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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.20 | 1.10 | 1.30 | 1.20 | 1.20 | 1.20 | 38,000 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.32 | 3.34M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 3510B
Thor Mining PLC
06 June 2019
6 June 2019
HIGH GRADE MOLYHIL BULK SAMPLE ASSAY RESULTS
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce positive assay results from metallurgical bulk sample drilling at the company's wholly owned Molyhil tungsten molybdenum deposit, in the Northern Territory of Australia.
Two PQ (85mm) diamond drill holes were drilled down plunge of the Yacht Club lode to obtain material for production of tungsten and molybdenum concentrate samples for prospective project offtake partners.
Highlight
-- 92.6 metres @ 1.0% WO (tungsten trioxide), 0.16% Mo (molybdenum) and 0.13% Cu (copper) from surface, including 2.2 metres of unmineralised granite from 11.5m;
Only one of the two holes have been assayed with the other to be kept in storage. The holes will not contribute to the mineral resource estimate.
Mick Billing, Executive Chairman, commented:
"This bulk sample assay result is very encouraging for the Molyhil project."
"It is rewarding to see confirmation of extensive high-grade scheelite mineralisation along with expected grades of molybdenum. It is also very pleasing to see the copper mineralisation at potentially economic levels".
"While the hole design was for the purpose of collecting material most likely to produce sufficient concentrate, rather than for resource purposes, the high-grade nature of the scheelite mineralisation provides further substantial confidence in the Molyhil deposit"
"Additionally, copper, while part of historic mineral resource estimates at Molyhil, has not been included in the resource estimate for some time, however recent testwork has shown encouraging results for production of a separate saleable concentrate. While this work has implications for potential production from the nearby Bonya deposits, it is expected to also apply to any copper mineralisation extracted at Molyhil"
"Since acquiring the Bonya properties, ongoing studies on the combined Molyhil-Bonya project have identified the copper potential of Bonya and its potential suitability for processing at Molyhil (news releases 26 November2018 and 7 May 2019). This has led to the reappraisal of the copper potential at Molyhil itself. Although copper was part of the historical resource estimates at Molyhil, copper has not been included in the recent Thor Mineral Resource and Reserve estimates, and does not form part of the DFS. At this time, Thor does not plan to amend the resource estimates for Molyhil, or the current DFS on the strength of this new copper perspective, and as such Thor ascribes no additional value for any potential copper revenues at this time."
An historic Molyhil Mineral Resource Estimate with copper included is available on the ASX website, and can be viewed, on page 33 of 124, via the following link:
https://www.asx.com.au/asxpdf/20060817/pdf/3y0txr8b44pkk.pdf
The information is extracted from the Thor Mining plc ASX listing prospectus issued August 2006 and is available to view on the ASX website. The company confirms that it is not aware of any new information or data in respect of copper values reported at the time, that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates of copper values in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
A photograph of portion of the core sample under ultraviolet light (highlighting scheelite mineralisation) is on the Company's website and can be viewed via the following link:
http://thormining.com/-/thor/lib/images/miscellaneous/Molyhil%20PQ%20Core.JPG
Further Information
The program comprised 195.6 metres of PQ (85.5mm diameter) diamond drilling into the Yacht Club lode of the Molyhil deposit.
The holes were designed to target high grade mineralisation and as a result are not appropriate for estimating the resource or the mineralisation geometry including true widths.
Hot Features
Premium
Hole Deposit Easting Northing Elevation Azi Dip Hole Intersection Estimated
ID GDA94 GDA94 (m -muth depth true
zone zone ASL) (m) width
53) 53) (m)
Mineralised but
19DD001 Molyhil 577047 7482977 410.7 142 -70 97.9 Not assayed na
--------- -------- --------- ---------- ------- ---- ------- ----------------- ----------
92.6 metres @
1.0% WO , 0.16%
Mo and 0.13% Cu
19RC002 Molyhil 577051 7482973 410.7 144 -55 97.7 from 0m na*
--------- -------- --------- ---------- ------- ---- ------- ----------------- ----------
* Estimated true width is not available due to
inappropriate hole orientation
Table A: Molyhil down plunge metallurgical sample
intercepts
A map showing the diamond drill hole location is on the Company's website and can be viewed via the following link: http://thormining.com/-/thor/lib/images/miscellaneous/MHBS%20collar%20location%20plan%20201906.jpg
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
1935 Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK LLP Nominated Adviser
Richard Tonthat/ Ben 5100
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
David Hignell / Rob +44 (0) 20 3470 SP Angel Corporate Finance Joint Broker
Rees 0470 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
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
-------------------------------------------------------------
Sampling Diamond drilling was
techniques * Nature and quality of sampling (eg cut channels, used to produce core
random chips, or specific specialised industry which was whole core
standard measurement tools appropriate to the crushed from which representative
minerals under investigation, such as down hole gamma samples were taken and
sondes, or handheld XRF instruments, etc). These assayed.
examples should not be taken as limiting the broad
meaning of sampling.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.
