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THR Thor Energy Plc

1.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 42,665 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

Thor Mining PLC MOLYHIL TUNGSTEN PROJECT - ASSAYS (9334M)

19/10/2016 8:29am

UK Regulatory


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TIDMTHR

RNS Number : 9334M

Thor Mining PLC

19 October 2016

19 October 2016

THOR MINING PLC

MOLYHIL TUNGSTEN PROJECT - ASSAYS POINT TO NEW TUNGSTEN DEPOSITS

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) is pleased to provide an update regarding positive exploration work conducted at the Company's wholly owned Tungsten-Molybdenum Molyhil Project ("Molyhil") situated in the Northern Territory of Australia.

Highlights

-- In January 2015 Thor produced an updated feasibility study in respect of Molyhil demonstrating a post tax NPV of A$67m (UKGBP42m) further details of which are provided on the Company's website;

-- Thor is now proactively building its knowledge of the Molyhil project with a view to further enhancing the quality of the existing resource/reserve, increasing the total amount confirmed Tungsten-Molybdenum mineralisation and further improving efficiency with regard to future planned mine activities;

-- One important element of this work has been to identify new areas of Tungsten mineralisation in and around the project, which is the subject of the positive findings in this market announcement;

-- Laboratory assay results have reinforced the prospectivity of several targets following the completion of the exploration drilling program to test for additional tungsten mineralisation satellite to the Company's existing Molyhil tungsten deposit;

-- Prospective host rocks (skarn & calc-silicate, with proximal granite) are confirmed to exist under shallow alluvial cover in each of three prospects tested (Cattle Track, Gap Track, and Think Big);

-- In addition the Company's work has identified elevated tungsten assays at Cattle Track and Gap Track prospects;

-- Finally, the exploration programme has confirmed elevated titanium assays at the Think Big prospect.

Mr Mick Billing, Executive Chairman, commented:

"I am pleased to report further material progress in our campaign to further enhance the value and project economics of Molyhil. In today's challenging resource environment mineral development companies are ideally placed with advanced projects, and Molyhil falls into that category with a Definitive Feasibility Study already complete.

We are now going about the business of building our knowledge and the inherent value of Molyhil, and today's announcement marks some great progress in this regard.

The fertility of the Cattle Track and Gap Track prospects has been enhanced. Whilst the number of holes in each of these targets is, both limited and quite widely spaced, we have identified both geochemical signature and geology indicative of potential mineralisation. Further drilling on each of these targets is warranted and will be scheduled and additional announcements will therefore follow.

In addition Thor will be providing further updates in the near term with regard to the Company's Pilot Mountain, Nevada project and specifically the efficient route we have identified to significantly increase the in-situ resource at that project.

Finally the Company remains highly proactive in the review of new opportunities. We hope to provide a further update to market in this regard at the earliest opportunity."

Following the initial on site analyses using hand held XRF analyser, samples were sent for laboratory follow up assay. The laboratory assay process has a lower detection limit of 1 part per million ("ppm") compared with 10ppm for the hand held XRF, and also uses a larger sample size. Trends in tungsten distribution are now apparent in the laboratory assays that were not apparent in the earlier analyses.

The laboratory analyses show tungsten elevated at two to three times background levels in the vicinity of the Molyhil Pinnacle (Cattle track) and along the southern margin of the Gap Track prospect (refer to map). At Gap Track, where a broader spread of data points was collected, a trend of elevated tungsten is apparent which reflects the trend in elevated magnetic response. These are encouraging results albeit at subdued levels.

Due to its low chemical reactivity and high physical density, tungsten does not tend to disperse in the soil and weathered rock profile as much as more reactive metals such as copper. As a result, any detection of tungsten is considered encouraging and worthy of follow up investigation.

Enquiries:

 
Mick Billing      +61 (8) 7324  Thor Mining PLC    Executive 
                      1935                          Chairman 
Ray Ridge         +61 (8) 7324  Thor Mining PLC    CFO/Company 
                      1935                          Secretary 
Colin Aaronson/   +44 (0) 207   Grant Thornton UK  Nominated 
 Daniel Bush/       383 5100     LLP                Adviser 
 Richard Tonthat 
Gerry Beaney/      +44 (0) 20   Northland Capital  Joint Broker 
 David Hignell      3861 6625    Partners Limited 
 John Howes 
Nick Emerson      +44 (0) 1483  SI Capital         Joint Broker 
 /                   413 500 
 Andy Thacker 
Tim Blythe/       +44 (0) 207   Blytheweigh        Financial 
 Camilla            138 3222                        PR 
 Horsfall 
 

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.

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.

