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Gold Exploration Update at Ragged Range

Tue, 25th Jan 2022 07:00

RNS Number : 4301Z
Thor Mining PLC
25 January 2022
 

25 January 2022

 

 

Thor Mining PLC

 

Ragged Range Project, WA

Gold Exploration Update

 

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an update on drilling at the Company's 100% owned Ragged Range Project, located in the Eastern Pilbara, Western Australia.

 

Project highlights:

· Due to mechanical issues, only 50% of the planned maiden Reverse Circulation (RC) drilling program completed at the Sterling prospect.

· Significant sulphides (pyrite, chalcopyrite, sphalerite), quartz veining and sericite-pyrite-fuchsite alteration identified, characteristic of gold mineralisation in the East Pilbara Craton.

· Low grade gold in 3m composites and pathfinder elements will assist to vector in on stream and soil gold source.

· Thor is targeting Archaean structurally controlled lode gold mineralisation hosted in basaltic and ultramafic rocks of the Warrawoona Group, within the 100% held Kelly greenstone belt.

· Thor plans to complete the planned drilling program at the Sterling prospect whilst undertaking further geophysics, mapping and geochemical sampling over additional gold, nickel and lithium targets in the project area.

 

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"Due to mechanical issues, only half of the planned drilling program at the Sterling prospect has been completed, with 50% of the strong gold anomalies therefore remaining untested. Although no significant gold was intercepted in the maiden RC program, this is only the start of our gold campaign at the prospect, with the best ground yet to be tested. Elevated pathfinder elements and broad zones of alteration are positive indicators that we are in close proximity to the gold source.

We are currently planning our 2022 field program, with further drilling to complete the original program and new targets identified at the Sterling prospect. Geophysics (airborne and ground surveys) and geochemical sampling programs are planned over our additional gold, nickel and lithium target areas.

Permitting is progressing well at our Wedding Bell Uranium Project in the US and we hope to update the market in the coming weeks, along with the assay results from our recently completed successful diamond drilling at the Molyhil critical minerals project in the Northern Territory."

 

The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia (Figure 1) is 100% owned by Thor Mining - (E46/1190, E46/1262, E46/1355, E46/1340) with the recent additional tenure surrounding the gold anomalous zones, E46/1393 (application).

 

Figure 1: Tenement and Prospect Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg

 

Sterling Prospect - Gold

Since acquiring the Ragged Range project in late 2019, Thor have completed a series of systematic stream sediment programs and soils surveys over the tenure and an airborne magnetic survey, defining a 13km structurally controlled gold corridor - Sterling Prospect (Figure 2). High-grade gold stream results, including up to 2.2g/t Au were reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf

These surface geochemistry surveys defined continuous anomalous gold zones, with some zones extending over 1km long at both the Sterling Central and Sterling South areas (Figure 3 and Figure 4).

The gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact suggesting that gold mineralisation is controlled by minor faults and structures, that splay off this major structure.

 

Figure 2: Tenement and Prospective areas including Sterling Prospect can be viewed with the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg

 

RC Drilling Program

41 shallow (50-96m) RC drillholes totalling 2,155m were completed at the Sterling Prospect (Table A). Drill holes were designed to angle-overlap, orientated at -60 degrees toward the west, near perpendicular to the structural controls of the dominant, faulted contact between the Euro Basalt and the Dalton Suite ultramafics (Figure 3 and Figure 4).

3m composite samples returned no significant gold intercepts (max of 0.1g/t Au), though intersections of strong broad zones of quartz veining, sericite, silica alteration, sulphides and fuchsite, characteristic of gold mineralisation in the Pilbara, are positive indicators of close proximity to the gold source (Photo Plate 1). In many of the drill holes close to the fault contact, sericite and silica alteration of the Euro Basalt is strong (Photo Plate 2). This alteration style forms the distal alteration halo around many gold deposits. Sulphide veining with chalcopyrite, pyrite and sphalerite was observed in drill chips. Higher grade gold is associated with sulphide mineralisation at the Calidus Resources' Warrawoona Project.

This maiden RC program was designed to test eight strong gold anomalies at Sterling Central and Sterling South prospects, defined from soil and stream sediment sampling programs.

Due to numerous mechanical drilling issues, only half of the proposed drilling program was completed, with 50% of the anomalies remaining untested.

 

Figure 3: Drill lines overlying Sterling Prospect-Central soil and stream gold anomalies may be viewed by the following link:

 

 https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/21-008-2-ragged-range-stirlingcentraldrilling.jpg

 

Figure 4: Drill lines overlying Sterling Prospect-Central soil and stream gold anomalies may be viewed by the following link:

 

https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/21-008-1-ragged-range-sterlingsouthdrilling.jpg

 

Photo Plate 1 -Fuchsite (chromium rich muscovite) alteration in 21RRRC008 may be viewed by the following link:

 

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_fuchsite-alteration-21rrrc008.jpg

 

 

Photo Plate 2 -Sericite alteration in 21RRC010 may be viewed by the following link:

 

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_sericite-alteration-21rrrc010.jpg

 

Next Steps

Thor is planning follow up drilling at Sterling prospect completing the planned program and targeting the fault contact in the area between Sterling Central and Sterling South.

