Investigator Resources (ASX:IVR) has increased the tonnage and confidence of its Molyhil Tungsten-Molybdenum Project in the Northern Territory, incorporating results from drilling and previous exploration data generated by Thor Energy (ASX:THR).
The $93.44 million market capitalisation company reports the total resource has grown to about 4.7 million tonnes at 0.26% tungsten trioxide for 12,100 tonnes and 0.09% molybdenum for 4,400 tonnes.
Investigator says the measured resource category of Molyhil improved with a 150% increase in tonnes and 20% increase in tungsten trioxide grade, in comparison to the previous resource estimate.
Investigator adds the contained tungsten metal in the highest confidence measured resource category increased 209% to 3,945 tonnes.
Managing Director Andrew Mcllwain says the resource results will underpin the Scoping Study the company anticipates will be completed in H2 2024.
“The 12-hole diamond drilling program, completed in December 2023, provided quality data enabling our team to better understand the variability within the deposit and increase confidence in density estimation, in addition to verification of grade distribution recorded from historic drilling,” he says.
The company will use the updated resource for mine planning, design and optimisation studies, which will initially result in a Scoping Study level assessment for Molyhil, prior to a decision on further project development.
Investigator says the molybdenum price is historically volatile, having reached more than US$90,000 ($135,110) per tonne during February 2023, from a low of nearly US$17,000 per tonne in August 2020.
The current spot price sits at US$69,000 per tonne, having risen about 60% since the beginning of this year.
Molyhil lies 230km northeast of Alice Springs in the Northern Territory and witnessed historic mine production during the 1970s and 80s.
Write to Aaliyah Rogan at Mining.com.au
Images: Investigator Resources