In February 2016, Thor announced the sale of its Spring Hill Gold project(3) for A$3.5million, of which A$1.5 remains due for settlement in February 2017, plus a royalty 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 ASX and AIM announcement of 10 June 2014 
   --      (3) Refer ASX and AIM announcement of 29 February 2016 
   --      At the date of this announcement gold is trading at approximately A$1,650/oz 

Assay results

 
 Hole         Easting   Northing    Sample        Sample      W (ppm)   Cu       Mo       Fe       Ti 
  Id           GDA94     GDA94       depth-from    depth-to              (ppm)    (ppm)    (ppm)    (ppm) 
                                     (m)           (m) 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC001     577,893   7,483,253   1.5           2.8         3         30       2        20315    1350 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC002     577,897   7,483,300   0             1.5         <1        <10      <1       2795     220 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC003     577,900   7,483,348   1.5           3           3         20       1        11725    700 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC012     576,901   7,483,103   3             4.5         4         20       <1       23810    940 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC013     576,903   7,483,045   3             4.5         6         20       <1       30985    1660 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC014     576,899   7,482,999   1.5           3           4         20       <1       15140    1040 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC015     576,610   7,483,110   3             4.5         3         20       2        20760    1070 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC016     576,599   7,483,052   1.5           3           2         10       <1       61430    1430 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC017     576,589   7,482,996   1.5           3           3         50       1        34115    920 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC018     576,600   7,482,956   1.5           3           2         <10      <1       18285    1040 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC019     576,606   7,482,902   1.5           3           <1        <10      1        39530    1690 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC020     576,605   7,482,905   3             4.5         1         <10      4        42520    1870 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC021     576,298   7,482,888   6             7.5         5         10       6        26155    510 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC022     576,300   7,482,851   3             4.5         4         30       4        41445    1530 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC023     576,299   7,482,800   3             4.5         3         20       1        28625    1150 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC024     576,208   7,482,899   6             7.5         7         10       3        42175    2550 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC025     576,206   7,482,851   7.5           9           3         20       3        61045    2220 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC026     576,199   7,482,805   3             4.5         5         20       2        41810    1100 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC027     576,099   7,483,200   4.5           6           3         20       <1       38250    2520 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC028     576,103   7,483,248   3             4.5         3         40       <1       33075    2280 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC029     576,109   7,483,303   3             4.5         8         10       3        26635    2040 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC030     582,689   7,480,489   10.5          12          7         30       1        46590    4090 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MAC031     582,702   7,480,612   6             7.5         4         20       2        34205    1220 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB032    583,400   7,480,298   7.5           9           1         30       <1       44750    5160 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB033    583,398   7,480,400   6             7.5         3         10       <1       22735    1690 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB034    583,398   7,480,493   4.5           6           3         10       <1       16545    2070 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB035    583,204   7,480,601   3             4.5         3         20       3        19585    1510 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB036    583,199   7,480,494   3             4.5         5         10       <1       18155    1550 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB037    583,200   7,480,406   6             7.5         3         10       <1       22315    2130 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB038    583,000   7,480,400   4.5           6           2         40       <1       54115    3080 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB039    583,000   7,480,500   9             10.5        2         30       <1       35270    4100 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB040    583,003   7,480,597   9             10.5        2         10       <1       22180    1840 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB041    582,698   7,480,698   7.5           9           3         <10      <1       10855    710 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB042    582,999   7,480,301   7.5           9           9         30       2        33460    1150 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB043    583,202   7,480,301   6             7.5         7         30       2        27680    2000 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB044    583,600   7,480,303   9             10.5        2         40       <1       38920    3160 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB045    583,596   7,480,398   6             7.5         2         20       <1       39690    3250 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB046    575,303   7,481,402   4.5           5           3         30       <1       49425    4970 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB048    575,305   7,481,201   4.5           6           2         20       <1       47525    3900 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB049    575,300   7,481,102   6             7.5         5         20       <1       18435    570 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB050    574,898   7,480,908   4.5           6           3         30       <1       45895    3370 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB051    574,899   7,481,003   3             4.5         2         20       <1       20920    790 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB052    574,898   7,481,101   4.5           6           5         40       <1       31965    2800 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB053    574,897   7,481,200   4.5           6           2         <10      <1       61125    3960 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB054    574,895   7,481,295   4.5           6           1         30       <1       43950    4100 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB055    574,856   7,481,393   7.5           9           2         20       <1       54035    2350 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB056    574,895   7,481,497   1.5           3           <1        220      <1       86605    4200 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB057    574,900   7,481,595   3             4.5         4         <10      <1       16870    2250 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB058    575,305   7,481,504   4.5           6           4         <10      <1       16620    1470 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB059    576,613   7,482,906   1.5           3           2         <10      <1       45370    1520 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB060    576,602   7,482,899   3             4.5         2         <10      <1       37130    1600 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB061    576,602   7,482,906   4.5           6           3         <10      <1       44060    2200 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB062    577,897   7,483,301   1.5           3           3         <10      <1       54520    4900 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB063    576,300   7,482,856   9             10.5        8         60       <1       27575    1760 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB064    576,206   7,482,852   4.5           6           5         <10      1        51265    1810 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 16MRAB065    576,102   7,483,205   7.5           9           7         <10      <1       29245    1720 
-----------  --------  ----------  ------------  ----------  --------  -------  -------  -------  ------- 
 

