taken as limiting the broad 12.5m and drilled on the GDA94 National Grid system.
meaning of sampling.
* Three winzes (2m x 1.2m) totalling 96m and three
* Include reference to measures taken to ensure sample cross-cuts (2.1m x 1.2m) totalling 102m were sunk
representivity and the appropriate calibration of any into the orebody. The winzes and cross-cuts were all
measurement tools or systems used. sampled at 2m intervals.
* Aspects of the determination of mineralisation that * Drill holes used in the resource estimate included 15
are Material to the Public Report. diamond holes, 89 percussion holes, and 3 underground
shafts with associated cross-cuts for a total of
14,906.9m within the resource wireframes. The
* In cases where 'industry standard' work has been done supplied database contained a total of 162 drill hole
this would be relatively simple (eg 'reverse records for a total of 19,163.25m of drilling. Holes
circulation drilling was used to obtain 1 m samples were generally angled at -60deg towards the west
from which 3 kg was pulverised to produce a 30 g (average of 252deg azimuth) to optimally intersect
charge for fire assay'). In other cases more the mineralised zones.
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg * All accessible drill hole collars and starting
submarine nodules) may warrant disclosure of detailed azimuths and downhole deviations were accurately
information. re-surveyed by Direct Systems surveyors in 2011. Dip
and azimuth values were measured at 10m intervals
down hole using North Seeking Gyro equipment.
* Drilling was conducted by Petrocarb, Tennant Creek
Gold and by Thor. Petrocarb drilling prior to 2005
was not included in the data used for the Mineral
Resource Estimate. Diamond drilling used a 63.5mm
core diameter (HQ) with sampling at varying intervals
based on geological boundaries. Half-split core was
sampled and sent for analysis. RC drilling used a 5"
face sampling bit, a cyclone and an industry standard
riffle splitter. All samples were sent for
preparation (crushing and pulverising) and analysed
using the XRF method at various laboratories
including ALS Perth, Amdel Adelaide and Genalysis
Perth.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Diamond or percussion/RC drilling were the primary
hammer, rotary air blast, auger, Bangka, sonic, etc) techniques used at Molyhil. Diamond holes make up 12%
and details (eg core diameter, triple or standard of the total metres drilled with a core diameter of
tube, depth of diamond tails, face-sampling bit or 63.5mm. Hole depths ranged from 55m to 207m.
other type, whether core is oriented and if so, by Percussion/RC drilling makes up 88% of the total
what method, etc). holes drilled with depths ranging from 12m to 502m.
Shaft or cross-cut sampling accounts for less than 1%
of sample results in the database.
Drill sample
recovery * Method of recording and assessing core and chip * Recoveries from diamond core were only recorded when
sample recoveries and results assessed. there was significant core loss, examination of the
photographs of the core trays indicates that overall
recovery was very good. All diamond core was oriented
* Measures taken to maximise sample recovery and ensure where possible
representative nature of the samples.
* Diamond core was reconstructed into continuous runs
* Whether a relationship exists between sample recovery for orientation marking with depths checked against
and grade and whether sample bias may have occurred core blocks.
due to preferential loss/gain of fine/coarse
material.
* Most percussion samples were visually checked for
recovery and moisture content and the data recorded.
The recorded recovery figures averaged 84%, with most
samples recorded as being dry.
* No relationship was noted between recorded sample
recovery and grade, however comparison of RC assays
for tungsten and molybdenum with underground bulk
sampling and diamond core indicates there may be a
reduction in RC sample grades of tungsten and
molybdenum due to excessive partitioning of both
scheelite and molybdenite material into the outside
return. It was also noted from the bulk sampling
program completed by Thor in 2006 that higher grade
molybdenum ore was softer and produced more fine
material than harder, barren material. Pilot holes
drilled by RAB drilling rigs also noted poor sample
quality and low recoveries. This sampling bias due to
preferential loss of fine material has possibly
resulted in a corresponding reduction in grade of
tungsten and molybdenum of the sample
Logging
* Whether core and chip samples have been geologically * All holes were field logged by company geologists to
and geotechnically logged to a level of detail to a high level of detail.
