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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% | 1.15 | 1.10 | 1.20 | 1.15 | 1.15 | 1.15 | 13,936 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.05 | 3.2M |
TIDMTHR
RNS Number : 1986T
Thor Mining PLC
23 November 2021
23 November 2021
Thor Mining PLC
Over 45m of Tungsten-Molybdenum-Copper Mineralisation Intercepted
Molyhil Project, Northern Territory
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the second hole in the diamond drilling program (21MHDD002) intercepted scheelite, molybdenite and chalcopyrite mineralisation within a magnetite skarn, at the Molyhil tungsten-molybdenum-copper Project in the Northern Territory.
Project highlights:
-- 21MHDD002 intercepted over 45m of disseminated scheelite-molybdenite-chalcopyrite mineralisation in a massive magnetite-rich skarn.
-- Drilling confirms that the newly identified magnetic target to the south of the Molyhil deposit is a continuation (possibly offset) of the Molyhil deposit tungsten-molybdenum-copper mineralisation.
-- Based on the success of the second drillhole, a third hole is now underway, designed to target the projection of the 21MHDD002 mineralisation down plunge.
Photo 1: A photo of 21MHDD002 (275.4m) - massive magnetite skarn with disseminated scheelite and molybdenite mineralisation and bands of chalcopyrite may be viewed by the following link: https://www.thormining.com/sites/thormining/media/maps/p1000233.jpg
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"We are excited to be sharing this new discovery at our Molyhil critical metals project.
Testing a new geological concept, in this case an interpreted magnetic target from 3D modelling to the south of existing mineralisation, has paid off significantly. The tungsten-molybdenum-copper mineralisation is open to the south and the third hole is designed to test this south plunging model.
The extension of this mineralisation, directly south of the deposit, in a previously untested area, is pivotal to the overall Molyhil project. We look forward to updating shareholders as more information becomes available."
Diamond Drilling Program
During a 3D geological and geophysical modelling exercise completed in March-April 2021 a potential extension to the known Molyhil tungsten-molybdenum-copper mineralisation was defined by a large magnetic target (Figure 2 and 3). It was noted that previous drilling in this area had not tested the newly identified magnetic body.
Two drillholes (21MHDD001 and 21MHDD02) of the planned diamond drilling program are near complete and based on the success of the second hole a third hole is now underway (DD hole C) (See Table A and B and Figure 1 and 2).
21MHDD002 intercepted over 45m of disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn from 249.7m (Photo 1 and 2). It appears 21MHDD001 hit the edges of the magnetite skarn however, with negligible mineralisation. Initial interpretation of data highlights a potential south plunging lode extending south of the Southern lode with a possible offset (yet to be determined) (Figure 2).
The 3D geological modelling of the Molyhil deposit identified two prominent structures - Yacht Club fault and South Offset fault (Figure 1 and 2). Based on the geological timing of these faults, they appear to have had a significant impact on mineralisation, such as offsetting the Yacht Club mineralisation from the Southern Lode, hence creating targets for potential extensions. Modelling of the South Offset Fault, relative to the magnetics, strongly implies an offset of the magnetic material (interpreted to be magnetite skarn) host to the tungsten-molybdenum-copper mineralisation, south of the South Offset fault.
Diamond drilling is being carried out by Durock Drilling Pty Ltd and is anticipated to take approximately one week to complete hole 3. Thor expects to receive assay results back in the first quarter of 2022.
The drilling program is co-funded by the Geophysics and Drilling Collaborations (GDC) program as part of the Resourcing the Territory initiative, with Thor Mining granted A$110,000 (AIM: THR 4 June 2021).
Photo 2: A photo of 21MHDD002 (272.2 - 275.7m) - massive magnetite skarn with disseminated scheelite and molybdenite (metallic silver mineralisation and bands of chalcopyrite (yellow), may be viewed by the following link: https://www.thormining.com/sites/thormining/media/maps/p1000228.jpg
Figure 1: Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in transparent red. The yellow dashed line shows the location of the long section (Figure 3). 21MHDD001 and 21MHDD002 completed with DD Hole C underway. The image may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/maps/plan-view.jpg
Figure 2: Long section of the Molyhil project looking west-northwest, showing two drilled holes and a third planned hole. Drilled holes, 21MHDD001 and 21MHDD002, were targeted into the magnetic anomaly where it appears offset at depth by faulting. The next planned hole, DD Hole C, is planned to intersect the geological plunge of the mineralised intercept in 21MHDD002. The conceptual pit shell is shown in brown, 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a transparent red envelope (0.15 SI) and a conceptual shape representing the down-plunge mineralised zone in yellow.
The image may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/Maps/section-view.jpg
Project Background
The Molyhil deposit is located 220 kilometres north-east of Alice Springs (320 km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory (Figure 3).
