Thor Energy PLC on Friday reported a new estimate showed significant improvement in resource confidence at its Molyhil project.

The Molyhil tungsten-molybdenum-copper deposit in Northern Territory, Australia is now said to contain 4.7 million tonnes at 0.26% tungsten trioxide and 0.1% molybdenum for 12,100 tonnes of tungsten trioxide and 4,400 thousand tonnes of molybdenum.

The site saw a more than double increase in tonnes and a 20% increase in tungsten trioxide grade when compared to the previous mineral resource estimate by Thor in 2021.

The estimate was conducted by ASX-listed Investigator Resources Ltd.

Notably, contained tungsten metal in the measured resource category also increased threefold to 3,945 tonnes.

Thor Energy has mining operations in Australia and the US, has a 100% interest and tenure at the site.

Nicole Galloway Warland, managing director of Thor Energy, commented: ‘This is a positive result for the project, and along with strong tungsten and molybdenum prices, it will be valuable for the scoping study assessment to be undertaken by IVR early in the second half of 2024.’

Thor Energy shares fell 9.3% at 0.82 pence per shares in London on Friday.

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