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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 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.32 | 3.34M |
TIDMTHR
RNS Number : 9763C
Thor Mining PLC
21 April 2017
21 April 2017
THOR MINING PLC
DRILL ASSAY RESULTS CONFIRM GARNET DEPOSIT & DESERT SCHEELITE EXTENSION PILOT MOUNTAIN, NEVADA USA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise positive assay results from the recent drilling program at the Company's wholly owned Pilot Mountain tungsten project in Nevada, USA (Figure 1).
HIghlights:
-- Strong correlation with historical tungsten assays (Table 2) at the Garnet deposit is likely to allow the preparation of a maiden resource estimate for Garnet.
-- Zinc mineralisation intersected at Garnet, not reported by previous explorers.
-- Confirmation of mineralised extension to the Desert Scheelite resource to the east, with higher grade targets at depth.
Reprocessing of geophysical data (Figure 3) suggests significant eastern extension to the known Desert Scheelite lode and the potential for parallel lodes to the north of Desert Scheelite, which would be consistent with the known multiple lodes at the other Pilot Mountain deposits.
Significant Assays:
-- High grade tungsten and robust zinc from 17GRRC01: 3.8m @ 0.72%WO3 and 1.6%Zn from 45.0m, and 5.3m @ 1.0%WO3, 0.9%Zn from 83.1m.
-- Thick, near surface intersections from 17GRRC06: 6.1m @ 0.24%WO3 from 16.5m and 14.5m @ 0.31%WO3, 0.3%Zn from 25.9m.
Mr Mick Billing, Executive Chairman of Thor: "These very positive results are significant for the Pilot Mountain project. From here we will commission the preparation of a maiden resource estimate for the Garnet deposit, building upon the existing Pilot Mountain resource inventory.
"At Desert Scheelite we have extended the known mineralisation to the east, and have exciting targets for higher grade eastern extensions at depth along with potential for parallel zones immediately to the north."
Figure 1: Pilot Mountain location map
Figure 2: Desert Scheelite longitudinal projection showing location of 2017 drill intersection points and interpreted plunging higher grade drill target zone.
Figure 3: Combined IP and gravity data extending eastward of the known Desert Scheelite deposit highlighting potential eastern extensions and mineralisation to the north.
Link to Figure 1, 2 & 3.
http://www.rns-pdf.londonstockexchange.com/rns/9763C_-2017-4-21.pdf
Desert Scheelite
2017 Drilling at Desert Scheelite targeted potential up dip extensions of mineralisation from the high-grade intersection of DSDD015. Figure 4 shows the three holes relative to DSDD015 on a cross section at 424450mE. Holes 2 and 3 from 2017 lie to the east of the section but have been projected onto the section for display purposes.
The geology of the area remains consistent with strong skarn development at the near vertical contact between the Luning Formation calcareous sediments and the younger intruded quartz monzonite.
The results from 2017 holes have confirmed extensions to the known mineralisation and there is still a strong prospect of high grades to the east and down dip (Figure 2).
Results of the geophysical survey conducted in 2013 displayed in Figure 3 indicate strong potential for the Desert Scheelite mineralisation to extend several hundred metres further eastward of the DSDD015 position, and potential also exists for additional mineralisation to the hanging wall (north) of the known Desert Scheelite lode. Testing of these areas will be undertaken in subsequent drilling.
Figure 4: Desert Scheelite drill cross section showing 2017 drilling adjacent 2013 drillhole DSDD015
Table 1: Desert Scheelite drill hole summary
Hole Easting Northing Elevation Azimuth Dip Hole Intersection Estimated ID (NAD83 (NAD83 (m depth (Thor 2017) True (2017) zone zone ASL) (m) width 11) 11) ----------- -------- ---------- ---------- -------- ---- ------- ------------------ ---------- No mineralisation 17DS-RC01 424,455 4,248,320 1,923 179 -60 140.8 intersected ----------- -------- ---------- ---------- -------- ---- ------- ------------------ ---------- 177.1 - 184.7m (7.6m) 17DS-RC02 424,457 4,248,321 1,923 150 -75 207.6 @ 0.14%WO(3) 4.4m ----------- -------- ---------- ---------- -------- ---- ------- ------------------ ---------- No mineralisation 17DS-RC03 424,458 4,248,319 1,923 138 -59 152.1 intersected ----------- -------- ---------- ---------- -------- ---- ------- ------------------ ----------
Garnet Prospect
Six holes were drilled to validate historic drill data from Union Carbide Corp drilling undertaken in the 1970's. Significant intercepts include:
Hole 17GRRC01 3.8m @ 0.31%WO(3) and 2.2%Zn from 4.6m
3.8m @ 0.72%WO(3) and 1.6%Zn from 45.0m
5.3m @ 1.0%WO(3) and 0.9%Zn from 83.1m
Hole 17GRRC06 6.1m @ 0.24%WO(3) from 16.5m
14.5m @ 0.31%WO(3) , 0.3%Zn from 25.9m
Drill intercepts from Garnet were generally consistent with the historic data as summarised in Table 2 below, although zinc mineralisation, intersected in each hole, has not previously been reported. The biggest discrepancy between new and historic intersections was apparent in Hole 17GRRC04. This is likely to be a result of differing hole collar locations rather than unreliable historic data.
