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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 | 64,216 | 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 : 5267V
Thor Mining PLC
31 January 2017
31 January 2017
THOR MINING PLC
QUARTERLY REPORT OCTOBER TO DECEMBER 2016
The Directors of Thor Mining PLC ("Thor Mining", "Thor" or the "Company") (AIM, ASX: THR) the Australian tungsten and gold explorer and developer, today announces the quarterly report for the period ended 31 December 2016. It has also been released today with the Australian Securities Exchange (ASX) as required by the listing rules of ASX.
Hot Features
Premium
Highlights Outlook for March Quarter
2017
----------------------------------------------------------- ---------------------------------------------------------
TUNGSTEN & MOLYBDENUM
Pilot Mountain, Nevada
USA * RC drilling scheduled for early February 2017
* Permitting approval received for drill programs at
Garnet prospect and the eastern extension of Desert
Scheelite.
Molyhil NT Australia
* Application made for an adjoining exploration * Upon tenement grant, re-process magnetic data fr
tenement, following encouraging results from 2016 om
drilling. geophysical survey prior to establishing drill
targets.
GOLD
Dundas WA Australia
* Detailed planning for drill program to test gold * Drill program scheduled for June quarter
anomalies
Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said:
"The next few months should be very exciting for our investors as, in February, we commence with the Pilot Mountain drill program. This will be followed by the expected receipt of A$1.5million completing the sale of the Spring Hill gold project, and later the scheduled drill program at the Dundas gold project.
"I look forward to keeping our investors up to date with progress on these projects, along with our assessment of potential new projects, and am hopeful that the regular news flow from these activities will deliver positive outcomes for the Company and our investors."
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 are in close proximity (three kilometres) of each other and have been subjected to small-scale mining activities at various times during the 20th century.
In December 2014, Thor outlined a proposed exploration 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 background on the project is available on the Thor Mining website www.thormining.com/projects.
During the December quarter the Company advanced the planning to drill test both the Garnet prospect and the potential eastern extension of the Desert Scheelite deposit.
The drill program is scheduled to commence in February 2017.
Historical drilling on the Garnet prospect (75 holes during the 1970's) confirmed extensive mineralisation. However, while detailed records of the drill hole data have been assessed, the raw data are no longer available. It is expected that a limited number of drill holes will validate the historical information to allow a resource estimate to be produced, substantially enhancing the Pilot Mountain resource inventory.
The Thor Mining exploration target* (reported 1 December 2014) for the Garnet prospect is based upon historical drilling and described below.
The drill program to commence in February 2017 comprises, for the Desert Scheelite deposit, two reverse circulation (RC) drill holes, aimed at extending the 5.7% Cu equivalent intersection to the east (announced 19 January 2017) and also closer to the surface. This intersection assayed 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 Garnet six RC drill holes are scheduled, aimed to twin historical Union Carbide drill holes, which, if results match reported historical assays, may allow a resource estimate for portion of that deposit.
Table 1: Desert Scheelite Resource Summary 2014, (JORC 2012), announced 10 June 2014.
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
------------ ---------- ------ ---------- ------ ---------- ------ ----------
Notes
-- Thor Mining PLC holds 100% equity interest in this resource. -- Minor rounding errors may occur in compiled totals.
In addition to the Resource Estimate, Exploration Targets (summarised in Table 2) have been determined including 7.5 to 13.5 million tonnes based on extensive drilling undertaken by Union Carbide Corporation in the 1970s. Even partial success in the conversion of these targets will add significantly to the project value.
Table 2: Summary of Pilot Mountain exploration
targets
-------------------------------------------------------------------
Tonnage % WO(3) Comment
(Mt)
------------------- -------- -------- --------------------------
Tier 1 Exploration 7.5 - 0.3 Based on historic
Targets* 13.5 - 0.5 drill intersections
------------------- -------- -------- --------------------------
Tier 2 Exploration 3.5 - 0.3 Based on favourable
Targets* 9.1 - 0.5 geology and proximity
to known mineralisation.
------------------- -------- -------- --------------------------
Total Exploration 11.0 - 0.3 Combined Tier 1
Target* 23.0 - 0.5 & 2
------------------- -------- -------- --------------------------
Tier 1 Exploration Targets* at Pilot Mountain are based on 1970s drilling undertaken by Union Carbide Corporation and total 7.5 to 13.5 Mt at 0.2 to 0.4% WO(3) (Table 2). The proposed drilling at Garnet will target conversion to resource of between 1.0 to 2.0Mt of the total Tier 1 Exploration Target.
*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.
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 current exchange rates. Of this, approximately US$10 million is for equipment, for which equipment or leasing finance could be secured, thus reducing the project finance requirement to below US$40 million.
