Last checked at 12 Aug 2019 08:01
12 August 2019
THOR MINING PLC
FURTHER HIGH GRADE MOLYHIL BULK SAMPLE ASSAY RESULTS
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce further positive assay results from the second metallurgical bulk sample drill hole at the company's wholly owned Molyhil tungsten molybdenum deposit, in the Northern Territory of Australia.
The second of two PQ (85mm) diamond drill holes drilled down plunge of the Molyhil Yacht Club lode to obtain material for production of tungsten and molybdenum concentrate samples has now been assayed.
Highlights include;
·; 3.5m @ 1.32%WO3 from 9.5m
·; 10m @ 0.32% Cu from 44m
·; 10m @ 1.32%WO3 from 53m
·; 5m @ 1.74%WO3 from 76m including 2m @ 0.81%Mo from 78m and;
·; 7m @ 1.58%WO3 from 88m including 4m @ 0.44%Mo from 88m
The holes were designed specifically for production of concentrate samples and will not contribute to the mineral resource estimate.
Following the results, Thor has commissioned RPMGlobal to assess the Molyhil Mineral Resource Estimate for the inclusion of copper.
Mick Billing, Executive Chairman, commented:
"It is very rewarding to have more high tenor bulk sample assay results at Molyhil and to have confirmation of extensive high-grade scheelite and molybdenum mineralisation."
"The continued confirmation of copper mineralisation at potentially economic levels is also very pleasing. Thor has commissioned a review of the resource estimate for Molyhil to include this, however until that work is complete, we can ascribe no additional value for any potential copper at this time."
"Since acquiring the Bonya properties, ongoing studies on the combined Molyhil-Bonya project have identified the copper potential of Bonya and its potential suitability for processing at Molyhil (news releases 26 November2018 and 7 May 2019). This has led to the reappraisal of the economic potential for copper at Molyhil."
An historic Molyhil Mineral Resource Estimate with copper included is available on the ASX website, and can be viewed, on page 33 of 124, via the following link:
https://www.asx.com.au/asxpdf/20060817/pdf/3y0txr8b44pkk.pdf
The information is extracted from the Thor Mining plc ASX listing prospectus issued August 2006 and is available to view on the ASX website. The company confirms that it is not aware of any new information or data in respect of copper values reported at the time, that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates of copper values in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Further Information
The drill program comprised 195.6 metres of PQ (85.5mm diameter) diamond drilling into the Yacht Club lode of the Molyhil deposit. The holes were designed to retrieve high grade mineralisation and as a result are not appropriate for estimating the resource or the mineralisation geometry including true widths.
Hole ID | Deposit | EastingGDA94zone 53) | NorthingGDA94zone 53) | Elevation(m ASL) | Azi -muth | Dip | Hole depth (m) | Intersection |
19DD001 | Molyhil | 577047 | 7482977 | 411 | 142 | -70 | 97.8 | 5.5m @0.22% Mo from 9.5m including 3.5m @ 1.32% WO3 from 9.5m 10m @ 0.32% Cu from 44m including 1m @ 0.7% WO3 from 49m 10m @ 1.32% WO3 from 53m 5m @ 0.13% Mo from 63m 1m @ 0.14% Mo from 72m 3m @ 0.15% Cu from 73m 5m @ 1.74% WO3 from 76m including 2m @ 0.81% Mo from 78m 7m @ 0.12% Cu from 79m 7m @ 1.58% WO3 from 88m including 4m @ 0.44% Mo from 88m, and 2m @ 0.175% Cu from 91m 2m @ 0.15% Mo from 95m |
19RC002 | Molyhil | 577051 | 7482973 | 410.7 | 144 | -55 | 97.7 | 92.6 metres @ 1.0% WO₃, 0.16% Mo and 0.13% Cu from 0m |
Estimated true width is not available due to inappropriate hole orientation | ||||||||
Table A: Molyhil down plunge metallurgical sample intercepts | ||||||||
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 Claire Louise Noyce / John Beresford-Peirse
| +44 (0) 1483 413 500 +44 (0) 203 764 2341 | SI Capital Ltd Hybridan LLP | Joint Broker 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 ⁶2018.
Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.
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 project⁶ of:
• A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements, 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
⁵Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019
⁶Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016