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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 | 9.09% | 1.20 | 1.10 | 1.30 | 1.20 | 1.20 | 1.20 | 35,526 | 08:00:20 |
| 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 : 9093O
Thor Mining PLC
04 February 2019
4 February 2019
THOR MINING PLC
EXTENSIVE TUNGSTEN MINERALISATION CONFIRMED - BONYA SAMARKAND DEPOSIT
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce that the Company has confirmed extensive tungsten mineralisation (including high grade zones) from the first stage of exploration at the Samarkand deposit, one of thirteen known tungsten deposits within the Bonya project.
The Bonya tenement is held jointly (THR; 40%) with Arafura Resources Limited (ASX: ARU; 60%) adjacent to the Molyhil mine project in the Northern Territory of Australia. Thor Mining is the joint venture (JV) operator.
Highlights:
-- Samples collected via systematic sampling program, in December 2018, from trenches excavated across the deposit more than 40 years ago.
-- Better intercepts include; -- Trench 1: 7 metres at 6,670ppm (0.667%) WO(3) and 3 metres at 3,073ppm (0.307%) WO(3) -- Trench 2; 3 metres at 2,711ppm (0.271%) WO(3) -- Trench 3; 3 metres at 2,039ppm (0.203%) WO(3) -- Deposit outcrops at surface extending more than 500 metres and is open ended.
-- Traditional owner and regulatory clearance for a drill program at Bonya are in progress, and we hope to be licensed to commence drilling, this month;
-- The proposed drill programme will enhance our knowledge of the extent of mineralisation and is an important next step for the Bonya project.
Mick Billing, Executive Chairman, commented:
"Samarkand is just one of what we believe will be series of satellite tungsten and copper deposits within economic trucking distance of Molyhil, thus making the case for Molyhil development even more compelling."
"We now have confirmed tangible evidence of extensive surface outcropping tungsten mineralisation at Bonya, including mineralisation extending in excess of 500 metres of strike at Samarkand."
"These initial results demonstrate proof of surface outcropping tungsten mineralisation extending in excess of 500 metres strike length at the Samarkand deposit."
"Current indications are that Bonya tungsten mineralisation is coarse grained and may be amenable to low cost pre-concentration by x-ray ore sorting and treatment at the Molyhil processing plant."
"Our discussions and negotiations with potential partners continue with regard to Molyhil project level offtake and investment."
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Summary of Exploration Results
Table 1: Summary of assay results
------------------------------------------------------------------------------------
Trench From From To To Interval WO3 ppm Cu ppm
Number Easting Northing Easting Northing m
GDA94 GDA94 GDA94 GDA94
--------- ---------- --------- ---------- --------- -------- -------
1 612134 7485425 612127 7485420 9 390 -
--------- ---------- --------- ---------- --------- -------- -------
1 612124 7485417 612119 7485414 7 6670 -
--------- ---------- --------- ---------- --------- -------- -------
1 612120 7485415 612118 7485413 3 - 3073
--------- ---------- --------- ---------- --------- -------- -------
1 612110 7485406 612109 7485404 1 327
--------- ---------- --------- ---------- --------- -------- -------
1 612084 7485373 612083 7485372 1 353
--------- ---------- --------- ---------- --------- -------- -------
1 612074 7485365 612073 7485364 1 290
--------- ---------- --------- ---------- --------- -------- -------
2 612026 7485448 612027 7485449 2 637
--------- ---------- --------- ---------- --------- -------- -------
2 612059 7485476 612062 7485478 3 2711
--------- ---------- --------- ---------- --------- -------- -------
2 612067 7485482 612070 7485484 4 2165
--------- ---------- --------- ---------- --------- -------- -------
2 612075 7485488 612076 7485489 1 529
--------- ---------- --------- ---------- --------- -------- -------
3 611895 7485538 611897 7485539 3 2039
--------- ---------- --------- ---------- --------- -------- -------
3 611898 7485541 611899 7485542 1 794
--------- ---------- --------- ---------- --------- -------- -------
3 611914 7485557 611915 7485558 0.5 2434
--------- ---------- --------- ---------- --------- -------- -------
4 611659 7485737 611660 7485738 1 568
--------- ---------- --------- ---------- --------- -------- -------
4 611685 7485760 611686 7485761 1 605
--------- ---------- --------- ---------- --------- -------- -------
Geology and geological interpretation
Samarkand is one of several tungsten deposits within the Bonya Range and is located approximately 350km ENE of Alice Springs and approximately 30km east of Thor's 100% owned Molyhil deposit.
The geological setting of the Samarkand tungsten deposit comprises steeply north east dipping meta-sedimentary rocks of the Kings Legend Amphibolite formation with multiple local pegmatite intrusions. Tungsten mineralisation is typically coarse grained occurring as discrete scheelite crystals dispersed preferentially within select lithologies within the formation. The rocks are interpreted to have been hydrothermally altered during the mineralisation event, and then strongly regionally metamorphosed to amphibolite grade.
