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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 | 121,601 | 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 : 9269S
Thor Mining PLC
06 October 2017
6 October 2017
THOR MINING PLC
DRILLING SUCCESS AT PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA
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 that it has received positive laboratory assays 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 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) & 0.26%
17DS-DD02 424451.9 4248399.4 1918 195.8 -69 313.0 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% Zn,
17GH-RC03 423941.9 4249668.3 1961.5 175.3 -60.1 109.7 & 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,
17GH-DD01 423942.0 4249689.0 1956.4 172.5 -49 150.0 0.98% 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
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- drill cuttings.
sampling bit or 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 were 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 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 assay.
preparation Sample intervals were
based on geological
* If non-core, whether riffled, tube sampled, rotary boundaries or a maximum
split, etc and whether sampled wet or dry. of five feet.
Industry standard QAQC
* For all sample types, the nature, quality and protocol was adopted
appropriateness of the sample preparation technique. including certified
reference material,
certified blanks and
* Quality control procedures adopted for all sub- field duplicates making
sampling stages to maximise representivity of up 10% of the assay
samples. 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 Assay laboratory operates
of assay * The nature, quality and appropriateness of the to ISO 17025 and are
data and assaying and laboratory procedures used and whether accredited by the local
laboratory the technique is considered partial or total. regulatory authority.
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. Hole
structure inclination is appropriately
for the dip of the mineralised
* If the relationship between the drilling orientation zones (refer to sections
and the orientation of key mineralised structures is supplied in announcement
text)
considered to have introduced
a sampling bias, 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
DRLDMMGGRVMGNZG
(END) Dow Jones Newswires
October 06, 2017 04:44 ET (08:44 GMT)
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