The Molyhil Tungsten-Molybdenum project is located in the East Arunta region of the Northern Territory, 220 kilometre north-east of Alice Springs.
The Molyhil Tungsten Project is subject to a 3 stage Earn-In to Joint Venture agreement between Investigator’s 100% owned Fram Resources and Thor Energy PLC. The agreement provides for a minimum $1M expenditure by May 2024 to earn a 25% interest in Molyhil and acquire Thor’s 40% interest in the adjacent Bonya tenement. Stage 2 and 3 expenditures require a further spend of $7 million over 5 years for up to 80% of the project.
The East Arunta region is an area of increased mineral exploration and development with multiple further tungsten and copper prospects within 40km of Molyhil. The project is close to the KGL Resources Jervois Copper project located 50 kilometres east of Molyhil.
The Molyhil project has a JORC (2012) compliant Mineral Resource Estimate of 4.3Mt @ 0.27% WO3, 0.1% Mo, 17.75% Fe (Thor Energy PLC, 2021). In July 2020, the Northern Territory government granted the Molyhil project Major Project status that will facilitate future regulatory approvals.
Table 1: Molyhil Mineral Resource Estimate by JORC (2012) classification as at March 31 2021 (as announced to the ASX by Thor Energy PLC on 8 April 2021), reported at a cut- off grade of 0.07% WO3 Tungsten which is consistent with the assumed open cut mining technique.
|Category||'000 Tonnes||WO3 Grade %||Tonnes||Mo Grade %||Tonnes||Cu Grade %||Tonnes||Fe Grade %|
• Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.
• Cut-off of 0.07% WO3
• 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.
The Molyhil resource is composed of two adjacent north-south trending, outcropping magnetite rich skarn bodies termed the Yacht Club and Southern lodes, which dip steeply to the east. Mineralisation is hosted within the skarn altered Deep Bore metamorphics composed of variably metamorphosed metasiltstones and meta carbonates. These sediments are in contact with coarse grained, pink to grey Marshall Granite with several late-stage aplite dykes crosscutting mineralisation. Mineralisation is composed of Scheelite (CaWO4), Powellite (CaMoO4) and Molybdenite (MoS2). Post Mineralisation faults have displaced portions of the Southern and Yacht Club lodes with strong quartz-fluorite veining associated with this faulting.