Estimation of a maiden resource for the project will be undertaken by an independent consultant over the next few weeks.
The 2017 drilling at Garnet tested only a small area of the overall area covered by historic drilling (Figure 5). Over a square kilometre with existing historic drill intercepts remains to be tested by future drilling.
Figure 5: Map of the Garnet and Gunmetal prospect area. The 2017 Garnet drill holes tested less than a third of the total historic drill data over the entire Garnet and Gunmetal area.
Link to Figure 4 & 5.
http://www.rns-pdf.londonstockexchange.com/rns/9763C_1-2017-4-21.pdf
Table 2: Summary of Garnet drill hole intersections 2017 in comparison with historic drill data from Union Carbide Corp drilling conducted in the 1970's.
Hole Easting Northing Elevation Intersection Historic Intersection ID (NAD83 (NAD83 (m (Thor 2017) (UCC 1970's) (2017) zone zone ASL) 11) 11) ----------- -------- ---------- ---------- --------------- ---------------------------- 4.6 - 8.4m (3.8m) @ 0.31%WO(3) 3.2 - 7.1m 17GR-RC01 422,442 4,249,532 2135 , 2.2%Zn GR-66 (3.9m) @0.5%WO(3) ----------- -------- ---------- ---------- --------------- ------- ------------------- 45.0 - 48.8m 40.5 - 48.4m (3.8m) @ (7.9m) @0.1%WO(3) 0.72%WO(3) , 1.6%Zn ----------- -------- ---------- ---------- --------------- ------- ------------------- 83.1 - 88.4m 83.6 - 88.5m (5.3m) @ (4.9m) @ 1.0%WO(3) 0.5%WO(3) , 0.9%Zn ----------- -------- ---------- ---------- --------------- ------- ------------------- 19.8 - 24.4m (4.6m) @ 0.1%WO(3) Not previously 17GR-RC02 422,526 4,249,694 2136 , 0.2%Zn GR-119 recorded ----------- -------- ---------- ---------- --------------- ------- ------------------- 32.8 - 40.4m 29.9 - 37.9m (7.6m) @ (8.0m) @ 0.23%WO(3) 0.5%WO(3) , 2.9%Zn ----------- -------- ---------- ---------- --------------- ------- ------------------- 13.7 - 18.3m (4.6m) @ 18.9 - 26.5m 0.17%WO(3) (7.6m) @ 7GR-RC03 422,489 4,249,756 2130 , 0.6%Zn GR-128 0.04%WO(3) ----------- -------- ---------- ---------- --------------- ------- ------------------- Not previously 29.9 - 31.1m recorded (1.4m) @ 0.4%WO(3) ----------- -------- ---------- ---------- --------------- ------- ------------------- 42.7 - 51.1m 44.2 - 45.4m (8.4m) @ (1.2m) @ 0.18%WO(3) 0.12%WO(3) , 1.2%Zn and;
48.2 - 49.6m (1.5m) @ 0.12%WO(3) --------------- ------------------- 56.4 - 58.7m Not previously (2.3m) @ recorded 0.18%WO3, 0%Zn ----------- -------- ---------- ---------- --------------- ------- ------------------- 18.3 - 22.1m (3.8m) @ 14.0 - 18.6m 0.35%WO(3) (4.6m) @ 17GR-RC04 422,357 4,249,532 2163 , 0.1%Zn GR-123 0.58%WO(3,) ----------- -------- ---------- ---------- --------------- ------- ------------------- 6.9 - 8.4m 7.8 - 8.6m (1.5m) @ (0.8m) @ 17GR-RC05 422,354 4,249,754 2158 0.06%WO(3) GR-98 0.3%WO(3,) ----------- -------- ---------- ---------- --------------- ------- ------------------- 14.5 - 16.0m 13.6 - 17.7m (1.5m) @ (4.1m) @ 0.17%WO(3) 0.28%WO(3) ----------- -------- ---------- ---------- --------------- ------- ------------------- 17.5 - 18.3m 18.3 - 19.5m (0.8m) @ (1.2m) @ 0.09%WO(3) 0.5%WO(3) --------------- ------------------- 75.4 - 77.0m Not previously (1.6m) @ recorded 0.14%WO(3) , 0.2%Zn --------------- ------------------- 80.8 - 83.1m Not previously (2.3m) @ recorded 0.21%WO(3) , --------------- ------------------- 83.8 - 85.3m Not previously (1.5m) @ recorded 0.11%WO(3) ----------- -------- ---------- ---------- --------------- ------- ------------------- 6.1 - 9.1m (3.0m) @ 7.1 - 9.3m 0.2%WO(3) (2.2m) @ 17GR-RC06 422,377 4,249,783 2158 , 0.1%Zn GR-100 0.2%WO(3) ----------- -------- ---------- ---------- --------------- ------- ------------------- 16.5 - 22.1m 11.5 - 19.7m (6.1m) @ (8.2m) @ 0.24%WO(3) 0.23%WO(3) , ----------- -------- ---------- ---------- --------------- ------- ------------------- 25.9 - 40.4m 25.4 - 34.9m (14.5m) (9.5m) @ @ 0.31%WO(3) 0.35%WO(3) , 0.3%Zn --------------- ------------------- 44.2 - 45.7m Not previously (1.5m) @ recorded 0.21%WO(3) 0.1%Zn ----------- -------- ---------- ---------- --------------- ------- ------------------- Note: - All holes were drilled vertical and surveyed by north seeking gyroscopic down hole tool; - Intersection widths and true widths are within rounding error for vertical holes intersecting near horizontal mineralisation. --------------------------------------------------------------------------------------------
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 Thor Mining Executive 1935 PLC Chairman Ray Ridge +61 (8) 7324 Thor Mining CFO/Company 1935 PLC Secretary Colin Aaronson/ +44 (0) 207 383 Grant Thornton Nominated Daniel Bush/ 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) 207 138 Blytheweigh Financial Camilla Horsfall 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 and exploration targets 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 Pilot Mountain
Thor's Pilot Mountain Project, acquired in 2014, is located approximately 200 kilometres south of the city of Reno and 20 kilometres east of the town of Mina located on US Highway 95.