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Although the core was oriented it was not routinely
logged for RQD, or number and type of defects. The
* Whether logging is qualitative or quantitative in supplied database contained tables with some
nature. Core (or costean, channel, etc) photography. information vein shearing and vein percent with
observations but no alpha/beta angles, dips, azimuths
,
* The total length and percentage of the relevant and true dips.
intersections logged.
* All drill samples were logged for lithology, rock
type, colour, mineralisation, alteration, and
texture. Logging is a mix of qualitative and
quantitative observations. It has been standard
practice by Thor (since 2005), that all diamond core
be routinely photographed.
* All drill holes were logged in full.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Diamond core was cut in half using a core saw with
and sample half or all core taken. half core submitted for assay.
preparation
* If non-core, whether riffled, tube sampled, rotary * Percussion/RC drill samples were collected at 1m
split, etc and whether sampled wet or dry. intervals. Samples were collected at the drilling rig
and split with a riffle splitter at the drill site.
Samples were predominantly dry. Drilling was through
* For all sample types, the nature, quality and bedrock from surface. Sampling used industry standard
appropriateness of the sample preparation technique. techniques.
* Quality control procedures adopted for all * Thor has used systematic standard and pulp duplicate
sub-sampling stages to maximise representivity of sampling since 2005. Detailed data from the 2011
samples. program indicates that a sequence of every 25th
sample was submitted as a standard, a different
sequence of every 25th sample was inserted as a field
* Measures taken to ensure that the sampling is duplicate and a third sequence of every 25th sample
representative of the in situ material collected, was inserted as a blank. This resulted in 3 samples
including for instance results for field in every 25 being a QAQC sample (approximately 12% of
duplicate/second-half sampling. all samples).
* Whether sample sizes are appropriate to the grain * Sample sizes (3-5kg for core and 2-5kg for chips) are
size of the material being sampled. considered appropriate to correctly represent the W
and Mo mineralisation based on: the style of
mineralisation, the thickness and consistency of the
intersections, the sampling methodology and assay
value ranges for W and Mo.
Quality of
assay data * The nature, quality and appropriateness of the * The assay method used for all drill samples was XRF.
and assaying and laboratory procedures used and whether The lower detection limit is in the order of 0.01% to
laboratory the technique is considered partial or total. 0.005% for Fe or 0.005% to 0.0001% for Mo or W and
tests well within the level of accuracy or grade cut-off
required for the resource estimate.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model, * No geophysical tools were used to determine any
reading times, calibrations factors applied and their element concentrations used in this resource
derivation, etc.Ba, Mo estimate.
* Nature of quality control procedures adopted (eg * The various programs of QAQC carried out by Thor over
standards, blanks, duplicates, external laboratory the years have produced results which support the
checks) and whether acceptable levels of accuracy (ie sampling and assaying procedures used at the various
lack of bias) and precision have been established. deposits.
* A total of 6 different certified reference materials
representing a variety of grades from 0.12% to 0.28%
for W and 0.09% to 0.48% for Mo were inserted
regularly during the 2011 drilling program for a
total of 67 samples. Results highlighted that the
sample assays are within accepted values, showing no
obvious bias.
* A total of 88 blank samples were submitted during the
2011 drill program and results show that sample
contamination has been mostly contained.
* Field duplicate analyses (a total of 68) mostly
honour the original assay for Fe however show some
widely scattered field duplicate results for W, Mo
and Cu indicating a high natural grade variability.
Verification
of sampling * The verification of significant intersections by * RPM independently verified significant intersections
and assaying either independent or alternative company personnel. of mineralisation. The 2011 site visit inspected 2011
drill core and noted similar identification of
geological features. Resource mineralisation outlines
* The use of twinned holes. were agreed upon by RPM and Thor geologists.
