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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 : 6994M
Thor Mining PLC
01 August 2017
1 August 2017
THOR MINING PLC
("THOR" OR THE "COMPANY")
QUARTERLY REPORT APRIL TO JUNE 2017
Hot Features
Premium
Highlights Outlook for September
Quarter 2017
---------------------------------------------------------------- ----------------------------------------------------------------
TUNGSTEN & MULTI COMMODITIES
Pilot Mountain, Nevada
USA * Initial drill program at Good Hope deposit
* Tungsten mineral resource estimate up by 55%
following successful March quarter drilling campaign
* Deeper diamond drilling at Desert Scheelite
--
Molyhil NT Australia
* Grant of adjoining exploration tenement * Re-process magnetic data from geophysical survey to
develop new drilling targets
GOLD
Spring Hill NT
* Small production run generates initial royalty
payment
Dundas WA
* Air core drill program resulted in no significant
mineralisation
LITHIUM
US Lithium Investment
* Agreement to acquire 25% interest in Arizona & New * Initial due diligence visit
Mexico focussed US Lithium Pty Ltd.
* Finalise due diligence with the objective of
* Option to acquire remaining 75% interest. completion of 100% acquisition
FINANCE
In June, the Company announced a share placement
to sophisticated investors to raise UKLIR460,000
before expenses, which was subsequently approved
by shareholders at a general meeting.
Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said:
"A busy and productive period for the Company and its investors, with significant progress on both new and existing projects. The continued positive results at Pilot Mountain demonstrate the significant and increasing value of this project and we are very keen to commence the next drilling program in the next 2 to 3 weeks.
"We are also highly encouraged by our recent site visit and due diligence exercise, which is ongoing, at the Big Sandy Lithium project in Nevada"
TUNGSTEN PROJECTS
PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA (100% Thor)
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 is comprised of four tungsten deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All of these deposits are in close proximity (three kilometres) to each other and were the subject of small-scale mining activities at various times during the 20th century.
In December 2014, Thor outlined a proposed exploration and development plan with the objective of upgrading the knowledge and status of the mineralisation of these deposits where historical drilling outlined potentially economic mineralisation.
A full project background is available on the Thor Mining website www.thormining.com/projects.
Table 1: Pilot Mountain Resource Summary 2017 (JORC
2012) - 100% owned by Thor Mining Plc. Announced
22 May 2017 Resource WO(3) Ag Cu
MT Grade Contained Grade Contained Grade Contained
% metal g/t metal % metal
(t) (t) (t)
----------- ----------- ------ ----- ---------- ------ --------- ------ ---------
Garnet Indicated - -
Inferred 1.83 0.36 6,590
----------------------- ------ ----- ---------- ------ --------- ------ ---------
Sub
Total 1.83 0.36 6,590
----------------------- ------ ----- ---------- ------ --------- ------ ---------
Desert
Scheelite Indicated 8.41 0.27 22,700 21.3 179 0.14 11,800
Inferred 1.49 0.23 3,430 9.07 13 0.17 2,500
----------------------- ------ ----- ---------- ------ --------- ------ ---------
Sub
Total 9.90 0.26 26,130 19.39 192 0.14 14,300
----------------------- ------ ----- ---------- ------ --------- ------ ---------
Summary Indicated 8.41 0.27 22,700
Inferred 3.32 0.30 10,020
----------------------- ------ ----- ---------- ------ --------- ------ ---------
Pilot Mountain
Total 11.73 0.28 32,720
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Note: All figures are rounded to reflect appropriate
levels of confidence.
Apparent differences may occur due to rounding.
In addition to the resource estimate, exploration
targets (summarised in Table 2) have been determined.
Even partial success in the conversion of these
targets are expected to significantly add to the
project value.
Table 2: Summary of Pilot Mountain exploration
targets
-------------------------------------------------------------------
Tonnage % WO(3) Comment
(Mt)
------------------- -------- -------- --------------------------
Tier 1 Exploration 6.0 - 0.3 Based on historic
Targets* 10.5 - 0.5 drill intersections
------------------- -------- -------- --------------------------
Tier 2 Exploration 3.5 - 0.2 Based on favourable
Targets* 9.1 - 0.4 geology and proximity
to known mineralisation.
------------------- -------- -------- --------------------------
Total Exploration 9.5 - 0.2 Combined Tier 1
Target* 19.6 - 0.5 & 2
------------------- -------- -------- --------------------------
Tier 1 Exploration Targets* at Pilot Mountain are
based on 1970s drilling undertaken by Union Carbide
Corporation and total 6.0 to 10.5 Mt at 0.2 to 0.4%
tungsten trioxide ("WO(3) ")(Table 2).
