UK-based exploration company Thor Mining has announced its intention to accelerate the development of the Pilot Mountain tungsten project in Nevada, following the passing of the National Strategic and Critical Minerals Production Act by the US House of Representative’s Natural Resources Committee.
The company stated that the passing of the legislation will pave the way for expediting the granting of permits, as well as other associated matters related to critical metals projects in the US.
Thor Mining executive chairman Mick Billing said: “In December 2017, just three months ago, we signalled significant project milestones for our core tungsten and copper projects, including the Molyhil Open Cut Ore Reserve and the Kapunda Copper mineral resource estimate.
“We could not, however, accurately predict the positive events outside of our control, including the continuing strengthening of the tungsten price, and now this US initiative to streamline and accelerate regulatory approvals of mining developments for critical minerals in the US.
“That said, now we must react to those positive developments in an appropriately commercial manner and with a sense of urgency.”
Thor Mining currently holds a 100% interest in the Pilot Mountain project, which is claimed to have an indicated and inferred JORC-compliant resource of 32,720t of tungsten trioxide, 192t of silver and 14,300t of copper.
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The passing of the legislation is expected to impact the project’s development, as well as the company’s forward business plan.
The US Department of the Interior previously published a list of 35 minerals considered critical to the US last month, which included tungsten.
In a separate development, Thor has elected not to proceed with the acquisition of the Western Shaw Project in Western Australia at this time in order to focus on the company’s key projects.