* Documentation of primary data, data entry procedures, * Analysis of twinned RC vs. diamond holes and RC vs.
data verification, data storage (physical and underground cross-cuts (bulk samples) has identified
electronic) protocols. there is a reduction in RC sample grade for W and Mo.
Excessive partitioning of both scheelite and
molybdenite material into the outside return air
* Discuss any adjustment to assay data. stream during the RC drilling procedure could result
in a reduction in grade of tungsten and molybdenum of
the sample. This has not been proven. It was also
noted from the bulk sampling program that higher
grade molybdenum ore was softer and produced more
fine material than harder, barren material. Pilot
holes drilled by RAB drilling rigs also noted poor
sample quality and low recoveries.
* RES made a detailed comparison of the 2012 database
to the current, 2020, database to ensure no data
corruption had occurred.
Location of
data points * Accuracy and quality of surveys used to locate drill * Drill hole collars and starting azimuths have been
holes (collar and down-hole surveys), trenches, mine accurately re-surveyed by independent surveyors using
workings and other locations used in Mineral Resource a DGPS instrument. Down hole dip values and azimuths
estimation. were recorded at 10m intervals using digital
equipment such as a north-seeking gyro instrument.
* Specification of the grid system used.
* Drill hole locations were positioned using the MGA
Grid System.
* Quality and adequacy of topographic control.
* The topographic surface over the Molyhil deposit was
provided to RPM by Thor. Drill hole collars have been
used to create a more accurate surface immediately
above the mineralised lodes.
Data spacing
and * Data spacing for reporting of Exploration Results. * Drill holes have been located at a nominal 25 m by 25
distribution m spacing throughout the mineralised lodes at Molyhil
,
* Whether the data spacing and distribution is and mainly drilled steeply westward to intersect
sufficient to establish the degree of geological and steeply east-dipping, moderately south-plunging skarn
grade continuity appropriate for the Mineral Resource bodies. Some broader spaced drilling has been
and Ore Reserve estimation procedure(s) and undertaken away from near-surface mineralisation.
classifications applied.
* The main mineralised domains have demonstrated
* Whether sample compositing has been applied. sufficient continuity in both geological and grade
continuity to support the definition of Mineral
Resource, and the classifications applied under the
2012 JORC Code.
* Data density is sufficient to define reasonably
structured variograms for each element.
* Samples have been composited to 1m lengths for
analysis.
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Drill holes are orientated predominantly to an
relation to sampling of possible structures and the extent to azimuth of 252deg and drilled at an angle of -60deg
geological which this is known, considering the deposit type. to the west which is approximately perpendicular to
structure the orientation of the mineralised trends.
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is * The orientation of the drilling is at a high angle to
considered to have introduced a sampling bias, this the strike and dip of the mineralisation and is
should be assessed and reported if material. unlikely to have introduced any sampling bias due to
orientation.
Sample
security * The measures taken to ensure sample security. * No information is available with respect to the
sample security for historical drilling.
Audits or
reviews * The results of any audits or reviews of sampling * A review of sampling techniques and data was carried
techniques and data. out during a site visit conducted in October 2011.
The conclusion was that sampling and data capture was
to industry standards.
* RES reviewed the Molyhil model and dataset in 2020
and recommended the investigation of alternative
estimation techniques to remove the 'factor' from the
MRE.
------------- ------------------------------------------------------------ -------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * The tenements at Molyhil comprise EL22349, ML23825,
and land including agreements or material issues with third ML24429 and ML25721. For all tenements Thor Mining
tenure parties such as joint ventures, partnerships, PLC hold 100% Project Equity.
status overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * Thor has completed the Public Environmental Report
for the Molyhil Tungsten and Molybdenum Project. This
report has been accepted by the Department of
* The security of the tenure held at the time of Regional Development, Primary Industry, Fisheries and
reporting along with any known impediments to Resources in the Northern Territory
obtaining a licence to operate in the area.