*Exploration targets are conceptual in nature and
there has been insufficient exploration to define
a Mineral Resource under the JORC Code and it is
uncertain if further exploration will result in
the determination of a Mineral Resource.
Following the March quarter drilling program the Company announced, on 22 May 2017, a 55% increase in the Pilot Mountain tungsten resource estimate.
Subsequent to this, a follow up drill program is due to commence early in August 2017, comprising:
-- Two diamond drill holes at Desert Scheelite, aimed at extending the 5.7% copper ("Cu") equivalent at depth
-- Up to four RC drill holes at the Good Hope deposit to follow up on historical high grade intersections including 36.5 m @ 0.4% WO , 0.25% Cu, and 0.47% zinc ("Zn").
A drill program in 2012 at Desert Scheelite facilitated the estimate and publication of a resource estimate for that deposit, shown in Table1. Importantly, the final hole of the program intersected 17.5 metres @ 1.80% Copper (Cu) plus 2.2% Zinc (Zn) and 32 g/t Silver (Ag), along with 13.5metres of 0.89% tungsten trioxide (WO ). At current commodity prices (US$2.8/lb Cu, US$1.27/lb Zn, US$16.70/oz Ag, and US$225/mtu WO ) this delivers an equivalent copper grade of 5.7%.
Good Hope comprises a small inlier (window) of mineralised skarn exposed within an area overlain by younger volcanic rock. The area has been worked to some extent with small scale exploratory shafts, plus trenches & adits, but little systematic exploration of basement below the volcanic cover is apparent.
Exposed mineralisation in the exploration trenches and the vertical extent of mineralisation in RDH-2 (highlighted in bold Figure 2) indicate Good Hope mineralisation is likely to be steeply dipping and similar to the Desert Scheelite deposit rather than the flat lying mineralisation to the west.
MOLYHIL TUNGSTEN PROJECT - NT (100% Thor)
In January 2015, Thor announced an updated feasibility study for its wholly-owned Molyhil tungsten project, with robust outcomes.
The project development cost for Molyhil is estimated at A$64 million, or US$48 million at a projected exchange rate of A$1:00 = US$0.75. Of this, approximately US$10 million is for equipment, for which equipment or leasing finance could potentially be secured, thus reducing the project finance requirement to circa US$40 million.
Molyhil has a forecast 12 month construction schedule from development commencement to first production.
The Company continues to refine operating and capital parameters to improve the project viability.
A full project background is available on the ThorMining website www.thormining.com/projects
In June 2017 the Company was granted an additional exploration licence ("EL") area to secure prospective ground contiguous with the Gap Track prospect to the south of existing tenements).
The new EL area will facilitate exploration access to a further 68 square kilometres of ground highly prospective for further Molyhil style skarn hosted tungsten deposits. First steps will comprise reprocessing the latest aero-magnetic data to prioritise targets for drill testing.
GOLD PROJECTS
DUNDAS GOLD PROJECT - WA (60% THOR)
The Dundas gold project is located approximately 100 kilometres east-south-east of Norseman in Western Australia. The tenements are in close proximity to the sealed arterial Eyre Highway, providing all-weather access to the project area. Within the tenements, access is provided by bulldozed tracks. It is also approximately 250 kilometres south of the major regional mining centre of Kalgoorlie.
A full project background is available on the Thor Mining website www.thormining.com/projects.
An air-core drilling program conducted during the quarter encountered no significant mineralisation.
SPRING HILL GOLD PROJECT - NT (ROYALTY ENTITLEMENT)
In February 2017 Thor completed the A$3.5 million sale of its Spring Hill Gold project(1).
The sale transaction carries an ongoing residual 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.
Gold is currently trading at approximately A$1,590/oz, and has remained above A$1,500 per ounce for more than 12 months.
Subsequent to the end of the quarter the Company was advised of gold production from a small stockpile of ore, totalling 955 ounces of gold. Of this total, 645 ounces were produced during the June quarter, and Thor has been advised that it is due a royalty payment of A$9,030.
(1)Refer ASX and AIM announcement of 29 February 2016
LITHIUM PROJECTS
On 14 June 2017, the Company announced the acquisition of a 25% interest in US Lithium Pty Ltd ("USL"). In addition, Thor holds an option to acquire the remaining 75% of USL, subject to satisfactory completion of project due diligence.
Should the Company exercise the option, Thor will acquire the remaining 75% of USL through the issue of 52,777,777 ordinary shares of 0.01p each in the capital of Thor ("Ordinary Shares") at a deemed price of 0.90p per Ordinary Share (for a total deemed share consideration value of GBP475,000).