The Pilot Mountain Project comprises four tungsten deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All are in close proximity (three kilometres) to each other and have been subjected to small-scale mining activities at various times during the 20th century. Union Carbide acquired the project in 1978, for US$7.0 million (estimated at US$26million - US$40million in 2017 dollars), and conducted detailed exploration and feasibility activities until, following a global downturn in the tungsten industry in the 1980s, they suspended further work.
The Desert Scheelite deposit currently comprises 100% of the Pilot Mountain Resource estimate of 6.7Mt.
Table 3: Pilot Mountain Resource Summary 2014 (JORC 2012, announced 10 June 2014. 100% owned by Thor Mining Plc
Desert Resource WO(3) Ag Cu Scheelite ------------ Tonnes Grade Contained Grade Contained Grade Contained % metal g/t metal % metal (t) (t) (t) ------------ ---------- ------ ---------- ------ ---------- ------ ---------- Indicated 6,090,000 0.31 18,900 24.2 150 0.16 10,000 Inferred 700,000 0.30 2,100 9.1 10 0.24 2,000 ------------ ---------- ------ ---------- ------ ---------- ------ ---------- Total 6,790,000 0.31 21,000 22.8 160 0.17 12,000 ------------ ---------- ------ ---------- ------ ---------- ------ ----------
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary ------------------ ------------------------------------------------------------- --------------------------------- Sampling Reverse circulation techniques * Nature and quality of sampling (eg cut channels, drilling was used random chips, or specific specialised industry to obtain samples. standard measurement tools appropriate to the 2kg subsamples were minerals under investigation, such as down hole gamma taken using rotary sondes, or handheld XRF instruments, etc). These splitter for logging examples should not be taken as limiting the broad and laboratory analysis. meaning of sampling. Chip tray samples were collected logged and and photographed. * Include reference to measures taken to ensure sample representivity and the appropriate calibration of any Desert Scheelite was measurement tools or systems used. sampled at 5 foot intervals and Garnet at 2.5 foot intervals. * Aspects of the determination of mineralisation that are Material to the Public Report. Sample quality control procedures were utilised as described below. * 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 Reverse circulation techniques * Drill type (eg core, reverse circulation, open-hole drilling using a face hammer, rotary air blast, auger, Bangka, sonic, etc) sampling hammer for and details (eg core diameter, triple or standard Garnet and a tri-cone tube, depth of diamond tails, face-sampling bit or roller bit for Desert other type, whether core is oriented and if so, by Scheelite. what method, etc). ------------------ ------------------------------------------------------------- --------------------------------- Drill QA/QC protocol has sample * Method of recording and assessing core and chip been adopted using recovery sample recoveries and results assessed. certified reference material; certified blank material and * Measures taken to maximise sample recovery and ensure field duplicate samples representative nature of the samples. inserted at a rate of 15% or better. * Whether a relationship exists between sample recovery Sample recoveries and grade and whether sample bias may have occurred have not been systematically due to preferential loss/gain of fine/coarse quantified but appear material. consistently high. ------------------ ------------------------------------------------------------- --------------------------------- Logging Geology of the hole * Whether core and chip samples have been geologically cuttings was qualitative and geotechnically logged to a level of detail to logged and photographed support appropriate Mineral Resource estimation, over the entire hole mining studies and metallurgical studies. length. * Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. * The total length and percentage of the relevant intersections logged. ------------------ ------------------------------------------------------------- --------------------------------- Sub-sampling Sampling was by rotary techniques * If core, whether cut or sawn and whether quarter, splitter. Also refer and sample half or all core taken. to previous QAQC description preparation above. * If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. * For all sample types, the nature, quality and appropriateness of the sample preparation technique. * Quality control procedures adopted for all sub-sampling stages to maximise representivity of 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 Assaying was conducted of assay * The nature, quality and appropriateness of the by ALS Global minerals data assaying and laboratory procedures used and whether based in Reno Nevada. and laboratory the technique is considered partial or total. Sample and assay method tests has previously been approved by independent * For geophysical tools, spectrometers, handheld XRF resource estimate instruments, etc, the parameters used in determining practitioner. 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 Program holes intersect of sampling * The verification of significant intersections by in the vicinity of and assaying either independent or alternative company personnel. previously drill mineralisation and show strong correlation between both geology * The use of twinned holes. and assay * Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. * Discuss any adjustment to assay data.
