Last checked at 19 Sep 2017 09:29
19 September 2017
THOR MINING PLC
COMPLETION OF DRILLING AT PILOT MOUNTAIN - NEVADA USA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to report completion of drilling at the Pilot Mountain tungsten project in Nevada, USA.
Highlights:
· Mineralisation identified extending a further 60 metres down dip at Desert Scheelite
· Potential second lode identified 20 metres to the north of the existing Desert Scheelite lode.
· 28 metre wide zone of copper, zinc and tungsten mineralisation intersected near surface at the Good Hope prospect.
Detailed logging of the drill core is now complete and samples submitted for laboratory assay.
Mr Mick Billing, Executive Chairman of Thor:
"Very encouraging initial results from Desert Scheelite and Good Hope, and hopefully the assays, expected in several weeks, will confirm this.
"Desert Scheelite in particular continues to shape as very exciting amongst the suite of deposits at Pilot Mountain, and the depth extension and potential additional lode to the north identified in this program represents extremely promising growth potential."
"The rising Tungsten commodity price recently has increased interest in tungsten explorers and developers. We have spent several years building a quality tungsten portfolio and with Pilot Mountain in the US and Molyhil in Australia, the Company is uniquely positioned to benefit from a resurgent tungsten sector."
Desert Scheelite
Drill hole 17DSDD-02 intersected two mineralised zones; the first representing a potential second new lode approximately 20 metres to the hangingwall (north) of the existing Desert Scheelite lode. The second intersection down hole represents a 60 metre down dip extension to the existing Desert Scheelite lode.
Link to Desert Scheelite Cross Section: http://www.rns-pdf.londonstockexchange.com/rns/1504R_-2017-9-19.pdf
Two diamond drill holes were planned at the Desert Scheelite prospect however only one was completed after 17DSDD01 was abandoned due to drilling difficulties. Alternative drill collar locations are in the process of being permitted for subsequent drilling.
Good Hope
Four reverse circulation (RC) holes and one diamond drill core hole were completed at the Good Hope prospect. Robust mineralisation was identified by drilling following up the historic drill hole result from RGH-02 (36.5m @ 0.4%WO3, 0.25%Cu, 0.47%Zn).
· Assay results are awaited to confirm preliminary XRF results of 27m @ 1.1% Cu, 1.3% Zn and 0.19%WO3 from surface including 10m @ 0.32% WO3 from 17.5m down hole (reported on 18 August 2017).
· The Good Hope drilling has delineated a 28-metre-wide zone of copper zinc and tungsten mineralisation beneath shallow alluvial cover.
· Drill hole 17GH-RC02, 70 metres west of 17GHRC-01 (Figure 5) failed to intersect significant mineralisation possibly due to unidentified fault displacement.
A strong mineralising system has been demonstrated at Good Hope and there remains good potential of further drilling success.
Table 1: Drill hole orientation summary
Hole ID | Easting NAD83 zone 11 | Northing NAD83 zone 11 | Hole Collar dip * | Hole collar Azimuth* | Final Depth (m) |
17DS - DD01 | 424,458 | 4,248,396 | -73 | 181 | 187 |
17DS - DD02† | 424,452 | 4,248,399 | -69 | 196 | 313 |
17GH - DD01 | 423,942 | 4,249,689 | -50 | 172 | 150 |
17GH - RC01 | 423,941 | 4,249,688 | -60 | 180 | 44 |
17GH - RC02 | 423,868 | 4,249,698 | -61 | 180 | 126 |
17GH - RC03 | 423,942 | 4,249,668 | -60 | 175 | 110 |
17GH - RC04 | 423,945 | 4,249,703 | -60 | 175 | 72 |
† Previously reported as 17DS-DD01
Laboratory assay results are expected within four weeks. the Company will issue an updated report with the full results when received.
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/ Daniel Bush/ Richard Tonthat | +44 (0) 207 383 5100
| Grant Thornton UK LLP
| Nominated Adviser |
Elliot Hance | +44 (0) 207382 8300 | Beaufort Securities Limited | Joint Broker |
Nick Emerson / Andy Thacker | +44 (0) 1483 413 500 | SI Capital Ltd | Joint Broker |
Tim Blythe/ Camilla Horsfall | +44 (0) 207 138 3222 | Blytheweigh | Financial PR |
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.
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.
About Thor Mining PLC
Thor Mining PLC 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 2015¹ suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate² on 1 of the 4 known deposits.
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 portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor also holds a production royalty entitlement from the Spring Hill Gold project³ 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 gold⁴ 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 12 January 2015
· ² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
· ³ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
· ⁴ At the date of this announcement gold is trading at approximately A$1,650/oz
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
Criteria | JORC Code explanation | Commentary |
Sampling techniques | · Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. · Aspects of the determination of mineralisation that are Material to the Public Report. · In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | Exploration results are based on HQ sized diamond drill core and Reverse Circulation drill cuttings.
Industry standard QAQC protocol was adopted with reference material inserted at 10%. |
Drilling techniques | · Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). | Exploration results are based on HQ sized diamond drill core and Reverse Circulation drill cuttings. |
Drill sample recovery | · Method of recording and assessing core and chip sample recoveries and results assessed. · Measures taken to maximise sample recovery and ensure representative nature of the samples. · Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | Core recoveries exceed 95% RC samples were not weighed but recoveries were generally good except for the very top of hole. |
Logging | · Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. · The total length and percentage of the relevant | Drill core/cuttings was logged geologically and photographed for the entire length of the hole. |
Criteria | JORC Code explanation | Commentary |
intersections logged. | ||
Sub- sampling techniques and sample preparation | · If core, whether cut or sawn and whether quarter, half or all core taken. · If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. · For all sample types, the nature, quality and appropriateness of the sample preparation technique. · Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. · Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. · Whether sample sizes are appropriate to the grain size of the material being sampled. | No assay data is reported.
Mineralised intervals of core were cut and half core sent for assay. Sample intervals were based on geological boundaries or a maximum of five feet.
Industry standard QAQC protocol was adopted including certified reference material, certified blanks andield duplicates making up 10% of the assay samples. |
Quality of assay data and laboratory tests | · The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. · For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | XRF data was reported on 18th August 2017 |
Verification of sampling and assaying | · The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data. | Not undertaken |
Location of data points | · Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. · Specification of the grid system used. · Quality and adequacy of topographic control. | Hand held GPS |
Data spacing and distribution | · Data spacing for reporting of Exploration Results. · Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral | No resource estimation is implied or inferred. |
Criteria | JORC Code explanation | Commentary |
Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied. | ||
Orientation of data in relation to geological structure | · Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | Drilling azimuth is oriented at right angle to the interpreted strike of mineralisation. holenclination is appropriately for the dip of the mineralised zones (refer to sections supplied in announcement text) |
Sample security | · The measures taken to ensure sample security. | Drill samples remains in the custody of the supervising geologist and stored in a locked building. |
Audits or reviews | · The results of any audits or reviews of sampling techniques and data. | None |