In April 2021 (AIM: THR 8 April 2021) a revised Mineral Resource estimate comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.4 million tonnes at 0.27% WO(3) (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO(3) cut-off.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
Figure 3: The Tenement & Prospect Location Plan may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/maps/molyhilmap.jpg
Table A: Drill Hole Collar Summary
DRILLHOLE EASTING NORTHING ELEVATION AZIMUTH DIP EOH 21MHDD001 577207 7482773 409 262 60 324.5 -------- --------- ---------- -------- ---- -------------- 21MHDD002 577220 7482774 409 278 60 TBA -------- --------- ---------- -------- ---- -------------- DDH Plan C 577069 7482780 412 082 87 340 (Planned) -------- --------- ---------- -------- ---- --------------
Coordinates in GDA 94 Zone 53
Table B: Geology
DRILLHOLE GEOLOGY FROM (M) TO (M) DOWNHOLE INTERCEPT (M) 21MHDD001 Calc-Silicate 159.1 255.8 96.7 ----------------- --------- ------- ------------------- 21MHDD002 Magnetite Skarn 249.7 296.6 46.9 ----------------- --------- ------- -------------------
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
This announcement is authorised for release to the market by the Board of Directors.
- Ends -
For further information on the Company, please visit www.thormining.com or contact the following:
Thor Mining PLC Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935 Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935 WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207 220 1666 Joint Broker) Jessica Cave / Darshan Patel / Megan Liddell Jasper Berry (Corporate Broking) Tel: +44 (0) 1483 413 SI Capital Limited (Joint Broker) 500 Nick Emerson Yellow Jersey (Financial PR) thor@yellowjerseypr.com Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004 9512
Competent Persons Report
The information in this report that relates to Exploration Results and the Estimation and Reporting Molyhil Mineral Resource Estimation is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
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 .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.
The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is currently underway.
At Alford East in South Australia, Thor is earning an 80% interest in copper-gold deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor has announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold(1).
Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.
Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.
Notes
(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3) www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
Compliance with the JORC Code Assessment Criteria
The JORC Code (2012) describes a number of criteria, which must be addressed in the documentation of Mineral Resource estimates, prior to public release of the information. These criteria provide a means of assessing whether or not the data inventory used in the estimate is adequate for that purpose. The resource estimate stated in this document was based on the criteria set out in Table 1 of that Code. These criteria have been discussed in the main body of the document and are summarised below. Only sections relevant to the reported resource have been addressed. The JORC Code Assessment Criteria in the following table are italicised.
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary Sampling -- Nature and quality of sampling (eg cut channels, -- Report refers to visual geological techniques random chips, or specific specialised industry logging only standard measurement tools appropriate to the -- Drilling was conducted by Durock Drilling minerals under investigation, such as down Pty Ltd hole gamma sondes, or handheld XRF instruments, -- Core to be cut for sample preparation etc). These examples should not be taken as -- pXRF taken every 0.5m down hole limiting the broad meaning of sampling. -- Magnetic susceptibility recorded every -- Include reference to measures taken to ensure 0.5m down hole sample representivity and the appropriate calibration -- UV light used for tungsten/scheelite of any measurement tools or systems used. visual estimates -- 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 techniques * Drill type (eg core, reverse circulation, open-hole * Diamond drilling hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or * 21MH001 - HQ 0-20m followed by NQ2 other type, whether core is oriented and if so, by what method, etc). * 21MHDD02 HQ * Oriented core Drill sample recovery * Method of recording and assessing core and chip * Recovery from diamond core was recorded for all core sample recoveries and results assessed. runs, with overall recovery very good. All diamond core was oriented where possible. * Measures taken to maximise sample recovery and ensure representative nature of the samples. * Diamond core was reconstructed into continuous runs for orientation marking with depths checked against core blocks. * Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse * No relationship was noted between recorded sample material. recovery and grade. Logging * Whether core and chip samples have been geologically * All holes were field logged by company geologists to and geotechnically logged to a level of detail to a high level of detail. support appropriate Mineral Resource estimation, mining studies and metallurgical studies. * Core was oriented and routinely logged for RQD, alpha/beta angles, dips, azimuths, and true dips. * Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. * All drill samples were logged for lithology, rock type, colour, mineralisation, alteration, and * The total length and percentage of the relevant texture. It has been standard practice by Thor (since intersections logged. 2005), that all diamond core be routinely photographed. * All drill holes were logged in full. Sub-sampling techniques * If core, whether cut or sawn and whether quarter, * Diamond core to be cut in half using a core saw with and sample half or all core taken. half core submitted for assay. preparation * If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. * For all sample types, the nature, quality and appropriateness of the sample preparation technique. * Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. * Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. * Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of
assay data * The nature, quality and appropriateness of the * Core currently be prepared for cutting - half core - and assaying and laboratory procedures used and whether prior to submission to laboratory. laboratory the technique is considered partial or total. tests * Magnetic susceptibility recorded every 0.5m down * For geophysical tools, spectrometers, handheld XRF hole. instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their * pXRF recording recorded every 0.5m down hole. derivation, etc.Ba, Mo * 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 of sampling * The verification of significant intersections by * No assay data reported - samples being prepared for and assaying either independent or alternative company personnel. laboratory submission * 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 of data points * Accuracy and quality of surveys used to locate drill * Drill hole collars and starting azimuths have been holes (collar and down-hole surveys), trenches, mine surveyed using GPS (-/+ 5m) - for later DGPS pick ups workings and other locations used in Mineral Resource estimation. * Drill hole locations were positioned using the MGA Grid System. * Specification of the grid system used. * The topographic surface is highly accurate with DPG * Quality and adequacy of topographic control. (-/+1m) Data spacing and * Data spacing for reporting of Exploration Results. * Drill holes have been located to test a newly defined distribution magnetic target to the south of the Molyhil lodes. * Whether the data spacing and distribution is sufficient to establish the degree of geological and * Drillhole spacing is sufficient to test geological grade continuity appropriate for the Mineral Resource target and Ore Reserve estimation procedure(s) and classifications applied. * Whether sample compositing has been applied. Orientation of data in * Whether the orientation of sampling achieves unbiased * Drill holes are orientated /predominantly drilled at relation to sampling of possible structures and the extent to an angle of -60deg to the west which is approximately geological which this is known, considering the deposit type. perpendicular to the orientation of the interpreted structure target. * 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 security * The measures taken to ensure sample security. * Core is onsite where it will be cut prior to sample submission with chain of custody measures implemented. Audits or reviews * The results of any audits or reviews of sampling * A review of sampling techniques and data has been techniques and data. carried out as Thor transition from inhouse based database to online hosted database with MaxGeo. ------------- ------------------------------------------------------------ -------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary Mineral tenement * Type, reference name/number, location and ownership * The tenements at Molyhil comprise EL22349, ML23825, and land including agreements or material issues with third ML24429 and ML25721. For all tenements Thor Mining tenure parties such as joint ventures, partnerships, PLC hold 100% Project Equity. status overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. * Thor has completed the Public Environmental Report for the Molyhil Tungsten and Molybdenum Project. This report has been accepted by the Department of * The security of the tenure held at the time of Regional Development, Primary Industry, Fisheries and reporting along with any known impediments to Resources in the Northern Territory obtaining a licence to operate in the area. * This report was approved on the 15th July 2007 by the DRDPIFR (NT), who also confirmed in December 2011 that the approval remains current. The report is available on request. * Thor Mining PLC has also obtained all the required agreements between the Traditional Owners of the land , and Thor Mining PLC, to enable the Molyhil Operations to proceed with the recognition and support of the Traditional Owners. * The Tripartite Deed records the terms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, the Central Land Council and Thor Mining PLC. * There are no known impediments to obtaining a licence to operate in the area. Exploration done by other * Acknowledgment and appraisal of exploration by other * Tungsten and molybdenum mineralisation was originally parties parties. discovered at Molyhil in 1973. The Molyhil deposit was initially drilled in 1977 with further drilling carried out in 1981. The work was carried out by Fama Mines Pty Ltd, Petrocarb NL, Nicron resources NL and Geopeko. Between 1975 and 1976 approximately 20kt of molybdenum and tungsten mineralisation were mined from the northern Yacht Club skarn body to a depth of
approximately 25m. Geology * Deposit type, geological setting and style of * The Molyhil deposit consists of two adjacent mineralisation. outcropping iron rich skarn bodies, marginal to a granite intrusion, that contain scheelite (tungsten mineralisation as CaWO(4) ) and molybdenite (molybdenum as MoS(2) ) mineralogy. Both the outlines of, and the banding within, the skarn bodies strike approximately north-south and dip steeply to the east. The bodies are arranged in an en échelon manner, the northeast body being named the Yacht Club and the southwest body the Southern. Drill hole Information * A summary of all information material to the * A collar summary table is included in report understanding of the exploration results including a tabulation of the following information for all Material drill holes: * In the opinion of Thor, historic drill results have been adequately reported previously to the market as required under the reporting requirements of the ASX o easting and northing of the drill hole collar Listing Rules o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. * If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data * No data aggregation reported. 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 between * These relationships are particularly important in the * Drill holes were orientated predominantly to an mineralisation reporting of Exploration Results. azimuth of 270deg and angled to a dip of -60deg, widths and which is approximately perpendicular to the intercept orientation of the mineralised trends. 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 * Appropriate maps and sections (with scales) and * Location, section and plans included in report. 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 reporting * Where comprehensive reporting of all Exploration * Exploration results are not being reported. 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 substantive * Other exploration data, if meaningful and material, * 3D geological and magnetic modelled data included in exploration should be reported including (but not limited to): report. 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 work * The nature and scale of planned further work (eg * Based on revised modelling of data additional tests for lateral extensions or depth extensions or drilling is planned. large-scale step-out drilling). * Possible extensions are shown on diagrams * Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. --------------- --------------------------------------------------------------- -------------------------------------------------------------
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