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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.20 | 1.10 | 1.30 | 1.20 | 1.20 | 1.20 | 64,132 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.32 | 3.34M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 4702T
Thor Mining PLC
12 October 2017
12 October 2017
THOR MINING PLC
AMED ANNOUNCEMENT
The Directors of Thor Mining PLC advise that the following updated version of the announcement dated 6 October 2017 was today released on the Australian Securities Exchange ("ASX"). The announcement has been amended to include the information required by Table 2 of the JORC reporting of exploration results, and additional information has been added to Table 1 to ensure compliance with JORC requirements. This announcement is otherwise identical to the announcement of 6 October 2017.
DRILLING SUCCESS AT PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA
AMED ANNOUNCEMENT
Further to the announcement of 19 September 2017, the Board of Thor Mining Plc ("Thor" or the "Company")
(AIM, ASX: THR), is pleased to advise a material positive outcome from the recent drilling program at the Company's wholly owned Pilot Mountain tungsten project in Nevada, USA.
Highlights:
Desert Scheelite
-- A second lode 20 metres to the north of the existing Desert Scheelite lode is confirmed. -- A down dip extension to mineralisation of 60 metres is also confirmed.
Good Hope
-- The 28 metre-wide zone of copper, zinc and tungsten mineralisation intersected near surface confirmed from laboratory assays,
-- Drill intersections 70 metres to the west of previous drilling at Good Hope have added significantly to the known strike length of this deposit.
Mr Mick Billing, Executive Chairman of Thor:
"I am very pleased to announce, what are for the Thor Mining board and operational team, exciting drill assay results from both Desert Scheelite and Good Hope.
"We have long suspected, from geophysical studies, that additional mineralised lodes exist at Desert Scheelite, and it is very rewarding to have this validated. This is a very strong target for drill testing along the entire strike length of the existing resource with potential, if successful, to add substantially to the resource inventory'
"Additionally, the high grade and near surface mineralisation at Good Hope transforms this into a deposit with genuine potential"
"During recent meetings at the International Tungsten Industry Association conference in Moscow we have received positive feedback from a number of parties commenting on the results of our exploration work, and quality of the asset, at the Company's Pilot Mountain project."
Desert Scheelite
Significant Assays(1):
-- 17DSDD02: 23.3m @ 0.21% WO(3) from 198m and 15.2m @0.25% WO(3) from 253.3m
(1)Refer to Table 1 for complete intercept summary.
Drill hole 17DSDD-02 intersected two mineralised zones; the upper intersection represents a new second lode previously identified by geophysical targeting prior to drilling. The new second lode sits approximately 20 metres to the hanging wall (north) of the existing Desert Scheelite lode and may extend the entire strike length of the Desert Scheelite resource.
The lower 17DSDD-02 intersection represents a 60 metre down dip extension to the existing Desert Scheelite lode. This down dip extension may occur along the entire length of the resource.
Good Hope
Significant Assays(1):
-- 17GHRC01: 26.6m @ 0.21% WO(3) , 1.2% Zn, 1.0% Cu from 0.8 metres downhole
-- 17GHRC02: 12.2m @ 0.12% WO3 from 57.8m and 3m @ 0.37% WO(3) within 8.4m @ 0.59% Cu from 80.8m
(1)Refer to Table 1 for complete intercept summary.
A 28-metre-wide zone of copper zinc and tungsten mineralisation has been confirmed beneath shallow alluvial cover at the Good Hope prospect.
Better than expected assay results for drill hole 17GHRC-02 mean a potential 70 metre strike extension of the Good Hope lode to the west at 423,870mE.
Table 1: Drill hole intercept summary
Hot Features
Premium
Hole Easting Northing Elevation Azi Dip Hole Intersection Estimated
ID (NAD83 (NAD83 (m -muth depth true
zone zone ASL) (m) width
11) 11)
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
No mineralisation
intersected. Hole
stopped short
and abandoned
due to technical
17DS-DD01 424458.0 4248396.1 1918 181 -73 187.6 difficulties.
