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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -9.52% | 0.95 | 0.80 | 1.10 | 1.05 | 0.95 | 1.05 | 81,755 | 09:29:44 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -5.53 | 2.93M |
From May 2019 to May 2024
TIDMTHR
RNS Number : 0192G
Thor Mining PLC
20 November 2020
20 November 2020
THOR MINING PLC
Alford East, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise that Thor has executed a binding term sheet for Thor to acquire an interest in the oxide mineral rights from Spencer Metals Pty Ltd ("Spencer") over the Alford East copper-gold project, located on the Yorke Peninsula, South Australia.
Highlights:
-- Thor to acquire up to 80% interest directly in the Alford East Project, covering portions of EL6255 and EL6259);
-- The Alford East Project comprises numerous oxide copper-gold prospects including Alford East, Netherleigh Park and Netherleigh North, each with extensive previous drilling. Copper-oxide intercepts include:
-- 122m @ 0.63% Cu from 95m (ALDDH09) including 14m @ 2.26% Cu from 111m
-- 76m @ 0.95% Cu from 138m (ALDDH01) including 14m @ 2.18% Cu from 146m
-- 14m @ 1.5% Cu from 162m, and 34m @ 0.5% Cu from 190m (MPBD3).
-- The Alford East Project covers the northern extension of Alford Copper Belt, where to the south west EnviroCopper Ltd has reported an Inferred Mineral Resource of 66.1Mt @ 0.17% Cu for three deposits Wombat, Bruce and Larwood (THR:ASX Announcement 15 August 2019);
-- The Alford Copper Belt is a coherent zone of potentially In Situ Recovery (ISR) amenable copper-gold oxide mineralization, within a structurally controlled north-south trending trough of deeply kaolinized and oxidized metamorphic units on the edge of the Tickera Granite;
-- Multiple substantial 'walk up' drill ready targets.
Mick Billing, Executive Chairman of Thor Mining, commented:
"The directors of Thor have taken the view that global copper demand and pricing, with the potential for post COVID19 economic recovery, should improve substantially in both the short and medium term, and have moved to increase the Company's exposure to potential low cost copper production projects."
"The Alford East project, the directors believe, represents a continuation of the favourable geology which hosts the Alford West resources, which Thor has exposure to via our interest in EnviroCopper Ltd (Thor 30% equity)."
"Several prospects at Alford East have substantial drilling history, providing evidence of both extensive mineralisation, and geology of a type, which subject to further work, appears potentially amenable to Insitu Recovery (ISR) techniques."
A map showing the project location and its proximity to the Alford West project subject to the joint venture earnin by EnviroCopper Limited can be accessed from the Thor website via the attached link:
www.thormining.com/sites/thormining/media/Maps/20-005-1a-alfors-east-jv.jpg
Agreement Structure and Commercial Terms
Under the terms of the Agreement, Thor has been granted the right to explore for minerals on the agreed portions of the exploration licences (EL6255 and EL6259), and to conduct feasibility and development activities in respect thereto, and via funding expenditure on these activities, earn an interest of up to 80% over two stages directly in the project;
-- Upfront cash consideration of A$30,000 upon execution of the binding term sheet which has been paid;
-- Stage 1: Thor can earn a 51% interest by funding A$500,000 expenditure over 2 years to 11 November 2022, and for additional consideration of A$250,000 in fully paid Thor shares, issued at the 5 day ASX VWAP (volume weighted average price) on the date immediately prior to allotment, together with two free attaching options per share issued, exercisable at $0.03 within 5 years from the date of issue (Stage 1 expenditure);
-- Stage 2: earn a further 29% interest (80% in total) by funding an additional A$750,000 of expenditure over a subsequent 2 years to 11 November 2024 and for additional consideration of A$250,000 in fully paid Thor shares, issued at the 5 day ASX VWAP on the date immediately prior to allotment and two free attaching options per share issued, exercisable at a$0.03 within 5 years from the date of issue (Stage 2 expenditure). If Thor does not proceed with the Stage 2 earn-in, then its interest in the project is relinquished;
-- Upon Thor completing the acquisition of an 80% interest in the project, Spencer will hold a free carried 20% interest in the project until decision to mine;
-- The parties have agreed to use reasonable commercial endeavours to negotiate and execute a formal Joint Venture Agreement for the development and operation of a mine and associated facilities within 60 days from the end of Stage 2.