Molyhil has a forecast 12 month construction schedule from development commencement to first production.
A full background on the project is available on the Thor Mining website www.thormining.com/projects .
During the quarter, on the basis of highly encouraging 2016 results from the exploration drilling program to test for additional tungsten mineralisation satellite to the Company's existing Molyhil tungsten deposit in the Northern Territory, the Company applied for an additional Exploration Licence ("EL") area to secure prospective ground contiguous with the Gap Track prospect to the south of existing tenements.
If successfully granted, 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. Upon grant, first steps will comprise reprocessing the latest aero-magnetic data to prioritise targets for drill testing.
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 background on the project is available on the Thor Mining website www.thormining.com/projects .
A significant calcrete gold geochemical anomaly identified from infill sampling over two areas, based on previous BHP calcrete data, has been permitted for drilling, and an Air Core drilling program is scheduled for the June quarter of 2017
CORPORATE AND FINANCE
The Company held its Annual General Meeting of shareholders in November 2016, with all resolutions passed without amendment.
Following authorisation by shareholders at that meeting, a share consolidation was effected on the basis of one share for every 25 shares on issue.
Subsequent to the end of the quarter, a placement to raise UKGBP262,500 from sophisticated investors was announced.
In February 2016, Thor announced the sale of its Spring Hill Gold project for A$3.5million, of which A$1.5m for the Company's residual 40% interest is 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. Gold is currently trading for approximately A$1,570/oz, and has remained above A$1,500 per ounce for the last 12 months.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton UK Nominated Adviser
Daniel Bush/ 383 5100 LLP
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
/ 413 500
Andy Thacker
Tim Blythe/ +44 (0) 207 Blytheweigh Financial PR
Camilla 138 3222
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, and on the Company's twitter page @ThorMining.
Competent Person's Report
The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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 31 December 2016
------------ ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000 (6 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (195) (398)
(b) development - -
(c) production - -
(d) staff costs (2) (12)
(e) administration
and corporate costs (247) (488)
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 - -
1.7 Research and development - -
refunds
1.8 Other (provide details - -
if material)
---------------- -------------
Net cash from / (used
1.9 in) operating activities (444) (898)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment (4) (4)
(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)
(c) investments - -
(d) other non-current
assets 7 7
2.3 Cash flows from loans - -
to other entities
2.4 Dividends received - -
(see note 3)
2.5 Other (provide details - -
if material)
---------------- -------------
Net cash from / (used
2.6 in) investing activities 3 3
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares 440 610
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 (11) (11)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details
if material)
---------------- -------------
Net cash from / (used
3.10 in) financing activities 429 629
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 35 307
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (444) (898)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) 3 3
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 429 629
Effect of movement
in exchange rates on
4.5 cash held - (18)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 23 23
------- ------------------------------ ---------------- -------------
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 23 35
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) 23 35
---- ------------------------------- ---------------- ---------
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 23
----------------
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
---- --------------------------------------------------------
The CEO is paid $6,000 per month in cash. The
excess above this monthly amount is accumulated
and paid by way of the issue of shares in lieu
of salary, subject to shareholder approval at
the AGM. One month's $6,000 was paid in the
quarter.
The remaining $17,000 is Directors fees paid
during the quarter. A total of $10,000 per month
is payable to three directors, for a total of
$30,000 for the quarter. $13,000 remains outstanding
at 31 December 2016.
--------------------------------------------------------------
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) 122,400 122,400
--------------- -------------
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.
---- ------------------------------------------------------------
Directors, and former Directors, had advanced
funds to the Company on an unsecured and interest
free basis.
During the quarter ended 31 December 2016, $70,000
was repaid by the Company through the issue
of shares on 11 October 2016, and a further
$11,000 was repaid in cash (as reflected in
the cash flows for the quarter).
------------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ -------
9.1 Exploration and evaluation (205)
9.2 Development -
9.3 Production -
9.4 Staff costs (10)
Administration and corporate
9.5 costs (245)
9.6 Other (provide details if -
material)
-------
9.7 Total estimated cash outflows (460)
---- ------------------------------ -------
Sources of funding for the Company post 31 December 2016:
- a placement to raise GBP262,500 (approximately A$434,000), before capital raising costs. Refer to ASX announcement dated 25 January 2017.
- Receipt of A$51,633 in January 2017 for the Australian Research & Development Tax Incentive Refund.
- The final instalment of A$1,500,000 relating to the sale of the Spring Hill project. This is due to be received by the Company on or before 28 February 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 January 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLDDGDBUSXBGRG
(END) Dow Jones Newswires
January 31, 2017 02:00 ET (07:00 GMT)
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