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
23.3m fr 198m
@ 0.21% WO(3)
, & 0.2% Zn including
8.2m fr 198m @
0.37% WO(3) &
17DS-DD02 424451.9 4248399.4 1918 195.8 -69 313.0 0.26% Zn 12m
----------- --------- ---------- ---------- ------- ------ -------
15.2m fr 253m
@ 0.25% WO(3)
, 0.14% Zn & 0.19%
Cu including 3.0m
fr 265.5m @0.36%
WO(3) 7m
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
26.6m fr 0.8m
@ 0.21% WO(3)
, 1.2% Zn, 1.0%
Cu including;
10.6m fr 16.7m
@ 0.33% WO(3)
17GH-RC01 423940.6 4249687.6 1956.5 180 -60 44.2 , 1.1%Zn, 1.4%Cu 28m*
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
12.2m fr 57.8m
@0.12%WO(3) ,
17GH-RC02 423868.0 4249698.0 1972 179.2 -61.5 126.5 0.5%Zn, 0.7%Cu 11m
----------- --------- ---------- ---------- ------- ------ -------
8.4m fr 80.8m
@ 0.59%Cu (including
3m @ 0.37%WO(3) 7m
fr 85.3m) (2m)
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
6.9m fr 1.5m @0.38%
WO(3) , 0.72%
17GH-RC03 423941.9 4249668.3 1961.5 175.3 -60.1 109.7 Zn, & 0.23% Cu 28m*
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
7.6m fr 30.4m
@0.36%Zn, 0.67%
17GH-RC04 423945.0 4249703.0 1953 192.0 -61 71.6 Cu 5m
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
13.2m fr 15.7m
@ 0.28% WO(3)
, 1.43% Zn, 0.98%
17GH-DD01 423942.0 4249689.0 1956.4 172.5 -49 150.0 Cu 28m*
----------- --------- ---------- ---------- ------- ------ ------- ----------------------- ----------
*28m estimated true width of entire lode
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
Daniel Bush/ 383 5100 UK LLP Adviser
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
/ Andy Thacker 413 500
Tim Blythe/ +44 (0) 207 Blytheweigh Financial
Camilla Horsfall 138 3222 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.
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.
Competent Person's Report
The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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'. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
About Thor Mining PLC
Thor Mining PLC 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 2015(1) suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate(2) on 1 of the 4 known deposits.
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 portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor also holds a production royalty entitlement from the Spring Hill Gold project(3) 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 12 January 2015 -- (2) Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017 -- (3) Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016 -- At the date of this announcement gold is trading at approximately A$1,630/oz
JORC Code, 2012 Edition - Table 1 report
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
---------------------- ----------------------------------------------------------------- ---------------------------
Sampling Exploration results
techniques * Nature and quality of sampling (eg cut channels, are based on HQ sized
random chips, or specific specialised industry diamond drill core and
standard measurement tools appropriate to the Reverse Circulation
minerals under investigation, such as down hole gamma drilling using a 2.5
sondes, or handheld XRF instruments, etc). These foot sample interval.
examples should not be taken as limiting the broad
meaning of sampling. 2kg RC subsamples were
taken using rotary
splitter
* Include reference to measures taken to ensure sample for logging and
representivity and the appropriate calibration of any laboratory
measurement tools or systems used. analysis. Chip tray
samples were collected
logged and photographed.
* Aspects of the determination of mineralisation that
are Material to the Public Report. Industry standard QAQC
protocol was adopted
with reference material
* In cases where 'industry standard' work has been done inserted at 10%.
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
---------------------- ----------------------------------------------------------------- ---------------------------
Drilling Exploration results
techniques * Drill type (eg core, reverse circulation, open-hole are based on HQ sized
hammer, rotary air blast, auger, Bangka, sonic, etc) diamond drill core -
and details (eg core diameter, triple or standard not oriented and Reverse
tube, depth of diamond tails, face-sampling bit or Circulation drill
other type, whether core is oriented and if so, by cuttings
what method, etc). using face sampling
hammer.
---------------------- ----------------------------------------------------------------- ---------------------------
Drill Core recoveries exceed
sample * Method of recording and assessing core and chip 95%
recovery sample recoveries and results assessed. RC samples were not
weighed but recoveries
were generally good
* Measures taken to maximise sample recovery and ensure except for the very
representative nature of the samples. top of hole.
No trend between sample
recovery and grade was
* Whether a relationship exists between sample recovery apparent.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
---------------------- ----------------------------------------------------------------- ---------------------------
Logging Geology of drill
* Whether core and chip samples have been geologically core/cuttings
and geotechnically logged to a level of detail to was qualitatively logged
support appropriate Mineral Resource estimation, and photographed over
mining studies and metallurgical studies. the entire length
drilled.
Collar location, downhole
* Whether logging is qualitative or quantitative in survey, assay, lithology,
nature. Core (or costean, channel, etc) photography. weathering, structure,
geotechnical and specific
gravity was recorded
* The total length and percentage of the relevant for each hole.
