Last checked at 19 Aug 2019 09:34
19 August 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 the final holes of its 37-hole Phase 2 diamond drill programme at its Big Sandy Lithium-Clay Project, located in Arizona USA on 14 August 2019.
Hawkstone Managing Director Paul Lloyd commented on the results released;
"Hawkstone's Big Sandy project has 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 the last 3 diamond drill holes further demonstrate the significant potential of the Big Sandy project, and importantly, mineralisation remains open to the north, south and west. This is especially significant for drill hole DHQ32A located 100m to the west of the most north-westerly hole in the program DHQ3, as it shows the known mineralisation to continue to the west outside of the limits of the planned program and places the Company in a very strong position to significantly expand the resources through further drilling. The Company will now progress towards the expected compilation of its targeted maiden JORC Resource in late September 2019 and is currently in the process of appointing consultants to conduct a pre-feasibility study."
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 announcement may be found on the ASX website via the following link:
https://www.asx.com.au/asxpdf/20190814/pdf/447gfj0bddy09l.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 additional positive news from the Big Sandy drilling program."
"The program continues to improve the prospects for Big Sandy and the value of our Hawkstone investment, and we look forward to the maiden resource estimate, scheduled for late September 2019, and also the forecast pre-feasibility study."
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 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 /oz; and
• A$14 per ounce of gold produced from the Spring Hill tenements, sold for amounts over A$1,500 /oz.
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