Sampling techniques and spacing
Continuous channels of chip samples were collected along historically excavated bulldozer trenches cross cutting the zone of mineralisation. One metre interval samples were collected by hand using hand tools and where necessary assisted with diamond saw. All sample locations were photographed and GPS locations recorded for channels end points.
The historic channels provided good in-situ rock exposures for an estimated 60 - 70% of the entire mineralised sequence. As some parts of the mineralised sequence were not exposed and not adequately sampled, the samples are therefore not considered suitable for future resource estimation.
An additional 20% QAQC samples were inserted comprising certified standards, blanks, field repeats and splits.
Sample analysis method
All samples were sent to NAGROM laboratory in Perth for assay. The samples were sorted and dried. Primary preparation involved weighing and crushing the whole sample. A subsample was split off for pulverising to produce a sub 75um pulp for analysis.
A sub-sample of each pulp underwent a mixed four acid digest with an ICP - OES/MS analysis.
All samples with initial assay results exceeding 200 ppm tungsten underwent subsequent peroxide fusion digest with ICP - MS analysis.
Internal laboratory QA uses CRM's, blanks, splits and replicates, along with 10% repeats.
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) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat/ Ben 5100 LLP
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
David Hignell / Rob +44 (0) 20 3470 SP Angel Corporate Joint Broker
Rees 0470 Finance LLP
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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.
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) 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 an Inferred resource for the Bonya copper deposit(2).
Thor also 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. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, 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.
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project of:
-- A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
-- A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018
(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 AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
JORC Code, 2012 Edition - Table 1 report template
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, * A combination of hand dug and machine cut channels
random chips, or specific specialised industry were employed.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * Channel end locations were picked up by handheld GPS.
examples should not be taken as limiting the broad Tape measured sample boundaries were marked out along
meaning of sampling. each channel. Each sample channel was photographed.
Sampling protocols and QAQC are as per industry best
practice procedures.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. * Channels were oriented to cross cut mineralisation.
* 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 * A single channel 100 to 150mm wide was dug along each
hammer, rotary air blast, auger, Bangka, sonic, etc) trench to collect samples.
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by * Variation in rock hardness will have resulted in
what method, etc). variation of size between samples and within
individual samples. Samples were weighed however the
assay results are not considered suitable for
resource estimation.
Drill sample
recovery * Method of recording and assessing core and chip * The trenches samples provided only 60 - 70% of
sample recoveries and results assessed. in-situ geology exposure
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
Logging
* Whether core and chip samples have been geologically * Sample channels were photographed but not logged
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Whole samples were sent for analysis with an
and sample half or all core taken. additional 20% QAQC samples.
preparation
* If non-core, whether riffled, tube sampled, rotary * Inconsistencies in the sampling methodology and field
split, etc and whether sampled wet or dry. practice will have introduced far larger errors than
by sample preparation.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. * The samples are considered adequate to provide
indication of presence of mineralisation rather than
to quantify it.
* 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 * The nature, quality and appropriateness of the * The analytical technique comprised an initial assay
data and assaying and laboratory procedures used and whether by four acid digest followed by peroxide fusion on
laboratory the technique is considered partial or total. samples with elevated tungsten. The laboratory
tests technique is considered total.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining * Internal laboratory control procedures involve
the analysis including instrument make and model, duplicate assaying of randomly selected assay pulps
reading times, calibrations factors applied and their as well as internal laboratory standards. All of
derivation, etc. these data were reported to Thor and analysed for
consistency and any discrepancies.
* 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 * Sample results are consistent with field
and assaying either independent or alternative company personnel. observations.
* The use of twinned holes. * No holes have been twinned at this stage.
* Documentation of primary data, data entry procedures, * Primary data was recorder using field note books and
data verification, data storage (physical and GPS digital memory.
electronic) protocols.
* Tungstate (WO(3) ) grades are reported - these are
* Discuss any adjustment to assay data. determined by multiplying tungsten assays by 1.26107.
Location
of data * Accuracy and quality of surveys used to locate drill * A hand held GPS has been used to determine collar
points holes (collar and down-hole surveys), trenches, mine locations at this stage.
workings and other locations used in Mineral Resource
estimation.
* The grid system is MGA_GDA94, zone 53 for easting and
northing.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
Data spacing
and * Data spacing for reporting of Exploration Results. * Continuous channels were sampled across the entire
distribution mineralised interval. Channels were spaced are
various intervals along strike length from 170 to 600
* Whether the data spacing and distribution is metres.
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and * This data will not be used to estimate a resource.
classifications applied.
* Whether sample compositing has been applied.
Orientation
of data * Whether the orientation of sampling achieves unbiased * The channel orientation is appropriate and not
in relation sampling of possible structures and the extent to considered to present any bias or mis-representation.
to which this is known, considering the deposit type.
geological
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. * No specific measures were taken to ensure sample
security
Audits or * No audits undertaken.
reviews * The results of any audits or reviews of sampling
techniques and data.
