Minews Story Date: February 08, 2006
Next Stage For Thor Mining Is Metallurgical Testwork Results At Molyhil Project.
By Henry Sandford
AIM listed Thor Mining pleased shareholders a fortnight ago by issuing an increased resource statement for its main asset, the Molyhil molybdenum-tungsten project in Australia’s Northern Territory. Having been up and down since the company listed at 2.75p, Thor’s shares now stand at 3.75p, so they have not got very far yet.
The JORC compliant resource at Molyhil now stands as follows: 2.4 million tonnes grading 0.80% combined tungsten, as trioxide, and molybdenum, as disulphide. The updated resource statement makes some strides in both grade and size, backing up Thor’s earlier convictions about the deposit’s potential, according to the company’s executive chairman John Barr. Barr is also chairman of ASX listed Tennant Creek Gold , which held the Molyhil project before forming Thor to develop the project along with two other assets, and remains Thor’s largest shareholder.
The next key steps forward for Thor will be the receipt of metallurgical test results, which is expected in March, and the start of serious mine planning. This could lead towards first production at Molyhil in 2007, probably at an ore throughput rate of around 300,000tonnes/year. Key attributes of the Molyhil project as a mine would be the removal of much overburden already by previous mining, which would ease the creation of an open pit, and a relatively high resource grade.
This means that there is the potential for Thor to come into production at a decent position on both the molybdenum and tungsten sector cost curves. Barr prefers to wait for metallurgical results before conjecturing with any exactness on where operating costs might fall, but expects up-front capital requirements to amount to around A$20million.
Risks to the project include the metallurgical test work, though this is reduced to an extent by the fact that the deposit has been mined without metallurgical difficulty before. Another risk is that of delay as a result of the tight markets in equipment, services and labour, though this applies to most projects underway worldwide. Comfortingly, all the necessary permits for a mine at Molyhil are reported by Barr to be in place.
The biggest single risk is the price of molybdenum, which some expect to fall back further since hitting a peak of around US$30/lb. But given that it would be a fairly low cost producer, Thor perhaps need not be too worried. In addition, the Molyhil project, by virtue of its ore body composition, is weighted towards tungsten production, and tungsten is a metal for which a stronger price prognosis can be made than for molybdenum, which may have been a bit too hot for a bit too long. Barr imparts,though, that the price of either metal could fall substantially before the viability of the Molyhil project would be jeopardised.
Thor also has a further molybdenum-tungsten project and a pure tungsten project to its name. The former, Thring Creek, is located only 24kms from Molyhil, and though much earlier stage than Molyhil, if Thring Creek were eventually proved suitable for mining, attractive synergies could be facilitated. Drilling on Thring Creek is slated for April, and will focus on a large anomaly identified during an aeromagnetic survey conducted last year that is reportedly uncannily close to matching the magnetic signature of Molyhil.
More distant, at 325kms, is the Hatches Creek project, a historic producer of tungsten and one that Thor hopes is ripe for revival. No appraisal of the potential for renewed mining has been carried out on site for many years, but the company intends to begin drilling in March or April, and Barr believes that the results could be “spectacular’.
So, what to watch out for from here? If the metallurgical test results for Molyhil are sufficiently positive when they are announced in March, Thor could get a full feasibility study underway on the project quite soon. This might well get the shares on the move, as would promising exploration results from the Thring Creek or Hatches Creek projects.
Companies featured in this Story
Thor Mining Plc (AIM-THR)
Dies alles besagt, dass es eigentlich sehr gut steht um Thor Mining und die nächsten 2-3 Monate ne Menge an News anstehen, die diese Aktie in den Himmel heben können. Es werden somit folgende Daten im März und April erwartet :
Thring Creek Bohranfang April
Hatches Creek Bohranfang März oder April
Wo geglaubt wird, dass die Bohrergebnisse "spektakulär" ausfallen könnten !
Und zum guten Schluß die Machbarkeitsstudie bezüglich Abbau von Tungsten, Molybdenum,
die Ende März erwartet wird.
Der Kurs ist in letzter Zeit wieder abgesackt und bietet meines Erachtens ein sehr gutes Einstiegspotenzial, da dieser Abschlag nur darauf zurückzuführen ist, dass Leute mit Verlust raus sind und das Geld nicht solange liegen lassen wollen.
Also ich rechne fest damit, dass der wahre Wert dieser Aktie spätestens nach oben genannten Bekanntgaben erkannt wird und die Aktie nicht mehr unter 0,10€ zu haben ist,
übrigens 0,30€ war die Empfehlung eines Research Unternehmens, sage und schreibe 500%
mehr.
Die Gelegenheit ist also da, ganz am Anfang dabei zu sein !
mit freundlicher Empfehlung
TAGESWERT
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