USL is an Australian private limited company which has a 100% owned subsidiary company, registered in the United States of America ("USA"), that holds 100% of four exploration properties; three in the State of Arizona and one in the State of New Mexico. USL's primary asset is the Big Sandy project, which comprises 112 Federal claims each of approximately 20 acres in size. A 2017 exploration program was concluded with 231 hand dug channel samples, with some promising lithium grades discovered, averaging 786 ppm lithium with a range of 19 ppm to 2,930 ppm lithium.
Subsequent to the end of the period, Thor representatives visited each of the Arizona project sites and collected independent samples, in particular from the Big Sandy project. Assay testing of samples collected is now underway along with mineralogy testwork and Thor has now agreed with the remaining shareholders of USL that the option period will not expire until the receipt and review of these findings. Discussions were also held with the US Bureau of Land Management ("BLM") which is responsible for title and permitting issues.
Thor and USL have further agreed to apply for additional mineral claims, adjacent and close to the existing Big Sandy claims where both parties agree significant potential exists to expand the potential deposit.
CORPORATE AND FINANCE
During the quarter, a placement to raise UKGBP460,000 from sophisticated investors was announced. This was subsequently ratified at a General Meeting of shareholders on 27 July 2017.
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 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.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
----------------------------------------
THOR MINING PLC
----------------------------------------
ABN Quarter ended ("current
quarter")
------------ ------------------------
121 117 673 30 June 2017
------------ ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (12 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (416) (1,000)
(b) development - -
(c) production - -
(d) staff costs (32) (87)
(e) administration
and corporate costs (175) (1,005)
1.3 Dividends received - -
(see note 3)
1.4 Interest received - -
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
Research and development
1.7 refunds 52 52
1.8 Other (provide details - -
if material)
---------------- -------------
Net cash from / (used
1.9 in) operating activities (571) (2,040)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment (43) (47)
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(b) tenements (see
item 10) - 1,500
commission paid on
proceeds - (75)
(c) investments - -
(d) other non-current - -
assets
2.3 Cash flows from loans - -
to other entities
2.4 Dividends received - -
(see note 3)
2.5 Other (security bonds) (30) (30)
---------------- -------------
Net cash from / (used
2.6 in) investing activities (73) 1,348
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 12 1,099
3.2 Proceeds from issue
of convertible notes
3.3 Proceeds from exercise
of share options
3.4 Transaction costs related
to issues of shares,
convertible notes or
options
3.5 Proceeds from borrowings - 30
3.6 Repayment of borrowings - (83)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (Finance Lease) 43 43
---------------- -------------
Net cash from / (used
3.10 in) financing activities 55 1,089
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 1,266 307
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (571) (2,040)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (73) 1,348
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 55 1,089
Effect of movement
in exchange rates on
4.5 cash held 8 (19)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 685 685
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the quarter $A'000
(as shown in the consolidated
statement of cash flows)
to the related items
in the accounts
---- ------------------------------- ---------------- ---------
5.1 Bank balances 685 1,266
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 685 1,266
---- ------------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 48
----------------
6.2 Aggregate amount of cash flow -
from loans to these parties included
in item 2.3
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to -
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow -
from loans to these parties included
in item 2.3
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
----------------- --------------
8.1 Loan facilities
----------------- --------------
8.2 Credit standby arrangements
----------------- --------------
8.3 Other (please specify) 50 50
----------------- --------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
----- ---------------------------------------------------------------------
A Director had previously advanced funds to
the Company on an unsecured and interest free
basis.
----------------------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
----- ------------------------------------ -------------------------------
9.1 Exploration and evaluation (484)
9.2 Development -
9.3 Production -
9.4 Staff costs (10)
Administration and corporate
9.5 costs (214)
Other (Acquisition of equity
9.6 investment) (149)
-------------------------------
9.7 Total estimated cash outflows (857)
----- ------------------------------------ -------------------------------
Cash inflows expected for the next quarter: The Company expects to receive GBP460,000 from a placing announced on the ASX on 21 June 2017, and approved by shareholders on 27 July 2017. The allotment of the placing shares occurred on 28 July 2017.
10. Changes in Tenement Nature of interest Interest Interest
tenements reference at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------------- -------------- ------------
10.1 Interests
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------------- -------------- ------------
10.2 Interests
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------------- -------------- ------------
1.1 Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed. Sign here: ........ .................................................... Date: .......31 July 2017............
(Company secretary)
Print name: ..Ray Ridge.........................................
Notes
1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFPBMFTMBBMMPR
(END) Dow Jones Newswires
August 01, 2017 02:25 ET (06:25 GMT)
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