Last checked at 28 Jun 2019 09:08
28 June 2019
BONYA - HIGH GRADE TUNGSTEN RESULTS CONFIRMED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) advise that for completeness, Section 2 of JORC Table 1 for the reporting of the exploration results referred to in the announcement titled "BONYA - HIGH GRADE TUNGSTEN RESULTS CONFIRMED" released on 24 June 2019, is attached at Appendix A. This information should be read in conjunction with the aforementioned announcement.
Enquiries:
Mick Billing | +61 (8) 7324 1935 | Thor Mining PLC | Executive Chairman |
Ray Ridge | +61 (8) 7324 1935 | Thor Mining PLC | CFO/Company Secretary |
Colin Aaronson/ Richard Tonthat/ Ben Roberts | +44 (0) 207 383 5100
| Grant Thornton UK LLP
| Nominated Adviser |
Nick Emerson | +44 (0) 1483 413 500 | SI Capital Ltd | Joint Broker |
David Hignell / Rob Rees | +44 (0) 20 3470 0470 | SP Angel Corporate Finance LLP | Joint Broker |
Tim Blythe/ Camilla Horsfall | +44 (0) 207 138 3222 | Blytheweigh | Financial PR |
Competent Person's Report
The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁵ of:
• A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
Notes
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
Appendix A - JORC Code, 2012 Edition - Table 1 report
Section 2 Reporting of Exploration Results
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status | · Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. · The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | The Bonya deposits are located on EL29701 jointly held by Arafura Resource Limited (60%) and Thor Mining PLC (40%) with Thor acting as manager
EL29701 is a mature exploration licence subject to ongoing biennial renewal. |
Exploration done by other parties | · Acknowledgment and appraisal of exploration by other parties. | Previous drilling was undertaken by Central Pacific Minerals NL in 1971 using open hole percussion with limited success. |
Geology | · Deposit type, geological setting and style of mineralisation. | Contact metamorphic skarn hosted scheelite. |
Drill hole Information | · A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: § easting and northing of the drill hole collar § elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar § dip and azimuth of the hole § down hole length and interception depth § hole length. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | This information is tabulated in detail within the announcement |
Data aggregation methods | · In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. · The assumptions used for any reporting of metal equivalent values should be clearly stated. | Where sample intervals vary, reported average grades are length weighted. No grades were cut
A 2-metre maximum waste width and cut off grade of 0.1% WO3 was used in determining aggregated mineralisation intervals. Only in one hole (19RC022) where mineralisation exceeded 1% for over 10m was the high grade interval highlighted. No metal equivalents were reported. |
Relationship between mineralisation widths and intercept lengths | · These relationships are particularly important in the reporting of Exploration Results. · If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. · If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). | Estimated true widths are provided for each reported interval. Mineralisation intercept angles are in the order of 60 degrees. Correction to true widths is in the order of 50 to 65% of drill widths. This correction is a conservative estimate subject to detail resource modelling. |
Diagrams | · Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Collar location plans have been provided. Sectional views will be provided after follow up drilling planned for early August. |
Balanced reporting | · Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | All drill hole data has been provided. |
Other substantive exploration data | · Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | Results of additional costean sampling have been provided. Subject to continued exploration success, there are no known impediments to the development of viable mineral resources. |
Further work | · The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | Further drilling will be planned to test for extension of mineralisation at White Violet and Samarkand deposits. This work is yet to be completed and therefore not included in this announcement |