---------------------- ----------------------------------------------------------------- ---------------------------
Criteria JORC Code explanation Commentary
--------------- ------------------------------------------------------------------------- --------------------------
intersections logged.
----------------------------------------------------------------------------------------------------------------------
Sub- sampling Mineralised intervals
techniques * If core, whether cut or sawn and whether quarter, of core were cut and
and sample half or all core taken. half core sent for
preparation assay.
Sample intervals were
* If non-core, whether riffled, tube sampled, rotary based on geological
split, etc and whether sampled wet or dry. boundaries or a maximum
of five feet.
RC samples over 2.5
* For all sample types, the nature, quality and foot intervals were
appropriateness of the sample preparation technique. split at the drill rig
by wet rotary splitter.
Industry standard QAQC
* Quality control procedures adopted for all sub- protocol was adopted
sampling stages to maximise representivity of including certified
samples. reference material,
certified blanks and
field duplicates making
* Measures taken to ensure that the sampling is up 10% of the assay
representative of the in situ material collected, samples.
including for instance results for field This size sample is
duplicate/second-half sampling. considered
representative
considering the rock
* Whether sample sizes are appropriate to the grain type and grain size.
size of the material being sampled.
--------------- ------------------------------------------------------------------------- --------------------------
Quality Assaying of the 2017
of assay * The nature, quality and appropriateness of the samples was conducted
data and assaying and laboratory procedures used and whether by ALS Global minerals
laboratory the technique is considered partial or total. Vancouver, BC, Canada.
tests Sample and assay method
has previously been
* For geophysical tools, spectrometers, handheld XRF approved by independent
instruments, etc, the parameters used in determining resource estimate
the analysis including instrument make and model, practitioner.
reading times, calibrations factors applied and their Assay laboratory
derivation, etc. operates
to ISO 17025 and are
accredited by the
* Nature of quality control procedures adopted (eg Standards
standards, blanks, duplicates, external laboratory Council of Canada.
checks) and whether acceptable levels ofaccuracy (ie Assay method comprised
lack of bias) and precision have been established. four acid digest of
homogenised pulp
(85%<75um)
followed by ICP-AES
multi element
determination.
Thor Mining and
Laboratory
QAQC results were
examined
and found to be within
acceptable ranges.
--------------- ------------------------------------------------------------------------- --------------------------
Verification Not undertaken.
of sampling * The verification of significant intersections by Tungsten (W) assays
and assaying either independent or alternative company personnel. are converted to
Tungstate
(WO3) using a factor
* The use of twinned holes. of 1.261. No other
adjustments
are made to the assays
* Documentation of primary data, data entry procedures, data.
data verification, data storage (physical and Data is collected in
electronic) protocols. hardcopy format and
subsequently transferred
to digital format and
* Discuss any adjustment to assay data. stored on a secure,
backed up server.
--------------- ------------------------------------------------------------------------- --------------------------
Location Hand held GPS has been
of data * Accuracy and quality of surveys used to locate drill used for the purpose
points holes (collar and down-hole surveys), trenches, mine of reporting exploration
workings and other locations used in Mineral Resource results but is not
estimation. considered
appropriate for resource
estimation. Detailed
* Specification of the grid system used. survey will be
undertaken
when required.
* Quality and adequacy of topographic control. Co-ordinate system:
NAD 83 zone11
The topographic control
was based hand held
GPS validated against
the USGS 1 m DEM and
recorded elevations
of adjacent drill
collars.
--------------- ------------------------------------------------------------------------- --------------------------
Criteria JORC Code explanation Commentary
--------------- ------------------------------------------------------------------------- ------------------------
Data spacing Data spacing varied
and * Data spacing for reporting of Exploration Results. between 5 and 80 metres.
distribution The text and diagrams
in the release reflect
* Whether the data spacing and distribution is areas where data spacing
was considered too high
for reliable geological
sufficient to establish the continuity.
degree of geological and No resource estimate
grade continuity appropriate is provided.
for the Mineral Resource
and Ore Reserve estimation
procedure(s) and classifications
applied.
* Whether sample compositing has been applied.
--------------- ------------------------------------------------------------------------- --------------------------
Orientation Drilling azimuth is
of data * Whether the orientation of sampling achieves unbiased oriented at right
in relation sampling of possible structures and the extent to angle
to geological which this is known, considering the deposit type. to the interpreted
structure strike
of mineralisation.
* If the relationship between the drilling orientation Hole
and the orientation of key mineralised structures is inclination is
appropriately
for the dip of the
considered to have introduced mineralised
a sampling bias, this should zones (refer to
be assessed and reported sections
if material. supplied in
announcement
text).
