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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% | 0.90 | 0.80 | 1.00 | 0.90 | 0.90 | 0.90 | 503,351 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -4.74 | 2.51M |
From May 2019 to May 2024
TIDMTHR
RNS Number : 8699M
Thor Mining PLC
02 May 2018
2 May 2018
THOR MINING PLC
BONYA TUNGSTEN & COPPER PROSPECTS - ADJACENT MOLYHIL
POSITIVE INITIAL EXPLORATION FINDINGS
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce positive findings from an initial surface sampling exploration programme.
The Company has now received encouraging assay results from preliminary rock chip samples taken from four of the 13 outcropping tungsten deposits that comprise the Bonya project approximately 30 km east of Thor's Molyhil mine project in Australia's Northern Territory.
Rock Chip samples were collected from the Tashkent, Jericho, Samarkand and White Violet prospects during preliminary reconnaissance prior to re-establishing access to the remaining deposits.
Highlights:
-- 3.5% WO(3) in rock chips and 1.6% in float from Samarkand deposit -- 1.37% and 0.6% WO(3) in rock chips from Tashkent deposit -- 0.56% WO(3) and 3.3% Cu in rock chips from White Violet deposit -- 0.81% WO(3) and 1.06% Cu in rock chips from Jericho South deposit -- Project area Exploration Target* of 3.0 - 4.9 million tonnes @ 0.3% - 0.5% WO
*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.
As announced on 19 April 2018, on completion of the acquisition from Rox Resources Limited (ASX: RXL) and execution of the proper assumption documentation, subject to normal Northern Territory stamping and ministerial approval processes, Thor and Arafura Resources Limited (ASX:ARU) will be in Joint Venture in respect of this tenement with Thor holding a 40% interest.
Mick Billing, Executive Chairman, commented:
"These preliminary results support the validity of historical drilling and trenching assay data and bode well for the imminent development of the Bonya deposits."
"In addition to robust levels of tungsten, it is encouraging that the assay results showed low levels of potential penalty elements and overall coarse grain mineralisation."
"The potential for high grade copper mineralisation in some of the deposits is also very attractive with the proposed processing plant at Molyhil highly likely to be also suitable for copper flotation."
"We are gearing up to fast track the assessment and development of the Bonya deposits within the 2018 field season. Provided some of these known prospects mature, along with others which we expect to find and develop, it is more than likely that Molyhil production life and throughput volume should increase substantially."
A link to a map of Bonya prospects showing sample locations is shown below:
www.thormining.com/-/thor/lib/images/miscellaneous/18-001-1%20Bonya%20Prelim%20Rock%20Chip%20Results.jpg
Table A: Rock Chip Assay Results
Hot Features
Premium
Sample Prospect Easting GDA94 Northing Cu_ppm Mo_ppm WO3_ppm Comment
ID GDA94
--------- ---------- ------------- --------- ------ ------ ------- ---------------
Outcrop chip
BONYA001 Tashkent 616,792 7,488,445 9 147 6005.1 sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
Outcrop chip
BONYA002 Tashkent 616,862 7,488,391 8 270 13770.9 sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
Outcrop chip
BONYA003 Tashkent 616,684 7,488,528 X 3 130.4 sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
White
BONYA004 Violet 609,750 7,486,054 145 24 3940.5 Float sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
White Outcrop chip
BONYA005 Violet 609,671 7,486,042 22 30 5635.4 sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
BONYA006 Jericho 614,475 7,489,498 10642 82 8112.7 Float sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
Outcrop chip
BONYA007 Samarkand 612,107 7,485,403 57 3 354.4 sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
BONYA008 Samarkand 612,122 7,485,417 184 92 12870 Float sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
1m trench
BONYA009 Samarkand 612,116 7,485,410 378 195 35230 channel sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
White
BONYA010 Violet 609,746 7,486,012 33692 7 1137 Float sample
--------- ---------- ------------- --------- ------ ------ ------- ---------------
Note: Sections 1 & 2 of JORC Table 1 appended
below
-----------------------------------------------------------------------------------------
Table B: Bonya Scheelite Exploration Target*
Potential Summary
--------------------------------------------------------------------
Source Rank Tonnage % WO(3) Comment
(Mt)
------------------ -------- -------- ----------------------------
Tier 1 0.2 - 0.3 Targets based on 1970s
0.3 - 0.5 costean sampling and
drilling.
------------------ -------- -------- ----------------------------
Tier 2 1.2 - 0.2 Outcropping satellite
1.9 - 0.4 targets which have been
mapped and described
but have no drill or
sample data
------------------ -------- -------- ----------------------------
Tier 3 1.6 - 0.3 Exploration targets based
2.7 - 0.5 on proximity to known
mineralisation, favourable
geology and/or geophysical
signature.