JORC Code, 2012 Edition - Table 1 report

Section 1 Sampling Techniques and Data

 
 Criteria            JORC Code explanation                                          Commentary 
------------------  -------------------------------------------------------------  ----------------------------- 
 Sampling                                                                           Aircore and RAB 
  techniques           *    Nature and quality of sampling (eg cut channels,         drilling was used 
                            random chips, or specific specialised industry           (as per hole id 
                            standard measurement tools appropriate to the            designation) to 
                            minerals under investigation, such as down hole gamma    obtain 1.5 metre 
                            sondes, or handheld XRF instruments, etc). These         interval samples. 
                            examples should not be taken as limiting the broad       2kg subsamples 
                            meaning of sampling.                                     were taken for 
                                                                                     logging, portable 
                                                                                     XRF analysis and 
                       *    Include reference to measures taken to ensure sample     follow up laboratory 
                            representivity and the appropriate calibration of any    analysis where 
                            measurement tools or systems used.                       appropriate. Chip 
                                                                                     tray samples were 
                                                                                     collected and photographed. 
                       *    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                                                                           Initially aircore 
  techniques           *    Drill type (eg core, reverse circulation, open-hole      drilling was used 
                            hammer, rotary air blast, auger, Bangka, sonic, etc)     but reverted to 
                            and details (eg core diameter, triple or standard        RAB as a result 
                            tube, depth of diamond tails, face-sampling bit or       of difficulty penetrating 
                            other type, whether core is oriented and if so, by       large rocks within 
                            what method, etc).                                       transported cover. 
------------------  -------------------------------------------------------------  ----------------------------- 
 Drill                                                                              Little to no sample 
  sample               *    Method of recording and assessing core and chip          recovery was generally 
  recovery                  sample recoveries and results assessed.                  achieved in the 
                                                                                     top 1.5 metres 
                                                                                     of RAB holes. Reasonable 
                       *    Measures taken to maximise sample recovery and ensure    sample recovery 
                            representative nature of the samples.                    was obtained thereafter. 
                                                                                     Sample recovery 
                                                                                     was not measured. 
                       *    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                                                                            Hole cuttings were 
                       *    Whether core and chip samples have been geologically     logged geologically 
                            and geotechnically logged to a level of detail to        and photographed. 
                            support appropriate Mineral Resource estimation, 
                            mining studies and metallurgical studies. 
 
 
                       *    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                                                                       Subsamples were 
  techniques           *    If core, whether cut or sawn and whether quarter,        taken by hand scoop 
  and sample                half or all core taken.                                  cutting across 
  preparation                                                                        the entire volume 
                                                                                     of sample. This 
                       *    If non-core, whether riffled, tube sampled, rotary       is not considered 
                            split, etc and whether sampled wet or dry.               representative 
                                                                                     but adequate for 
                                                                                     reconnaissance 
                       *    For all sample types, the nature, quality and            geochemistry. 
                            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                                                                            Assay process comprised 
  of assay             *    The nature, quality and appropriateness of the           four acid digest 
  data                      assaying and laboratory procedures used and whether      followed by ICP-MS 
  and laboratory            the technique is considered partial or total.            for Mo and W and 
  tests                                                                              ICP-OES for Cu, 
                                                                                     Fe and Ti. The 
                       *    For geophysical tools, spectrometers, handheld XRF       assay process is 
                            instruments, etc, the parameters used in determining     not considered 
                            the analysis including instrument make and model,        to be total for 
                            reading times, calibrations factors applied and their    W and Mo and may 
                            derivation, etc.                                         result in a low 
                                                                                     bias for these 
                                                                                     elements. 
                       *    Nature of quality control procedures adopted (eg         No external QAQC 
                            standards, blanks, duplicates, external laboratory       reference materials 
                            checks) and whether acceptable levels of accuracy (ie    were included in 
                            lack of bias) and precision have been established.       the assay process. 
                                                                                     Third party assay 
                                                                                     will be undertaken 
                                                                                     on a selection 
                                                                                     of samples. 
------------------  -------------------------------------------------------------  ----------------------------- 
 Verification                                                                       No significant 
  of sampling          *    The verification of significant intersections by         intersections reported 
  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                                                                               Holes were spaced 
  spacing              *    Data spacing for reporting of Exploration Results.       between 50 and 
  and distribution                                                                   100 metres apart 
                                                                                     in lines crossing 
                       *    Whether the data spacing and distribution is             anomalies at 100, 
                            sufficient to establish the degree of geological and     200 or 400 metres 
                            grade continuity appropriate for the Mineral Resource    apart. 
                            and Ore Reserve estimation procedure(s) and 
                            classifications applied.                                 No compositing 
                                                                                     of samples was 
                                                                                     undertaken. 
                       *    Whether sample compositing has been applied. 
------------------  -------------------------------------------------------------  ----------------------------- 
 Orientation                                                                        All holes were 
  of data              *    Whether the orientation of sampling achieves unbiased    vertical which 
  in relation               sampling of possible structures and the extent to        is appropriate 
  to geological             which this is known, considering the deposit type.       for reconnaissance 
  structure                                                                          geochemistry. 
 