No bias is considered
to have resulted due
to inappropriate drill
hole orientation.
--------------- ------------------------------------------------------------------------- ------------------------
Sample Drill samples remains
security * The measures taken to ensure sample security. in the custody of the
supervising geologist
and stored in a locked
building.
--------------- ------------------------------------------------------------------------- ------------------------
Audits None
or reviews * The results of any audits or reviews of sampling
techniques and data.
--------------- ------------------------------------------------------------------------- ------------------------
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
---------------- ------------------------------------------------------------------------ --------------------------
Mineral 100% Thor Mining plc
tenement * Type, reference name/number, location and ownership mineral leases cover
and land including agreements or material issues with third the Desert Scheelite
tenure parties such as joint ventures, partnerships, prospect area.
status overriding royalties, native title interests,
historical sites, wilderness or national park and There are no issues
environmental settings. with security of tenure
and no known impediments
to licence an operation.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
---------------- ------------------------------------------------------------------------ --------------------------
Exploration Pre - 2012 data is
done * Acknowledgment and appraisal of exploration by other treated as historic
by other parties. data and used as a
parties guide only unless
validated.
Pre-existing data
post-2012 complies
with JORC 2012 code.
---------------- ------------------------------------------------------------------------ --------------------------
Geology Contact metamorphic
* Deposit type, geological setting and style of skarn hosted tungsten.
mineralisation.
---------------- ------------------------------------------------------------------------ --------------------------
Drill Drill hole summary
hole * A summary of all information material to the tables provided in
Information understanding of the exploration results including a text of announcement.
tabulation of the following information for all
Material drill holes:
o easting and northing
of the drill hole collar
o elevation or RL (Reduced
Level - elevation above
sea level in metres) of
the drill hole collar
o dip and azimuth of the
hole
o down hole length and
interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
---------------- ------------------------------------------------------------------------ --------------------------
Data Data
aggregation * In reporting Exploration Results, weighting averaging aggregation
methods techniques, maximum and/or minimum grade truncations is
(eg cutting of high grades) and cut-off grades are based on a
usually Material and should be stated. cut-off
grade of
0.1% WO(3)
* Where aggregate intercepts incorporate short lengths , a maximum
of high grade results and longer lengths of low grade internal
results, the procedure used for such aggregation dilution of
should be stated and some typical examples of such 2.4 metres
aggregations should be shown in detail. and a
minimum
mining
* The assumptions used for any reporting of metal width of 1.6
equivalent values should be clearly stated. metres.
Averaging of
grades
is length
weighted.
No metal
equivalents
are
reported.
---------------- ------------------------------------------------------------------------ --------------------------
Relationship Estimated
between * These relationships are particularly important in the horizontal
mineralisation reporting of Exploration Results. widths have
widths been
and intercept supplied
lengths * If the geometry of the mineralisation with respect to where
the drill hole angle is known, its nature should be required.
reported.
Drill holes
are all
* If it is not known and only the down hole lengths are shown on
reported, there should be a clear statement to this cross
effect (eg 'down hole length, true width not known'). section
with
interpreted
geology.
---------------- ------------------------------------------------------------------------ --------------------------
Diagrams Provided
* Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
---------------- ------------------------------------------------------------------------ --------------------------
Balanced All
reporting * Where comprehensive reporting of all Exploration available
Results is not practicable, representative reporting results
of both low and high grades and/or widths should be provided.
practiced to avoid misleading reporting of
Exploration Results.
---------------- ------------------------------------------------------------------------ --------------------------
Other No
substantive * Other exploration data, if meaningful and material, deleterious
exploration should be reported including (but not limited to): data
data geological observations; geophysical survey results; or issues
geochemical survey results; bulk samples - size and known which
method of treatment; metallurgical test results; bulk would
density, groundwater, geotechnical and rock adversely
characteristics; potential deleterious or impact
contaminating substances. a potential
mining
operation.
---------------- ------------------------------------------------------------------------ --------------------------
Further Further
work * The nature and scale of planned further work (eg exploration
tests for lateral extensions or depth extensions or work
large-scale step-out drilling). including
geophysical
surveys and
* Diagrams clearly highlighting the areas of possible drilling
extensions, including the main geological will be
interpretations and future drilling areas, provided undertaken
this information is not commercially sensitive. but has
neither been
planned nor
scheduled
at this
stage.
---------------- ------------------------------------------------------------------------ --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLLFVFIFLFLID
(END) Dow Jones Newswires
October 12, 2017 08:36 ET (12:36 GMT)
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