------------------ -------- -------- ----------------------------
Total Exploration 3.0 - 0.3 Combined Tier 1,2 & 3
Target* 4.9 - 0.5
------------------ -------- -------- ----------------------------
For detailed Exploration Target description refer to THR ASX announcement: https://www.asx.com.au/asxpdf/20180329/pdf/43stfqjd43dqsm.pdf
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
Richard Tonthat 383 5100 UK LLP Adviser
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 3222 PR
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.
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.
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 2015(1) suggested attractive returns.
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(2) on 2 of the 4 known deposits.
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 portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an Australian private company with a 100% interest in a Lithium project in Nevada, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project(3) 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 12 January 2015
-- (2) Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
-- (3) Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Rock chip samples were collected from out crops,
random chips, or specific specialised industry historic costeans and float material targeting
standard measurement tools appropriate to the scheelite mineralisation.
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * The samples are not representative of the overall
meaning of sampling. deposit grade.
* Include reference to measures taken to ensure sample * They are not valid for use in resource estimation and
representivity and the appropriate calibration of any are only intended to provide proof of mineralisation
measurement tools or systems used. and an initial indication of the nature and
composition of the target 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 * Not applicable
techniques * Drill type (eg core, reverse circulation, open-hole
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
other type, whether core is oriented and if so, by
what method, etc).
Drill * Not applicable
sample * Method of recording and assessing core and chip
recovery sample recoveries and results assessed.
* 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 * Not applicable
* Whether core and chip samples have been geologically
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 * Not applicable
techniques * If core, whether cut or sawn and whether quarter,
and sample half or all core taken.
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 * The nature, quality and appropriateness of the * Independent assay laboratory was used
data and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests * Industry standard sample preparation was followed by
the two analytical methods;
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model, o four acid digest
reading times, calibrations factors applied and their / optical emission
derivation, etc. spectrometry for
Cu, Ag, Pb, Zn
o lithium borate
* Nature of quality control procedures adopted (eg fusion / Inductively
standards, blanks, duplicates, external laboratory coupled plasma
checks) and whether acceptable levels of accuracy (ie mass spectrometry
lack of bias) and precision have been established. * Laboratory QA/QC procedures were adopted
Verification
of sampling * The verification of significant intersections by * Assays corresponded with visual observations. No
and assaying either independent or alternative company personnel. other verification measures were employed.
* 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 * Accuracy and quality of surveys used to locate drill * Hand held GPS.
points holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation. * Location co-ordinates use MGA 94 datum - zone 53
* Specification of the grid system used. * Position accuracy within 5 metres.
* Quality and adequacy of topographic control.
Data spacing
and * Data spacing for reporting of Exploration Results. * Sample distribution is at irregular intervals
distribution targeting available mineral exposures.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * No compositing has been applied.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
Orientation
of data * Whether the orientation of sampling achieves unbiased * Orientation no relevant to individual targeted rock
in relation sampling of possible structures and the extent to chip sampling.
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. * Remained in possession of field geologist through to
assay laboratory.
Audits * None undertaken.
or 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.)
Mineral
tenement * Type, reference name/number, location and ownership * The sample data was collected from within EL29701 in
and land including agreements or material issues with third the Northern Territory of Australia. Thor Mining has
tenure parties such as joint ventures, partnerships, a conditional agreement to purchase a 40% interest in
status overriding royalties, native title interests, EL29701 from Rox Resources Limited (ASX:RXL). Once
historical sites, wilderness or national park and finalised, Thor will be in Joint Venture with Arafura
environmental settings. Resources Limited (ASX:ARU) who hold the remaining
60% interest.
* The security of the tenure held at the time of
reporting along with any known impediments to * EL29701 is a long standing tenement. There is no
obtaining a licence to operate in the area. further requirement for compulsory reduction. Renewal
is required every two years.
Exploration
done by * Acknowledgment and appraisal of exploration by other * Exploration targets provided within the announcement
other parties. are based upon historic exploration work and
parties acknowledged where referenced.
Geology
* Deposit type, geological setting and style of * Contact metamorphic skarn hosted tungsten.
mineralisation.
Drill
hole * A summary of all information material to the * Not applicable - no drill hole data.
Information understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing
of the drill hole collar
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
aggregation * In reporting Exploration Results, weighting averaging * Not applicable - no drill hole data.
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 * Not applicable - no drill hole data.
mineralisation reporting of Exploration Results.
widths
and intercept
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 map and tabulated data provided.
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 results are 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, * Not currently aware of any peripheral limiting
exploration should be reported including (but not limited to): factors to the development of the Bonya tungsten
data geological observations; geophysical survey results; deposits.
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 * A development program is currently being formulated
tests for lateral extensions or depth extensions or to advance three to four of the Bonya deposits to
large-scale step-out drilling). inferred resource stage subject to deposit size and
grade.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== ============================================================
Section 3 Estimation and Reporting of Mineral Resources
This section has been omitted as no mineral resource has been estimated
Section 4 Estimation and Reporting of Ore Reserves
This section has been omitted as no ore reserve has been calculated
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLVLLBBVEFBBBL
(END) Dow Jones Newswires
May 02, 2018 04:22 ET (08:22 GMT)
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