* This report was approved on the 15th July 2007 by the
DRDPIFR (NT), who also confirmed in December 2011
that the approval remains current. The report is
available on request.
* Thor Mining PLC has also obtained all the required
agreements between the Traditional Owners of the land,
and Thor Mining PLC, to enable the Molyhil Operations
to proceed with the recognition and support of the
Traditional Owners.
* The Tripartite Deed records the terms of the
Agreement between the parties in accordance with the
Native Title Act and is between the Arrapere People,
the Central Land Council and Thor Mining PLC.
* There are no known impediments to obtaining a licence
to operate in the area.
Exploration
done by other * Acknowledgment and appraisal of exploration by other * Tungsten and molybdenum mineralisation was originally
parties parties. discovered at Molyhil in 1973. The Molyhil deposit
was initially drilled in 1977 with further drilling
carried out in 1981. The work was carried out by Fama
Mines Pty Ltd, Petrocarb NL, Nicron resources NL and
Geopeko. Between 1975 and 1976 approximately 20kt of
molybdenum and tungsten mineralisation were mined
from the northern Yacht Club skarn body to a depth of
approximately 25m.
Geology
* Deposit type, geological setting and style of * The Molyhil deposit consists of two adjacent
mineralisation. outcropping iron rich skarn bodies, marginal to a
granite intrusion, that contain scheelite (tungsten
mineralisation as CaWO(4) ) and molybdenite
(molybdenum as MoS(2) ) mineralogy. Both the outlines
of, and the banding within, the skarn bodies strike
approximately north-south and dip steeply to the
east. The bodies are arranged in an en échelon
manner, the northeast body being named the Yacht Club
and the southwest body the Southern.
Drill hole
Information * A summary of all information material to the * A complete table of all relevant drill holes is
understanding of the exploration results including a attached to the Mineral Resource report as Appendix
tabulation of the following information for all A.
Material drill holes:
* Mining and drilling information prior to 2004, water
o easting and northing of the drill bore and RAB drilling assay results were excluded
hole collar from the resource estimate. This reflected concerns
o elevation or RL (Reduced Level relating to the completeness and accuracy of
- elevation above sea level in historical information and the quality of RAB drill
metres) of the drill hole collar samples.
o dip and azimuth of the hole
o down hole length and interception
depth * In the opinion of Thor, material drill results have
o hole length. been adequately reported previously to the market as
* If the exclusion of this information is justified on required under the reporting requirements of the ASX
the basis that the information is not Material and Listing Rules
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation * In reporting Exploration Results, weighting averaging * Exploration results are not being reported.
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship
between * These relationships are particularly important in the * Drill holes were orientated predominantly to an
mineralisation reporting of Exploration Results. azimuth of 252deg and angled to a dip of -60deg,
widths and which is approximately perpendicular to the
intercept orientation of the mineralised trends.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams
* Appropriate maps and sections (with scales) and * Exploration results are not being reported.
tabulations of intercepts should be included for any
significant discovery being reported. These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced
reporting * Where comprehensive reporting of all Exploration * Exploration results are not being reported.
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * Three winzes totalling 96 m and three cross-cuts
exploration should be reported including (but not limited to): totalling 102 m were excavated into the orebody.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk * Historically three trenches were excavated into the
density, groundwater, geotechnical and rock surface of the orebody.
characteristics; potential deleterious or
contaminating substances.
Further work
* The nature and scale of planned further work (eg * Exploration results are not being reported.
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
--------------- --------------------------------------------------------------- -----------------------------------------------------------------
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity * Measures taken to ensure that data has not been * Drilling data was initially captured on paper logs
corrupted by, for example, transcription or keying and manually entered into a database. Thor carried
errors, between its initial collection and its use out internal checks to ensure the transcription was
for Mineral Resource estimation purposes. error free. Laboratory assay results were loaded as
electronic files direct from the laboratory so there
was little potential for transcription errors.
