Last checked at 15 May 2019 12:16
15 May 2019
HIGH GRADE LITHIUM RESULTS AT BIG SANDY
HAWKSTONE MINING LIMITED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise drilling results at the Big Sandy Deposit in Arizona USA by Hawkstone Mining Limited ("Hawkstone") (ASX: HWK).
Hawkstone has released results from the first 19 holes of its 37-hole Phase 2 diamond drill programme at its Big Sandy Lithium-Clay Project, located in Arizona USA. Further results are expected in the coming weeks. Hawkstone Managing Director Paul Lloyd comments "that Hawkstone is building real momentum towards estimating its maiden JORC compliant resource."
Thor holds 7,421,875 ordinary shares in Hawkstone (representing 1.30% of its issued share capital), the 100% owner of the Big Sandy project.
The latest Hawkstone announcement may be found on the ASX website via the following link:
https://www.asx.com.au/asxpdf/20190514/pdf/4452bl7w3448nk.pdf
Previous announcements may be found via the following links:
https://www.asx.com.au/asxpdf/20190404/pdf/4441k6pgyl4jpt.pdf
https://www.asx.com.au/asxpdf/20190429/pdf/444lphsg8psr4z.pdf
https://www.asx.com.au/asxpdf/20190506/pdf/444vw0n3082w11.pdf
Information about Hawkstone and its Big Sandy project can be found at Hawkstone's website, http://hawkstonemining.com.au/.
Mick Billing, Executive Chairman, commented:
"We welcome this positive news from field work at Big Sandy noting that the drilling program is continuing with more news scheduled in the coming weeks."
"We look forward to the balance of the drilling results as the program continues to improve the value of our investment in Hawkstone."
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 |
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