Last checked at 23 Jul 2019 10:28
23 July 2019
FURTHER HIGH GRADE LITHIUM RESULTS AT BIG SANDY
HAWKSTONE MINING LIMITED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise further positive drilling results at the Big Sandy Deposit in Arizona USA, by Hawkstone Mining Limited ("Hawkstone") (ASX: HWK).
Hawkstone, the 100% owner of the Big Sandy project, has released results from a further eight holes of its 37-hole Phase 2 diamond drill programme at its Big Sandy Lithium-Clay Project, located in Arizona USA on 10 July 2019, and on 23 July 2019. The final three holes of the program are reported to be in progress.
Hawkstone Managing Director Paul Lloyd commented on the results released on 23 July 2019 "Hawkstone's Big Sandy project has continually delivered exceptional results as the Company has successfully progressed through the 37-hole diamond drill program. High grade intercepts have continued, and the assay results from these latest 4 diamond drill holes further demonstrate the significant potential of the Big Sandy project. The Hawkstone board looks forward to updating the market regarding assay results from the final 3 diamond drill holes before progressing to its maiden JORC Resource in late September 2019."
Thor holds 7,421,875 ordinary shares in Hawkstone (representing 1.075% of its issued share capital). Thor shall be allotted a further 7,812,500 ordinary shares in Hawkstone if Hawkstone reports, by September 2021, a mineral resource estimate, on the Big Sandy deposit, of at least 30 million tonnes at a grade of over 2,000ppm Lithium (Li), using a lower cutoff grade of 1,000ppm Li.
The latest Hawkstone announcements, of 23 July 2019 and 10 July 2019, may be found on the ASX website via the following links:
https://www.asx.com.au/asxpdf/20190723/pdf/446t060f4jmp2q.pdf
https://www.asx.com.au/asxpdf/20190710/pdf/446ht7tjr4tbqd.pdf
Information about Hawkstone and its Big Sandy project can be found at Hawkstone's website, http://hawkstonemining.com.au/.
Mr Mick Billing, Executive Chairman, commented:
"We welcome the consistent flow of positive news from the Big Sandy drilling program noting that the program is continuing."
"The program continues to improve the prospects for Big Sandy and the value of our Hawkstone investment, and we look forward to the balance of the drilling results, and also to the maiden resource estimate, scheduled for late September 2019."
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 |
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