Copper-Gold Prospectivity
The Alford East Earn-in/Joint Venture covers portions of EL6259 and EL6255 and is interpreted as the northern extension of the Alford Copper Belt, comprising Alford East, Netherleigh Park and Netherleigh Park North prospects. The Alford Copper Belt is a coherent zone of copper-gold oxide mineralization; malachite, azurite, native copper and chalcocite within a structurally controlled north-south trending trough of deeply kaolinized and oxidized metamorphic units on the edge of the Tickera Granite. Kaolin and alunite overprints metasediment, granite and calc-silicate altered metasomatites. The timing of the argillic alteration is contentious and may be either a primary hydrothermal alteration assemblage or a product of deep weathering during the Tertiary.
In 1995, M.I.M Exploration discovered the Alford East Prospect when drilling diamond hole MPBD3 that reported significant copper oxide mineralization in four broad zones to the end of hole, including (Open File Report -ENV08660: Annual Technical Report M.I.M. Exploration 1996):
-- 20m @ 0.2% Cu from 64m,
-- 42m @ 0.3% Cu from 116m,
-- 14m @ 1.5% Cu from 162m(MPBD3), and
-- 34m @ 0.5% Cu from 190m(MPBD3).
Further drilling by joint venture partners of Argonaut Resources, Hillgrove Resources and Sandfire Resources from 2001 to 2015, intersected copper oxide mineralization at Alford East and a nearby prospect Netherleigh Park and reported intersections are shown on Table A.
Historic exploration over the Alford Copper Belt has focused on the IOCG sulphide mineralization beneath the interpreted oxide zone, however recent metallurgical testwork by EnviroCopper Ltd over their Alford West project, approximately 10km to the south west has highlighted the amenability of this copper-gold oxide mineralization to In situ Recovery (ISR) processes. Alford West has an ISR amenable Inferred Mineral Resource (MRE) of 66.1Mt @ 0.17% Cu, containing 114,000 tonnes of contained copper, at a cut-off grade of 0.05% Cu, covering Wombat, Bruce and Larwood deposits, (THR:ASX Announcement 15 August 2019). The amenability of this oxide mineralization within the deep weathered trough presents exciting opportunities for Thor to add further mineralization extensions over the Alford East Project.
Table A: Alford East Drill -Results from Argonaut Resources (ARE: ASX Announcement 9 Nov 2012)
Hot Features
Premium
HOLE Interval (m)* Cu % From (m)
ALDDH01 76 0.95 138
-------------- ---------- -----------
including 14 2.18 146
-------------- ---------- -----------
ALDDH04 20 0.75 131
-------------- ---------- -----------
ALDDH09 122 0.63 95
-------------- ---------- -----------
including 14 2.26 111
-------------- ---------- -----------
ALDDH10 98 0.64 88
-------------- ---------- -----------
including 54 0.86 88
-------------- ---------- -----------
ALAC158 26 0.54 77
-------------- ---------- -------------
ALAC160 18 0.5 75
-------------- ---------- -------------
ALAC164 31 0.58 68
-------------- ---------- -------------
ALAC197 67 0.72 8
-------------- ---------- -------------
Including 21 1.01 10
-------------- ---------- -------------
and 18 1.04 57
-------------- ---------- -------------
*Downhole Interval
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company Secretary
1935
Colin Aaronson +44 (0) 207 Grant Thornton Nominated Adviser
383 5100 UK LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Competent Persons Report
The information in this report that relates to exploration results 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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) 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 August 2018(1) suggested attractive returns.
Adjacent 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(2).
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 in South Australia recoverable by way of in situ recovery . EnviroCopper also holds rights to earn a 75% interest in portion of the Alford West copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery .
Thor holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(3) on 2 of the 4 known deposits.
At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned."
"Thor holds mineral claims in the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results."
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018, and 29 January 2020
(3) Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
Refer ASX and AIM announcement of 15 August 2019
JORC C ODE , 2012 E DITION - T ABLE 1
1.1 Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Historic drilling by Joodex and Uranez used RAB
random chips, or specific specialised industry drilling (436 RAB holes for 13,545.7m), North Broken
standard measurement tools appropriate to the Hill used auger drilling (191 holes). Follow-up
minerals under investigation, such as down hole gamma drilling by Jododex drilled 3 angled and one vertical
sondes, or hand held XRF instruments, etc) These diamond hole, 890.23m. Follow up included diamond
examples should not be taken as limiting the broad hole by Uranez in 1986 was completed to 392.5m.
meaning of sampling.
* Historic Drilling - MIM (1993 -1997) - Diamond,
* Include reference to measures taken to ensure sample reverse circulation and aircore drilling (was used to
representivity and the appropriate calibration of any obtain samples which were pulverised to produce sub
measurement tools or systems used. samples for lab assay (Analabs SA).
* Aspects of the determination of mineralisation that * Historic Drilling - Sandfire, Hillgrove & Argonaut
are Material to the Public Report. (2002-2014):
* In cases where 'industry standard' work has been done * AC drilling was used to obtain 1 m samples from which
this would be relatively simple (eg 'reverse 3 kg was pulverised to produce a 30 g charge for Au
circulation drilling was used to obtain 1 m samples fire assay AA21 and 48 element suite ME-MS61. Samples
from which 3 kg was pulverised to produce a 30 g submitted to ALS, SA.
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * Diamond drilling was half cored for Au fire assay
Unusual commodities or mineralisation types (eg AA21 and 48 element suite ME-MS61. Samples submitted
submarine nodules) may warrant disclosure of detailed to ALS, SA. Standard blank and duplicate inserted
information. every 30 samples
* There are no records indicating if any measures were
taken to ensure sample representivity and the
appropriate calibration of any measurement tools or
systems used.
* Mineralization is determined by descriptive logs for
each AC, RC and diamond hole as well as the
incorporation of assay results.
* Historic Collar elevations were calculated using the
TEISA DTM Grid in 2001.
------------------------------------------------------------ ------------------------------------------------------------
Drilling
Techniques * Drill type (air core, reverse circulation, open-hole * Drill methods included; auger, RAB, diamond coring,
hammer, rotary air blast , auger, Bangka, sonic, etc) reverse circulation and aircore. Some precollars for
and details (eg core diameter, triple or standard diamond holes were drilled using rotary mud
tube, depth of diamond tails, face sampling bit or methods.Hole diameters varied for different drilling
other type, whether core is orientated and if so, by methods.
what method, etc).
* Some diamond core was triple tubed.
* Face sampling hammers were used for RC holes.
* Other details unknown
------------------------------------------------------------ ------------------------------------------------------------
Drill Sample
Recovery * Method of recording and assessing core and chip * Sample recoveries for historic drillholes unknown.
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the sample.
* No relationship is known to exist between sample
* Whether a relationship exists between sample recovery recovery and grade.
and grade and whether sample bias may have occurred
due to preferential loss/gain of coarse/fine
material.
------------------------------------------------------------ ------------------------------------------------------------
Quality of
assay data * The nature, quality and appropriateness of the * MIM Drilling - Assayed for Au, As, Pb, Zn, Co Ni, Mo
and laboratory assaying and laboratory procedures used and whether (GA101)
tests the technique is considered partial or total.
* And U, F, La, Ce (GX401)
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and mode, * Sandfire, Argonaut & Hillgrove Drilling - fire assay
reading times, calibration factors applied and their for gold with four acid digest for 46 element
derivation, etc. package.
* Nature and quality control procedures adopted (eg * Duplicate, Blank and standard samples inserted every
standards, blanks, duplicates, external laboratory 20 samples, were introduced into Sandfire, Argonaut
checks) and whether acceptable levels of accuracy (ie and Hillgrove drilling, while the laboratory
lack of bias) and precision have been established. completed double assays on many samples. QAQC
measures undertaken by other companies (MIM) is not
generally known.
* Argonaut, Sandfire and Hillgrove and external ALS
laboratory introduced QAQC samples, which indicate
acceptable analytical accuracy. No QAQC is none for
MIM drillholes.
------------------------------------------------------------ ------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * All significant intersections have been verified by
and assaying either independent or alternative company personnel. an alternative company geologist.
* The use of twinned holes. * There are no records of twinned drillholes
* Documentation of primary data, data entry procedures,
data verification, data storage (physical or
electronic) protocols.
* No adjustments have been made to the laboratory assay
data.
* Discuss any adjustment to assay data.
------------------------------------------------------------ ------------------------------------------------------------
Location of
data points * Accuracy and quality of surveys used to locate drill * Historic diamond drill hole collars were located from
holes (collar and down-hole surveys), trenches, mine original grids and the collars pegged using GPS with
workings and other locations used in Mineral Resource an accuracy of +/- 0.5 meters,
estimation.
* Downhole surveys were completed on all RC and diamond
* Specification of the grid system used. holes using a compass based instrument post 1996.
Only 5 holes diamond holes prior to this date, have
downhole survey information.
* Quality and adequacy of topographic control.
* GDA94 (Zone 53)
------------------------------------------------------------ ------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results * The data spacing is considered sufficient to allow
distribution confident interpretation of exploration results.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * No sample compositing has been applied.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classification applied.
* Whether sample compositing has been applied.
------------------------------------------------------------ ------------------------------------------------------------
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Drill lines are predominately oriented East-West. The
relation to sampling of possible structures and the extent to main mineralized structure strikes roughly north
geological which this is known, considering the deposit type. south and dips steeply to the East.
structure
* 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. * Measures for historic drillholes unknown.
------------------------------------------------------------ ------------------------------------------------------------
Audits or * No audits completed.
reviews * The results of any audits or reviews of sampling
techniques and data
------------------------------------------------------------ ------------------------------------------------------------
1.1 Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section may apply to this section)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * The JV area covers portions EL6259 and EL6255 which
and land including agreements of material issues with third are 100% held by Spencer Metals Ltd.
tenure parties such as joint ventures, overriding royalties,
status native titles interests, historical sites, wilderness
or national park and environmental settings. * PML 268 for aggregate & sand lies within EL6259
* The security of the tenure held at the time of * There are no non govt royalties, historical sites or
reporting along with any known impediments to environmental issues. Underlying land title is
obtaining a license to operate in the area. Freehold land which extinguishes native title.
* All tenure in good standing.
------------------------------------------------------------- ------------------------------------------------------------
Exploration
done by other * Acknowledgement and appraisal of exploration by other * The general area of this report has been explored in
parties parties. the past by various companies including Jododex,
Uranez, North Broken Hill, MIM, Hillgrove Resources,
Argonaut Resources and Sandfire Resources. Activitie
s
include AC, RC, & Diamond drilling, and significant
geophysical surveying. The Company has reviewed past
exploration data generated by these companies.
------------------------------------------------------------- ------------------------------------------------------------
Geology -- Deposit type, geological setting
and style of mineralisation. * Deposits in the general region are considered to be
of Iron Oxide Copper Gold (IOCG) affinity, related to
the 1590Ma Hiltaba/GRV event. Cu-Au-Mo-Pb
mineralisation is structurally controlled and
associated with significant metasomatic alteration
and deep weathering or kaolinisation of host rocks.
------------------------------------------------------------- ------------------------------------------------------------
Drill hole
Information * A summary of all information material to the * No tabulation of drillhole information is presented
understanding of the exploration results including a as the results are historical and the omission of
tabulation of the following information for all such detail does not detract from an investor's
Material drill holes: understanding of the report. Links and references to
Open File reports are included in document.
o Easting and northing of the drill
collar
o Elevation or RL (Reduced Level - elevation
above sea level in meters) of the drill
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
thebasis 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
aggregation * In reporting Exploration Results, weighting averaging * Intersections are calculated by simple averaging of
methods techniques, maximum and/ or minimum grade truncations 1m assays.
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* No metal equivalents are reported.
* 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 some detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
------------------------------------------------------------- ------------------------------------------------------------
Relationship
between * These relationships are particularly important in the * All companies noted the association of copper oxide
mineralisation reporting of Exploration Results. mineralization with intense clay alteration. The
widths and alteration is interpreted to be similar to that found
intercept in the adjacent Alford West area.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported. * The drilling intersections quoted are downhole
intercept lengths with an unknown orientation to dip
and plunge of the target mineralization.
* 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 * Appropriate plans and sections with scales appear as
tabulations of intercepts should be included for any in the report.
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 * The report summarizes publicly available open file
Results is not practicable, representative reporting results, not new results
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, * There is no other meaningful or material exploration
exploration should be reported including (but not limited to): data that has been omitted from the report.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, ground water, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
------------------------------------------------------------- ------------------------------------------------------------
Further work
* The nature and scale of planned further work (eg * Further work may involve further drilling, mineral
tests of lateral extensions or depth extensions or resource estimation, followed by technical studies
large scale step-out drilling). including lixiviant optimisation, permeability
studies, etc
* 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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END
AGRGCBDBUSDDGGG
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November 20, 2020 04:48 ET (09:48 GMT)
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