============= ============================================================ ===============================================================
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 Samarkand deposit is located within Exploration
and land including agreements or material issues with third License EL29701 in the Northern Territory. Thor has
tenure status parties such as joint ventures, partnerships, recently acquired a 40% interest in EL29701. Arafura
overriding royalties, native title interests, Resources Limited retain a 60% interest.
historical sites, wilderness or national park and
environmental settings.
* The tenements are in good standing and no known
impediments exist.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
Exploration
done by * Acknowledgment and appraisal of exploration by other * Previous exploration involved mapping and rock chip
other parties parties. sampling of outcrops and shallow RAB drilling dating
back to the 1970's.
Geology
* Deposit type, geological setting and style of * The geological setting comprises contact metamorphic
mineralisation. skarn hosted scheelite mineralisation. The
mineralised horizons retain their original
sedimentary geometry on the western limb of a
regional scale south east plunging synform.
Drill hole
Information * A summary of all information material to the * Significant mineral intercepts are summarised in the
understanding of the exploration results including a following table and in table 1 within the text of
tabulation of the following information for all this announcement
Material drill holes:
* Easting and northing co-ordinates are provided for
o easting and northing of the drill hole collar the beginning and end of each mineralised interval.
o elevation or RL (Reduced Level - elevation No significant mineralisation was detected between
above sea level in metres) of the drill hole these intervals.
collar
o dip and azimuth of the hole Trench From From To To Interval WO3 Cu ppm
o down hole length and interception depth Number Easting Northing Easting Northing m ppm
o hole length. GDA94 GDA94 GDA94 GDA94
* If the exclusion of this information is justified on 1 612134 7485425 612127 7485420 9 390 -
the basis that the information is not Material and --------- ---------- --------- ---------- --------- ----- -------
this exclusion does not detract from the 1 612124 7485417 612119 7485414 7 6670 -
understanding of the report, the Competent Person --------- ---------- --------- ---------- --------- ----- -------
should clearly explain why this is the case. 1 612120 7485415 612118 7485413 3 - 3073
--------- ---------- --------- ---------- --------- ----- -------
1 612110 7485406 612109 7485404 1 327
--------- ---------- --------- ---------- --------- ----- -------
1 612084 7485373 612083 7485372 1 353
--------- ---------- --------- ---------- --------- ----- -------
1 612074 7485365 612073 7485364 1 290
--------- ---------- --------- ---------- --------- ----- -------
2 612026 7485448 612027 7485449 2 637
--------- ---------- --------- ---------- --------- ----- -------
2 612059 7485476 612062 7485478 3 2711
--------- ---------- --------- ---------- --------- ----- -------
2 612067 7485482 612070 7485484 4 2165
--------- ---------- --------- ---------- --------- ----- -------
2 612075 7485488 612076 7485489 1 529
--------- ---------- --------- ---------- --------- ----- -------
3 611895 7485538 611897 7485539 3 2039
--------- ---------- --------- ---------- --------- ----- -------
3 611898 7485541 611899 7485542 1 794
--------- ---------- --------- ---------- --------- ----- -------
3 611914 7485557 611915 7485558 0.5 2434
--------- ---------- --------- ---------- --------- ----- -------
4 611659 7485737 611660 7485738 1 568
--------- ---------- --------- ---------- --------- ----- -------
4 611685 7485760 611686 7485761 1 605
--------- ---------- --------- ---------- --------- ----- -------
Data
aggregation * In reporting Exploration Results, weighting averaging * All average grades have been calculated with length
methods techniques, maximum and/or minimum grade truncations weighting as appropriate
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Up to 2m of internal dilution allowed.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade * High grade intervals internal to broader zones of
results, the procedure used for such aggregation mineralisation are reported as included intervals.
should be stated and some typical examples of such
aggregations should be shown in detail.
* No metal equivalent values have been used or
reported.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship
between * These relationships are particularly important in the * All intercepts are close to perpendicular to the
mineralisation reporting of Exploration Results. interpreted plane of mineralisation.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * No adjustment for intercept widths has been made
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams * Refer to Figures and Tables in the text.
* Appropriate maps and sections (with scales) and
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 * All significant intersections have been reported
Results is not practicable, representative reporting above a cutoff of 200 ppm WO(3)
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, * Further access to this deposit for any subsequent and
exploration should be reported including (but not limited to): ground disturbing exploration activities is subject
data geological observations; geophysical survey results; to traditional owner approval.
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 * Drilling is warranted and planned subject to
tests for lateral extensions or depth extensions or traditional owner approval.
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== ===================================================================================
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
DRLGMGGZNFDGLZM
(END) Dow Jones Newswires
February 04, 2019 02:00 ET (07:00 GMT)
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