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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% | 1.30 | 1.20 | 1.40 | 1.30 | 1.30 | 1.30 | 7,368 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.84 | 3.62M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 1504R
Thor Mining PLC
19 September 2017
19 September 2017
THOR MINING PLC
COMPLETION OF DRILLING AT PILOT MOUNTAIN - NEVADA USA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to report completion of drilling at the Pilot Mountain tungsten project in Nevada, USA.
Highlights:
-- Mineralisation identified extending a further 60 metres down dip at Desert Scheelite -- Potential second lode identified 20 metres to the north of the existing Desert Scheelite lode.
-- 28 metre wide zone of copper, zinc and tungsten mineralisation intersected near surface at the Good Hope prospect.
Detailed logging of the drill core is now complete and samples submitted for laboratory assay.
Mr Mick Billing, Executive Chairman of Thor:
"Very encouraging initial results from Desert Scheelite and Good Hope, and hopefully the assays, expected in several weeks, will confirm this.
"Desert Scheelite in particular continues to shape as very exciting amongst the suite of deposits at Pilot Mountain, and the depth extension and potential additional lode to the north identified in this program represents extremely promising growth potential."
"The rising Tungsten commodity price recently has increased interest in tungsten explorers and developers. We have spent several years building a quality tungsten portfolio and with Pilot Mountain in the US and Molyhil in Australia, the Company is uniquely positioned to benefit from a resurgent tungsten sector."
Desert Scheelite
Drill hole 17DSDD-02 intersected two mineralised zones; the first representing a potential second new lode approximately 20 metres to the hangingwall (north) of the existing Desert Scheelite lode. The second intersection down hole represents a 60 metre down dip extension to the existing Desert Scheelite lode.
Link to Desert Scheelite Cross Section: http://www.rns-pdf.londonstockexchange.com/rns/1504R_-2017-9-19.pdf
Two diamond drill holes were planned at the Desert Scheelite prospect however only one was completed after 17DSDD01 was abandoned due to drilling difficulties. Alternative drill collar locations are in the process of being permitted for subsequent drilling.
Good Hope
Four reverse circulation (RC) holes and one diamond drill core hole were completed at the Good Hope prospect. Robust mineralisation was identified by drilling following up the historic drill hole result from RGH-02 (36.5m @ 0.4%WO(3) , 0.25%Cu, 0.47%Zn).
-- Assay results are awaited to confirm preliminary XRF results of 27m @ 1.1% Cu, 1.3% Zn and 0.19%WO(3) from surface including 10m @ 0.32% WO(3) from 17.5m down hole (reported on 18 August 2017).
-- The Good Hope drilling has delineated a 28-metre-wide zone of copper zinc and tungsten mineralisation beneath shallow alluvial cover.
-- Drill hole 17GH-RC02, 70 metres west of 17GHRC-01 (Figure 5) failed to intersect significant mineralisation possibly due to unidentified fault displacement.
A strong mineralising system has been demonstrated at Good Hope and there remains good potential of further drilling success.
Table 1: Drill hole orientation summary
Hot Features
Premium
Hole ID Easting Northing Hole Hole collar Final
NAD83 NAD83 Collar Azimuth* Depth
zone 11 zone 11 dip * (m)
--------- --------- ---------- -------- ------------ -------
17DS -
DD01 424,458 4,248,396 -73 181 187
--------- --------- ---------- -------- ------------ -------
17DS -
DD02 424,452 4,248,399 -69 196 313
--------- --------- ---------- -------- ------------ -------
17GH -
DD01 423,942 4,249,689 -50 172 150
--------- --------- ---------- -------- ------------ -------
17GH -
RC01 423,941 4,249,688 -60 180 44
--------- --------- ---------- -------- ------------ -------
17GH -
RC02 423,868 4,249,698 -61 180 126
--------- --------- ---------- -------- ------------ -------
17GH -
RC03 423,942 4,249,668 -60 175 110
--------- --------- ---------- -------- ------------ -------
17GH -
RC04 423,945 4,249,703 -60 175 72
--------- --------- ---------- -------- ------------ -------
Previously reported as 17DS-DD01
Laboratory assay results are expected within four weeks. the Company will issue an updated report with the full results when received.
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.
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$1,650/oz
JORC Code, 2012 Edition - Table 1 report
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 drill cuttings.
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad Industry standard QAQC
meaning of sampling. protocol was adopted
with reference material
inserted at 10%.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* In cases where 'industry standard' work has been done
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
and details (eg core diameter, triple or standard Reverse Circulation
tube, depth of diamond tails, face- sampling bit or drill cuttings.
other type, whether core is
oriented and if so, by what
method, etc).
------------ ------------------------------------------------------------------ -------------------------
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.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of
fine/coarse material.
------------ ------------------------------------------------------------------ -------------------------
Logging Drill core/cuttings
* Whether core and chip samples have been geologically was logged geologically
and geotechnically logged to a level of detail to and photographed for
support appropriate Mineral Resource estimation, the entire length of
mining studies and metallurgical studies. the hole.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
------------ ------------------------------------------------------------------ -------------------------
Criteria JORC Code explanation Commentary
------------------ ------------------------------------------------------------------ ----------------------------
intersections logged.
--------------------------------------------------------------------------------------------------------------------
Sub- sampling No assay data is reported.
techniques * If core, whether cut or sawn and whether quarter,
and sample half or all core taken. Mineralised intervals
preparation of core were cut and
half core sent for assay.
* If non-core, whether riffled, tube sampled, rotary Sample intervals were
split, etc and whether sampled wet or dry. based on geological
boundaries or a maximum
of five feet.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. Industry standard QAQC
protocol was adopted
including certified
* Quality control procedures adopted for all sub- reference material,
sampling stages to maximise representivity of certified blanks andield
samples. duplicates making up
10% of the assay samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
------------------ ------------------------------------------------------------------ ----------------------------
Quality XRF data was reported
of assay * The nature, quality and appropriateness of the on 18th August 2017
data and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been
established.
------------------ ------------------------------------------------------------------ ----------------------------
Verification Not undertaken
of sampling * The verification of significant intersections by
and assaying either independent or alternative company personnel.
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
------------------ ------------------------------------------------------------------ ----------------------------
Location Hand held GPS
of data * Accuracy and quality of surveys used to locate drill
points holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
------------------ ------------------------------------------------------------------ ----------------------------
Data spacing No resource estimation
and distribution * Data spacing for reporting of Exploration Results. is implied or inferred.
* Whether the data spacing and distribution is
sufficient to establish
the degree of geological
and grade continuity appropriate
for the Mineral
------------------ ------------------------------------------------------------------ ----------------------------
Criteria JORC Code explanation Commentary
--------------- ------------------------------------------------------------------ ---------------------------------
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 angle
in relation sampling of possible structures and the extent to to the interpreted strike
to geological which this is known, considering the deposit type. of mineralisation.
structure holenclination
is appropriately for
* If the relationship between the drilling orientation the dip of the mineralised
and the orientation of key mineralised structures is zones (refer to sections
considered to have introduced a sampling bias, supplied in announcement
text)
this should be assessed and
reported if material.
--------------- ------------------------------------------------------------------ ---------------------------------
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.
--------------- ------------------------------------------------------------------ ---------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLIFFTARIALID
(END) Dow Jones Newswires
September 19, 2017 04:29 ET (08:29 GMT)
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