Last checked at 3 Jun 2021 07:00
3 June 2021
THOR MINING PLC
NORTHERN TERRITORY GOVERNMENT FUNDING $110,000
Molyhil Tungsten-Molybdenum Project, Northern Territory
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the successful application of the Molyhil Project as part of Round 14 Geophysics and Drilling Collaborations (GDC) program.
Project highlights:
§ Thor Mining awarded A$110,000 from the Northern Territory Government as part of the Resourcing the Territory, Geophysics and Drilling Collaborations (GDC) program,
§ Thor's Molyhil Project was one of eighteen successful projects to receive funding in Round 14 of the exploration initiative,
§ These funds will be applied towards drill testing recently identified magnetic targets adjacent to the mineralisation at Molyhil tungsten-molybdenum deposit,
§ Diamond drilling program to commence September Quarter 2021.
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"This is another fabulous result for Thor and its shareholders. The successful grant is a strong validation by the Northern Territory Geological Survey of the prospectivity of the magnetic targets identified at Molyhil.
We acknowledge and thank the Northern Territory Geological Survey and the NT Government for this positive exploration initiative.
This is the third successful government grant Thor has received this year, towards co- funding of our upcoming 2021 drilling programs: three grants for three different projects in three different states.
June will be a busy month with drilling commencing at Alford East Project, SA next week, followed shortly thereafter at our USA Uranium Project and Ragged Range gold Project. WA"
A copy of the Tenement and Prospect Location Plan may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg
The Geophysics and Drilling Collaborations (GDC) program is funded by the Resourcing the Territory initiative and aims to increase the intensity of geophysics and exploration drilling in under explored areas of the Northern Territory. The drilling component was divided into greenfield and brownfield diamond drilling.
The Northern Territory Geological Survey (NTGS) administers the GDC program, awarded approximately A$1million to 15 successful companies (eighteen Projects), with Thor Mining granted A$110,000.
Full details of the Geophysics and Drilling Collaboration including successful applications and their project titles can be found on the NTGS website:
https://resourcingtheterritory.nt.gov.au/about/gdc
Project Background
Molyhil deposit is located 220 kilometres north-east of Alice Springs (320 km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (Figure 1).
In April 2021 (THR:AIM Announcement 8 April 2021) a revised Mineral Resource estimate was completed comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.4 million tonnes at 0.27% WO3 (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO3 cut-off.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
In conjunction with the Mineral Resource Estimate, 3D geological modelling identified two prominent structures - Yacht Club fault and South Offset fault. Based on the geological timing of these faults they may have a significant impact on mineralisation, hence creating targets for potential extensions.
Modelling of the 3D magnetics and the position of the modelled South Offset Fault, strongly implies an offset of the magnetic material (magnetite skarn) host to the tungsten- molybdenum mineralisation, identifying a strong magnetic anomaly, south of the fault. Although there are a few drillholes to the south of the South Offset Fault, these have not intersected the magnetic body. The GDC funding will be used to drill test this magnetic target.
An image showing the magnetic drill target may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/21_molyhil_magnetic-target.jpg
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For further information on the Company, please visit www.thormining.com or contact the following:
Thor Mining PLC |
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Nicole Galloway Warland, Managing Director Mick Billing, Executive Chairman Ray Ridge, CFO / Company Secretary | Tel: +61 (8) 7324 1935 Tel: +61 (8) 7324 1935 Tel: +61 (8) 7324 1935 |
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WH Ireland Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 207 220 1666 |
Jessica Cave / Darshan Patel Jasper Berry (Corporate Broking) | |
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SI Capital Limited (Joint Broker) | Tel: +44 (0) 1483 413 500 |
Nick Emerson | |
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Yellow Jersey (Financial PR) | thor@yellowjerseypr.com |
Sarah Hollins / Henry Wilkinson | Tel: +44 (0) 20 3004 9512 |
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 planned in the first half of 2021.
At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via Insitu Recovery techniques (ISR). In January 2021, Thor 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 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
Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.⁶
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/20191011-molyhil-mineral-resource-estimate-enhanced.pdf
5 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
⁶ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf