A new independent review has raised the estimate of the amount of tungsten and molybdenum at Thor Mining PLCs (LON:THR) Molyhil deposit in Australia.

Molyhil, which lies 220km east of Alice Springs, is wholly-owned by the exploration company.

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Mining consultants RPM Global raised by 1.5% the total indicated and inferred estimate to 13,300 tonnes of tungsten trioxide, a compound used in the manufacturing of fireproof fabrics and gas sensors.

Thor said the deposit also comprises 6,800 tonnes of molybdenum, a 9% increase on previous estimates while there was a new inclusion of 2,200 tonnes of copper.

RPMs estimate was based on grades of 0.28% tungsten trioxide, 0.14% molybdenum, and 0.05% copper.

Executive chairman Mick Billing called the new estimate “a welcome boost” for the project with “a very impressive 9.3% increase in contained molybdenum".

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