* Data validation procedures used.
* The data base was systematically audited by Thor
geologists. All drill logs were validated digitally
by the database geologist once assay results were
returned from the laboratory.
* RPM also performed data audits in Surpac and checked
collar coordinates, down hole surveys and assay data
for errors. No errors were found.
Site visits
* Comment on any site visits undertaken by the * Mr Craig Allison and Mr Joe McDiarmid of RPM in
Competent Person and the outcome of those visits. October 2011. The site visit was undertaken with Mr
Richard Bradey, Exploration Manager for Thor.
Historical mining areas and drill holes were
* If no site visits have been undertaken indicate why inspected and are spatially similar to localities
this is the case. plotted on company maps. The site visit review
concluded current geological models are supported by
drilling and that drill data collection to the date
of the site visit has been undertaken to industry
standards.
* The two geotechnical holes from 2019 were drilled
under the supervision of Mr Richard Brady,
Exploration Manager with Thor at the time.
* The current Exploration Manager, Nicole Galloway
Warland made a site visit 8 October 2020.Golder and
RES have not made site visits.
Geological
interpretation * Confidence in (or conversely, the uncertainty of ) * The Molyhil deposit consists of two adjacent
the geological interpretation of the mineral deposit. outcropping iron rich skarn bodies, enclosed in
granite, that contain scheelite and molybdenite
mineralisation. Both the outlines of, and the banding
* Nature of the data used and of any assumptions made. within the bodies strike approximately north south
and dip steeply to the east. The bodies are arranged
in an en-echelon manner, the northeast body being
* The effect, if any, of alternative interpretations on named the Yacht Club and the southwest body the
Mineral Resource estimation. Southern.
* The use of geology in guiding and controlling Mineral * The geology of the Molyhil deposit is well
Resource estimation. understood.
* The factors affecting continuity both of grade and * Drill hole logging by Thor geologists, through direct
geology. observation of drill core and percussion samples have
been used to interpret the geological setting. The
bedrock is exposed by surface trenches and limited
underground openings.
* The continuity of the main mineralised lodes is
clearly observed by relevant grades within the drill
holes. The close spaced drilling and trench and
underground sampling suggest the current
interpretation is robust. The nature of the lodes
would indicate that alternate interpretations would
have little impact on the overall Mineral Resource
estimate.
* Mineralisation is coarse-grained and its distribution
is irregular. Two broad lithological variations are
present within the skarn.
* "Black rock skarn": Mineralised, selectively mined on
the basis of colour, a calc-silicate containing a
high proportion of magnetite, pyrite, and iron-rich
minerals such as andradite-garnet, actinolite, and
ferro-amphibole.
* Unmineralised skarn: Pale green coloured
calc-silicate, containing diopsidic pyroxene and
garnet.
* The interpretations have been useful in predicting
the continuity of the mineralisation for the Mineral
Resource estimate.
Dimensions
* The extent and variability of the Mineral Resource * The Molyhil resource area extends over a combined
expressed as length (along strike or otherwise), plan strike length of 300 m from 19,850 mN to 20,150 mN, a
width, and depth below surface to the upper and lower width of 250 m from 9,950 mE to 10,200 mE and
limits of the Mineral Resource. includes the vertical extent of 290 m from 410 mRL to
120 mRL.
Estimation
and modelling * The nature and appropriateness of the estimation * Three dimensional mineralised wireframes were used to
techniques technique(s) applied and key assumptions, including domain the mineralised data. Sample data was
treatment of extreme grade values, domaining, composited to 1m down hole lengths using the 'best
interpolation parameters and maximum distance of fit' method. Intervals with no assays were excluded
extrapolation from data points. If a computer from the estimate.
assisted estimation method was chosen include a
description of computer software and parameters used.