                       *    If the relationship between the drilling orientation 
                            and the orientation of key mineralised structures is 
                            considered to have introduced a sampling bias, this 
                            should be assessed and reported if material. 
------------------  -------------------------------------------------------------  ----------------------------- 
 Sample                                                                             None 
  security             *    The measures taken to ensure sample security. 
------------------  -------------------------------------------------------------  ----------------------------- 
 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                                                                             EL22349 100% Thor 
  tenement           *    Type, reference name/number, location and ownership         Mining plc 
  and land                including agreements or material issues with third          No known impediments 
  tenure                  parties such as joint ventures, partnerships,               to licence an operation. 
  status                  overriding royalties, native title interests, 
                          historical sites, wilderness or national park and 
                          environmental settings. 
 
 
                     *    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                                                                         No historic data 
  done               *    Acknowledgment and appraisal of exploration by other        other than the 
  by other                parties.                                                    regional aeromagnetic 
  parties                                                                             data 
----------------  ----------------------------------------------------------------  --------------------------- 
 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            table provided 
  Information                 understanding of the exploration results including a    above. The vertical 
                              tabulation of the following information for all         holes were all 
                              Material drill holes:                                   located on an essentially 
                                                                                      level plain thus 
                                                                                      the collar rl has 
                        o easting and northing                                        not been included. 
                        of the drill hole collar                                      Sample depth varied 
                        o elevation or RL (Reduced                                    as a function of 
                        Level - elevation above                                       cover depth and 
                        sea level in metres) of                                       depth of drill 
                        the drill hole collar                                         refusal. 
                        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                                                                                None undertaken. 
  aggregation        *    In reporting Exploration Results, weighting averaging 
  methods                 techniques, maximum and/or minimum grade truncations 
                          (eg cutting of high grades) and cut-off grades are 
                          usually Material and should be stated. 
 
 
                     *    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                                                                        Not applicable 
  between            *    These relationships are particularly important in the 
  mineralisation          reporting of Exploration Results. 
  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                                                                            Refer to figure 
                     *    Appropriate maps and sections (with scales) and             1 
                          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 results provided 
  reporting          *    Where comprehensive reporting of all Exploration 
                          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 other data 
  substantive        *    Other exploration data, if meaningful and material, 
  exploration             should be reported including (but not limited to): 
  data                    geological observations; geophysical survey results; 
                          geochemical survey results; bulk samples - size and 
                          method of treatment; metallurgical test results; bulk 
                          density, groundwater, geotechnical and rock 
                          characteristics; potential deleterious or 
                          contaminating substances. 
----------------  ----------------------------------------------------------------  --------------------------- 
 Further                                                                             The results provided 
  work               *    The nature and scale of planned further work (eg            warrant follow 
                          tests for lateral extensions or depth extensions or         up investigation 
                          large-scale step-out drilling).                             which will most 
                                                                                      likely comprise 
                                                                                      further RAB drill 
                     *    Diagrams clearly highlighting the areas of possible         geochemistry on 
                          extensions, including the main geological                   a reduced spacing 
                          interpretations and future drilling areas, provided         targeting the two 
                          this information is not commercially sensitive.             area of elevated 
                                                                                      tungsten so far. 
----------------  ----------------------------------------------------------------  --------------------------- 
 

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October 19, 2016 03:29 ET (07:29 GMT)

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