------------------ ------------------------------------------------------------- --------------------------------- Location No mineral resource of data * Accuracy and quality of surveys used to locate drill estimate has been points holes (collar and down-hole surveys), trenches, mine reported. workings and other locations used in Mineral Resource Downhole surveys have estimation. been conducted using north seeking gyroscopic down hole tool. * Specification of the grid system used. Collar location have been determined by US registered surveyor * Quality and adequacy of topographic control. using differential GPS ------------------ ------------------------------------------------------------- --------------------------------- Data No resource estimate spacing * Data spacing for reporting of Exploration Results. has been reported. and distribution * Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. * Whether sample compositing has been applied. ------------------ ------------------------------------------------------------- --------------------------------- Orientation Drilling direction of data * Whether the orientation of sampling achieves unbiased was appropriate for in relation sampling of possible structures and the extent to the orientation of to geological which this is known, considering the deposit type. mineralisation structure Estimated true widths have been supplied * If the relationship between the drilling orientation where required. and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. ------------------ ------------------------------------------------------------- --------------------------------- Sample Locked in a secure security * The measures taken to ensure sample security. shed until sent for assay. ------------------ ------------------------------------------------------------- --------------------------------- Audits None undertaken. 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 No known impediments environmental settings. 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. Information understanding of the exploration results including a 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 is aggregation * In reporting Exploration Results, weighting averaging based on a cut-off methods techniques, maximum and/or minimum grade truncations grade of 0.1% WO(3) (eg cutting of high grades) and cut-off grades are , a maximum internal usually Material and should be stated. dilution of 2.4 metres and a minimum wining width of 1.6 metres. * Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. * The assumptions used for any reporting of metal equivalent values should be clearly stated. ---------------- --------------------------------------------------------------- ---------------------------- Relationship Estimated true widths between * These relationships are particularly important in the have been supplied mineralisation reporting of Exploration Results. where required. widths and intercept lengths * If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. * If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). ---------------- --------------------------------------------------------------- ---------------------------- 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 available results reporting * Where comprehensive reporting of all Exploration provided Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ---------------- --------------------------------------------------------------- ---------------------------- Other No deleterious data substantive * Other exploration data, if meaningful and material, or issues known which exploration should be reported including (but not limited to): would adversely impact data geological observations; geophysical survey results; a potential mining geochemical survey results; bulk samples - size and operation. method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. ---------------- --------------------------------------------------------------- ---------------------------- Further Provided where appropriate. work * The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). * Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. ---------------- --------------------------------------------------------------- ----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 21, 2017 04:38 ET (08:38 GMT)
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