* For WO(3) and Mo, Mixed Support Kriging ("MSK") was
used to estimate blocks in the Southern Lode to
* The availability of check estimates, previous approximately 70 m below surface. The remaining
estimates and/or mine production records and whether blocks were estimated with Ordinary Kriging ("OK").
the Mineral Resource estimate takes appropriate For Cu and Fe all blocks were estimated with OK.
account of such data.
* The influence of extreme grade values was addressed
* The assumptions made regarding recovery of by reducing high outlier values by applying high
by-products. grade cuts to the data. These cut values were
determined through statistical analysis
* Estimation of deleterious elements or other non-grade
variables of economic significance (eg sulphur for * No assumptions regarding recovery of by-products from
acid mine drainage characterisation). the mining and processing of the Molyhil resource has
been made.
* In the case of block model interpolation, the block
size in relation to the average sample spacing and * No estimation of deleterious elements was carried
the search employed. out. Fe, W, Mo and Cu were the major variables
interpolated into the block model.
* Any assumptions behind modelling of selective mining
units. * Multi pass estimates with subsequent passes relaxing
the estimation parameters ensure all blocks were
estimated.
* Any assumptions about correlation between variables.
* No assumptions were made regarding the recovery of
* Description of how the geological interpretation was by-products with the exception of limited test work
used to control the resource estimates. results for the recovery of Cu from the molybdenum
concentrate.
* Discussion of basis for using or not using grade
cutting or capping. * The parent block dimensions used were 10m NS by 5m EW
by 5m vertical with sub-cells of 2.5m by 1.25m by
1.25m. The parent block size was selected on the
* The process of validation, the checking process used, basis of being approximately 40% of the average drill
the comparison of model data to drill hole data, and hole spacing.
use of reconciliation data if available.
* No assumptions were made on selective mining units.
* The deposit mineralisation was constrained by
wireframes constructed using a 10-15% Iron Oxide
cut-off grade with a minimum intercept of 2m
required. The wireframes were applied as hard
boundaries in the estimate.
* High Grade top cuts were applied variously across the
analytes and domains.
* Validation of the estimate included:
o A qualitative assessment completed
by slicing sections through the
block model in positions coincident
with drilling.
o A quantitative assessment of
the estimate completed by comparing
the average grades of the composite
file input against the block model
output for all the resource objects.
o A trend analysis completed by
comparing the interpolated blocks
to the sample composite data within
the main lodes (swath analysis).
This analysis was completed for
intervals of northings and elevations
across the deposit. Validation
plots showed good correlation between
the composite grades and the block
model grades.
Moisture
* Whether the tonnages are estimated on a dry basis or * Tonnages and grades were estimated on a dry in situ
with natural moisture, and the method of basis.
determination of the moisture content.
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * The nominal cut-off grade of 10-15% Iron Oxide was
parameters applied. used to define the boundaries of the skarn zones, it
was determined from analysis of log probability plots
of all samples at the deposit. This cut-off was used
to define the mineralised wireframes.
* The resource was reported at 0.05 % and 0.07 % WO(3)
cut off grades for comparison to previous and other
similar resources.
Mining factors
or assumptions * Assumptions made regarding possible mining methods, * The results of an independent estimate of Open Cut
minimum mining dimensions and internal (or, if Ore Reserves indicate that the deposit could
applicable, external) mining dilution. It is always potentially be mined using medium scale open pit
necessary as part of the process of determining techniques.
reasonable prospects for eventual economic extraction
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
Metallurgical
factors or * The basis for assumptions or predictions regarding * Metallurgical and mineralogical analysis has been
assumptions metallurgical amenability. It is always necessary as conducted on drill samples taken from exploration
part of the process of determining reasonable programs. The metallurgical work has demonstrated
prospects for eventual economic extraction to successful molybdenum and tungsten recovery using a
consider potential metallurgical methods, but the combination of gravity extraction and flotation
assumptions regarding metallurgical treatment processes.
processes and parameters made when reporting Mineral
Resources may not always be rigorous. Where this is
the case, this should be reported with an explanation * Testwork has demonstrated production of a low grade
of the basis of the metallurgical assumptions made. copper concentrate in addition to tungsten (as WO3)
and molybdenum (as MoS2) concentrates.
