Last checked at 7 May 2019 07:00
7 May 2019
HIGH GRADE INTERIM TUNGSTEN AND COPPER RESULTS
SAMARKAND DEPOSIT - BONYA
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce further positive interim results from drilling at the Bonya tungsten deposits, adjacent Molyhil, in the Northern Territory of Australia.
The Bonya project is held in joint venture with Arafura Resources Limited (ASX: "ARU"), with both parties contributing to the cost of the program in proportion to their project equity (THR 40% : ARU 60%).
Remaining interim results for Samarkand prospect are now available via portable X-ray fluorescence ("XRF") determination. These results should be considered preliminary and subject to confirmation in subsequent laboratory assay. Laboratory assays results may vary from those obtained from XRF.
Tungsten Highlights from Samarkand drilling include:
· 15 metres @ 0.44% WO₃ from 19 metres from drill hole 19RC026;
· 8 metres @ 0.36% WO₃ from 38 metres from drill hole 19RC028;
· 11 metres @ 0.61% WO₃ from 64 metres, including 2 metres @ 0.21% Cu from 69 metres from drill hole 19RC030;
Copper drill intersection highlights include:
· 5 metres @ 0.5% Cu from 9 metres including 2m @ 0.22% WO3 from drill hole 19RC029;
· 12 metres @ 0.69% Cu from 22 metres from drill hole 19RC030;
· 6m @ 0.97% Cu from 38 metres from drill hole 19RC032
Significant drill intercepts are tabulated in full below.
Mick Billing, Executive Chairman, commented: "More very good XRF tungsten results along with exciting copper readings from the Samarkand deposit at Bonya."
"The proposed Molyhil processing facility is designed to extract copper as well as tungsten and molybdenum so any primary copper at Bonya can be extracted at minimal additional cost."
"We look forward to the full laboratory assays from this drill program, along with results from the trench sampling from Marrakech and Tashkent, all expected during May."
Investors wishing to review a diagram outlining the deposits at Bonya may view this on the Company's website via the following link:
http://thormining.com/-/thor/lib/images/maps/15-001-1B%20Bonya%20Exploration%20Targets.jpg
Further Information
The program comprised 2,184 metres of drilling by Reverse Circulation (RC) method on Samarkand, Jericho, White Violet, and Tashkent deposits, and approximately 200 metres of trench sampling across each of the Marrakech and Tashkent deposits.
The Jericho deposit, in particular, has been mined historically, with a surface stockpile estimated at several hundred tonnes of scheelite ore at surface adjacent to the deposit.
It is anticipated that assay results will be available within four weeks.
Hole ID | Deposit | EastingGDA94zone 53) | NorthingGDA94zone 53) | Elevation(m ASL) | Azi -muth | Dip | Hole depth (m) | Intersection | Est true width (m) |
Intercepts for 19RC001 to 19RC023 provided in previous announcement | |||||||||
19RC024 | Samarkand | 612011 | 7485446 | 422 | 51.7 | -60.5 | 60 | No significant intercept | - |
19RC025 | Samarkand | 612031 | 7485459 | 421 | 55.1 | -59 | 100 | 3m @ 0.53% WO3 from 41m 5m @0.20% WO3 from 52m 3m @ 0.08%WO3 from 61m 4m @ 0.1%WO3 from 73m | 1m 2m 1m 2m |
19RC026 | Samarkand | 612052 | 7485478 | 420 | 47.7 | -60.9 | 60 | 15m @ 0.44%WO3 from 19m | 8m |
19RC027 | Samarkand | 612055 | 7485480 | 419 | 45.9 | -59 | 40 | 3m @ 0.13% WO3 from 9m | 1m |
19RC028 | Samarkand | 612046 | 7485433 | 415 | 56.6 | -55.6 | 120 | 8m@0.36% WO3 from 38m | 4m |
19RC029 | Samarkand | 612078 | 7485355 | 435 | 42.2 | -55.1 | 60 | 5m @ 0.55% Cu from 9m including 2m @ 0.22% WO3 2m @ 0.37% Cu and 0.08% WO3 from 24m 2m @ 0.28% Cu and 0.08% WO3 from 32m 4m @ 0.13% Cu from 36m 5m 0.52% Cu from 44m | 3m
1m
1m
2m
|
19RC030 | Samarkand | 612088 | 7485364 | 435 | 54.7 | -59 | 120 | 14m @ 0.25% Cu from 3m including 7m @ 0.12% WO3 from 10m 12m @ 0.69% Cu from 22m including 4m @ 0.08% WO3 from 28m 11m @ 0.61% WO3 from 64 m including 2m @ 0.21% Cu from 69m 8m @ 0.39% Cu from 98m including 5m @0.28% WO3 from 99m | 8m
6m
6m
4m |
19RC031 | Samarkand | 612103 | 7485382 | 431 | 54.8 | -60 | 60 | 7m @0.32% Cu from 25m 1m @ 0.16% WO3 from 39m 2m @0.32% Cu from 57m | 4m 1m 1m |
19RC032 | Samarkand | 612110 | 7485390 | 429 | 55.2 | -62.1 | 60 | 2m @ 0.26% Cu from 7m 6m @ 0.97% Cu from 38m including 2m @ 0.09% WO3 from 41m | 1m 3m 1m |
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| Table A: Bonya drilling significant portable XRF intercepts with estimated true widths |
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A plan showing Samarkand deposit drill collars is on the Company's website and can be viewed via the following link:
http://thormining.com/-/thor/lib/images/maps/Samarkand%20Drill%20Collar%20locations.jpg
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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
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. | Reverse Circulation drilling with face sampling hammer was used to obtain one metre interval samples. Subsamples of approximately 2-3kg were taken from each interval using rotary splitter for indicative portable XRF analysis and follow up laboratory analysis where appropriate. Chip tray samples were collected, logged and photographed.
Industry standard QAQC protocol was adopted with reference material inserted at approximately 20%.
|
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). | Reverse circulation drilling with face sampling hammer. |
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. | Samples were weighed from a random selection of holes and compared with estimated sample weights to gauge overall sample recoveries. Reasonable sample recovery was obtained after the initial collar sample. Sample recoveries were consistent across different rock units. |
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 intersections logged. | Hole cuttings were logged geologically and photographed for the entire length of each hole. Mineralised and unmineralised zones were easily determined from geological observations. |
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. | Subsamples for independent laboratory analyses were taken as follow; Rotary splitter - all samples were dry. As per industry standard QAQC protocol, field duplicates made up 30% of the quality control samples. Sample size of 2-3kg is appropriate for RC samples with a maximum particle size of 6mm.
For preliminary XRF determination not to be used for resource estimation - a further subsample of 30g was taken which is not considered representative. |
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. | Laboratory assay results are not being reported rather preliminary indicative analyses by field portable XRF. An Olympus Vanta XRF was utilised with read time total of 30 seconds. Blanks and certified reference standards were inserted every 20 to 30 analyses along with manufacturers routine calibration check. Quality control results were checked before sample analyses. |
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. | Significant intersections reported correspond with visual indications in samples. No further independent verification has been 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 Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied. | Drilling has been undertaken on 40 metre spaced sections with 25 metre spaced hole intercepts. Reported intersection details are based on averaging XRF determinations from 1 metre sample intervals. Samples have not been composited. |
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. | Hole orientations are appropriately for the orientation of target mineralised zones. Estimated true widths are stated. |
Sample security | · The measures taken to ensure sample security. | None |
Audits or reviews | · The results of any audits or reviews of sampling techniques and data. | None |