* 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 PQ diameter core was
techniques * Drill type (eg core, reverse circulation, open-hole taken for the entire
hammer, rotary air blast, auger, Bangka, sonic, etc) length of the holes.
and details (eg core diameter, triple or standard The core was not oriented.
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
------------------ ------------------------------------------------------------- -----------------------------------
Drill sample After minor core loss
recovery * Method of recording and assessing core and chip at the collar (12% in
sample recoveries and results assessed. first 1.7m run), 100%
core recovery was achieved
for the remainder of
* Measures taken to maximise sample recovery and ensure both holes.
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 Core was logged geologically
* Whether core and chip samples have been geologically and photographed for
and geotechnically logged to a level of detail to the entire length of
support appropriate Mineral Resource estimation, each hole.
mining studies and metallurgical studies. Mineralised and unmineralised
zones were easily determined
from geological observations.
* 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 Whole core crushed to
techniques * If core, whether cut or sawn and whether quarter, 80% passing 3.25mm a
and sample half or all core taken. 2kg subsample was split
preparation off pulverised to 75um
from which a 25gram charge
* If non-core, whether riffled, tube sampled, rotary was taken for assay.
split, etc and whether sampled wet or dry.
Industry standard internal
laboratory QAQC procedures
* For all sample types, the nature, quality and were applied.
appropriateness of the sample preparation technique.
* Quality control procedures adopted for all No quality control measures
sub-sampling stages to maximise representivity of were included with the
samples. core samples.
PQ core is adequate size
to represent the material
* Measures taken to ensure that the sampling is sampled.
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 Industry standard sample
of assay * The nature, quality and appropriateness of the preparation finishing
data and assaying and laboratory procedures used and whether with sample pulverisation
laboratory the technique is considered partial or total. to 80% passing 75um.
tests Analysis was via a combination
of mixed four acid digest
* For geophysical tools, spectrometers, handheld XRF with ICP-OES and lithium
instruments, etc, the parameters used in determining borate fusion and ICP-MS.
the analysis including instrument make and model, These techniques are
reading times, calibrations factors applied and their considered appropriate
derivation, etc. for the analyte suite.
Internal laboratory QA/QC
protocol was implemented
* Nature of quality control procedures adopted (eg in the assay process.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
------------------ ------------------------------------------------------------- -----------------------------------
Verification Intersections reported
of sampling * The verification of significant intersections by correspond with visual
and assaying either independent or alternative company personnel. indications in samples.
No further independent
verification has been
* The use of twinned holes. undertaken.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
------------------ ------------------------------------------------------------- -----------------------------------
Location Hand held GPS - accuracy
of data * Accuracy and quality of surveys used to locate drill is within +/- 2m horizontally
points holes (collar and down-hole surveys), trenches, mine and 5m vertically.
workings and other locations used in Mineral Resource Grid system used is GDA94,
estimation. zone 53.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
------------------ ------------------------------------------------------------- -----------------------------------
Data spacing Drilling was designed
and distribution * Data spacing for reporting of Exploration Results. to maximise metallurgical
sample and thus orientation
is not appropriate for
* Whether the data spacing and distribution is resource estimation.
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
------------------ ------------------------------------------------------------- -----------------------------------
Orientation Drilling was designed
of data * Whether the orientation of sampling achieves unbiased to maximise metallurgical
in relation sampling of possible structures and the extent to sample and thus orientation
to geological which this is known, considering the deposit type. is not appropriate for
structure resource estimation.
* 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 None
security * The measures taken to ensure sample security.
------------------ ------------------------------------------------------------- -----------------------------------
Audits None
or reviews * The results of any audits or reviews of sampling
techniques and data.
------------------ ------------------------------------------------------------- -----------------------------------
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
DRLEASKKESSNEEF
(END) Dow Jones Newswires
June 06, 2019 02:01 ET (06:01 GMT)
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