In addition, an airborne magnetic/radiometric survey will be flown over the eastern portion of the tenure including E46/1340 and E46/1393, ground 'fixed loop' electromagnetics (FLEM) is scheduled over the nickel gossan, whilst geological mapping and geochemical sampling is planned over additional gold, nickel and lithium targets in the project area.

 

Table A: Drillhole Collar (MGA94-Z50)

HOLE ID

EOH DEPTH

EASTING

NORTHING

RL

DIP

AZIMUTH

TENURE

21RRRC001

51

782425

7583300

395

-61.1

266.3

E46/1262

21RRRC002

51

782400

7583300

397

-60

268.7

E46/1262

21RRRC003

51

782375

7583300

398

-59.8

268.8

E46/1262

21RRRC004

51

782350

7583300

402

-60

268.3

E46/1262

21RRRC005

51

782327

7583288

406

-60

269

E46/1262

21RRRC006

51

782300

7583302

409

-60

270

E46/1262

21RRRC007

51

782725

7583200

393

-60

269.9

E46/1190

21RRRC008

51

782700

7583200

394

-60

270.8

E46/1190

21RRRC009

51

782675

7583200

393

-60

270.2

E46/1190

21RRRC010

51

782650

7583200

394

-60

270.7

E46/1190

21RRRC011

51

782625

7583200

392

-59.7

270.2

E46/1190

21RRRC012

51

782600

7583200

394

-60

270

E46/1190

21RRRC013

51

782575

7583200

394

-60.1

269.8

E46/1190

21RRRC014

51

782625

7583000

393

-60

270.3

E46/1262

21RRRC015

51

782475

7583000

394

-60

270

E46/1262

21RRRC016

51

782600

7583000

394

-60

270

E46/1262

21RRRC017

51

782575

7583000

394

-60

270

E46/1262

21RRRC018

51

782550

7583000

394

-60

270

E46/1262

21RRRC019

51

782525

7583000

395

-60

270

E46/1262

21RRRC020

51

782500

7583000

395

-60

270

E46/1262

21RRRC021

51

780275

7586275

381

-60

270

E46/1262

21RRRC022

51

780250

7586300

377

-60.9

270.8

E46/1262

21RRRC023

48

780225

7586275

379

-60.6

270.6

E46/1262

21RRRC024

51

780200

7586260

380

-59.8

269.5

E46/1262

21RRRC025

51

780175

7586275

381

-59.2

269.6

E46/1262

21RRRC026

51

780375

7586700

380

-60.3

269.6

E46/1262

21RRRC027

57

780350

7586700

380

-59.5

270.1

E46/1262

21RRRC028

51

780325

7586700

379

-60

269.9

E46/1262

21RRRC029

28

780300

7586700

384

-60.9

269.7

E46/1262

21RRRC030

51

780275

7586700

384

-59.1

269.9

E46/1262

21RRRC031

51

780345

7587100

374

-60.2

270.5

E46/1190

21RRRC032

54

780325

7587100

374

-60

269.7

E46/1190

21RRRC033

51

780300

7587100

377

-60

270

E46/1190

21RRRC034

51

780275

7587100

376

-60.

269.8

E46/1190

21RRRC035

54

780250

7587100

377

-60.1

269.9

E46/1190

21RRRC036

51

779700

7587300

387

-60.2

270.1

E46/1190

21RRRC037

51

779675

7587300

386

-60.8

269.3

E46/1190

21RRRC038

54

779650

7587297

384

-60.3

270.2

E46/1190

21RRRC039

96

779625

7587295

384

-60

270

E46/1190

21RRRC040

81

779600

7587295

387

-60

270

E46/1190

21RRRC041

51

780946

7586550

375

-60.7

270.1

E46/1190

 

 

 

 

This announcement is authorised for release to the market by the Board of Directors.

 

- Ends -

 

For further information on the Company, please visit www.thormining.com or contact the following: 

 

Thor Mining PLC

 

Nicole Galloway Warland, Managing Director

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

 

 

WH Ireland Limited (Nominated Adviser and Joint Broker)

Tel: +44 (0) 207 220 1666

Jessica Cave / Darshan Patel / Megan Liddell

 

 

SI Capital Limited (Joint Broker)

Tel: +44 (0) 1483 413 500

Nick Emerson

 

 

 

Yellow Jersey (Financial PR)

thor@yellowjerseypr.com

Sarah Hollins / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

 

 

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her 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; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is currently underway.

At Alford East in South Australia, Thor is earning an 80% interest in copper-gold deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor has announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds a 30% interest in 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 and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²³

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵

Notes

1 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf 

2 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

 4 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf  

5 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf

 

 

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25th Jul 20227:00 amRNSRagged Range Sampling Update

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