* In the current flowsheet, following comminution,
molybdenum is floated, then copper is subsequently
extracted via flotation of the pyrite flotation tail.
Following these steps, a rougher scheelite is then
recovered, again via flotation. The rougher scheelite
concentrate is then upgraded using the Modified
Petrov flotation model incorporating preheating the
rougher product to 90 C.
* The current flowsheet also incorporates Xray ore
sorting after the secondary screening stage.
Environmental
factors or * Assumptions made regarding possible waste and process * No assumptions have been made regarding possible
assumptions residue disposal options. It is always necessary as waste and process residue disposal options.
part of the process of determining reasonable
prospects for eventual economic extraction to
consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made.
Bulk density
* Whether assumed or determined. If assumed, the basis * The bulk density at Molyhil is mainly reflective of
for the assumptions. If determined, the method used, the magnetite content of the rock type. A regression
whether wet or dry, the frequency of the measurements plot of iron assay and bulk density test work shows a
, well correlated, generally linear relationship and
the nature, size and representativeness of the covers a wide range of iron grades. The bulk density
samples. equation presented below was also used for this
estimate. The minimum bulk density value possible
from the equation is 2.78 which is considered
* The bulk density for bulk material must have been reasonable.
measured by methods that adequately account for void
spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within * Bulk Density = (0.0152 x converted model value Fe2O3)
the deposit. + 2.7826 (CRM, 2006)
* Discuss assumptions for bulk density estimates used * The bulk density equation was applied to the
in the evaluation process of the different materials. mineralised lode domain as it was only this part of
the model where iron was estimated. An average bulk
density of 2.75 tm(-3) was applied to the background
domain.
Classification
* The basis for the classification of the Mineral * Mineral Resources were classified in accordance with
Resources into varying confidence categories. the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore
Reserves (JORC, 2012). The resource was classified as
* Whether appropriate account has been taken of all Measured, Indicated and Inferred Mineral Resource on
relevant factors (ie relative confidence in the basis of data quality, sample spacing, lode
tonnage/grade estimations, reliability of input data, continuity and confidence in the grade estimation.
confidence in continuity of geology and metal values,
quality, quantity and distribution of the data).
* Whether the result appropriately reflects the
Competent Person's view of the deposit.
Audits or
reviews * The results of any audits or reviews of Mineral * RES reviewed the Molyhil model and dataset in 2020
Resource estimates. and recommended the investigation of alternative
estimation techniques to remove the 'factor' from the
MRE.
* A review of the input data, estimation methods and
results was conducted by RPM in December 2013 and
September 2019, to ensure compliance with the JORC
Code 2012. RPM also verified the technical inputs,
methodology, parameters, and results of the estimate
Discussion
of relative * Where appropriate a statement of the relative * The use of Mixed Support Kriging in the upper part of
accuracy/ accuracy and confidence level in the Mineral Resource the Southern Lode allows for the differences in the
confidence estimate using an approach or procedure deemed different sampling techniques. This has improved the
appropriate by the Competent Person. For example, the confidence in the estimate of this part of the ore
application of statistical or geostatistical body allowing its classification in part as Measured.
procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative * The Mineral Resource statement relates to global
discussion of the factors that could affect the estimates of tonnes and grade.
relative accuracy and confidence of the estimate.
* No detailed production data was available for
* The statement should specify whether it relates to comparison.
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
--------------- ------------------------------------------------------------ ------------------------------------------------------------------------
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