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Thor Mining PLC New Gold Assays Define Drill Ready Targets

07/10/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 2549O

Thor Mining PLC

07 October 2021

7 October 2021

THOR MINING PLC

New Gold Assays Define Drill Ready Targets

Ragged Range Project, WA

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the latest soil results from the Company's 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.

Project highlights:

-- Gold in-soil anomalies define eight high quality drill-ready targets.

-- High gold in soil values, including 348ppb Au (21RRS0777) and 153ppb Au (21RRS437), identified in both the central and southern areas of the Sterling Prospect . This is well above background (5ppb).

-- Gold panned 100m down slope of sample 21RRS377 reporting 74.1g/t Au 21RRST016, in pan concentrate.

-- Gold in soil anomalies extend materially, along strike at both the Sterling Central and Sterling South areas, with zones over 1.2km in length and remain open to the north and south.

-- 3,000m maiden reverse circulation ("RC") drilling program scheduled to commence in early October, designed to test these high gold soil and stream anomalies.

-- Thor Mining awarded A$160,000 from the Western Australia Government under the Government EIS Co-funded grants program, to drill test stream and soil gold anomalies at Sterling Prospect.

-- Infill soils and geochemical data analyses continuing, with field mapping and regional soil and stream sampling programs to run concurrent with the scheduled RC drilling program over priority targets within the anomalous 13km gold corridor at the Sterling Prospect.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"The latest results from our surface geochemistry have defined eight new robust drill- ready targets at Sterling Prospect, Ragged Range.

These results confirm our geological model of shear hosted gold associated with the mafic-ultramafic contact.

The Directors believe that Ragged Range has significant exploration potential, with all the right ingredients to host significant gold deposits and we look forward to commencing our maiden RC Drilling program at the Sterling Prospect next week."

A copy of the Tenement and Prospect Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg

The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia is 100% owned by Thor Mining - (E46/1190, E46/1262, E46/1355, E46/1340) with the recent additional tenure surrounding the gold anomalous zones, E46/1393 (application).

Sterling Prospect

Thor completed a further 369 infill soil samples in July over two portions of the Sterling Prospect, Sterling Central and Sterling South (Figure 2), as a follow-up to a reconnaissance soil program (THR:ASX announcement 23/06/21) and high-grade gold stream results (up to 2.2g/t Au) reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf

The infill soil samples were collected at a 25m x 100m spacing over priority areas with anomalous gold results from the initial reconnaissance program. At each site and consistent with the previous soil program, two samples were collected at each site, and both sieved to -2mm. The first sample of approximately 2kg was crushed at the Intertek lab in Perth and a sub-split assayed for Au by an aqua regia method AR25 and multi-element assaying by four-acid digest with MS25 finish. The second sample 1kg Bulk Leach Extractable Gold (BLEG) sample was assayed by method CN1000 for gold only.

Soil and Pan Concentrate Results

The infill soil results returned BLEG soil values up to 348ppb and 153ppb Au (21RRS777 and 21RRS437 respectively), with over 61 samples reporting significantly above a background of approximately 5ppb Au. Five stream sediment samples were collected using a <2mm sieve and panned to check gold anomalism. Samples 21RRST016 (74.1g/t Au) and 21RRST017 (0.35g/t Au) were panned approximately 100m down slope, in a small creek from soil sample 21RRS777. Gold was observed in both samples. Two creeks (21RRST018 and 21RRST019) were sampled, draining the major contact to the south of the Sterling South soil grid. No gold was observed in the pan. One sample was also collected from a high BLEG (111ppb Au) sample from previous stream sediment sampling. One speck of gold was panned with the sample 21RRST020 reporting 3.58g/t Au.

Soil results over Sterling Central prospect may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/21-007-2-Ragged-Range-stirlingcentralsoil.jpg

Soil results over Sterling South prospect may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/21-007-1-Ragged-Range-sterlingsouthsoil.jpg

Only thin residual soils overlie the Euro Basalt extending westward over the ultramafic Dalton Suite, faulted contact and the tenor and consistency of the BLEG results is considered outstanding.

Significant soil results are summarised in Table A.

Pan concentrate samples are found in Table B.

These latest soil results, combined with the initial soil program earlier in the year, have now identified several continuous anomalous gold zones each warranting drill testing, with some zones extending over 1km long at both the Sterling Central and Sterling South areas. Soil anomalies remain open to the north and south, with follow up infill sampling planned to investigate these areas further.

The gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact and suggests that gold mineralisation is controlled by minor faults and structures, associated with this major structure.

Gold mineralisation appears to be associated with highly foliated basalts with quartz boudinage (quartz-fuchsite veins) and zones of carbonate alteration

Photo Plates showing Quartz boudinage within foliated basalt, and Quartz-fuchsite-iron veins may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/ragged-range-photo-plate_Oct21.jpg

Next Steps

A 3,000m maiden RC drilling program is scheduled to commence in early October to drill test up to eight of the priority gold in soil and stream anomalous targets identified at Sterling Central and Sterling South prospects. The drilling is fully permitted with the drilling contractor about to mobilise.

Thor Mining was awarded A$160,000 from the Western Australia Government under the EIS Co-funded grants program to drill test gold anomalies at the Sterling Prospect.

Concurrent with the drilling program, infill soil sampling covering anomalous zones open at Sterling Central and Sterling South will be completed. In addition, regional gold targets, including to the northwest and southeast of Sterling prospect, the granitoid contact in the north, plus the copper-gold area in the northeast (Kelly/Ryan Prospects), will be followed up with reconnaissance stream and soil geochemistry programs. Government and Company geophysics are being used in conjunction with the geochemical data, to assist with structural and lithological targeting.

Proposed infill soil survey lines may be viewed via the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range--plannedsoilsjpg.jpg

Tenement and Prospective Follow up can be viewed with the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg

- Ends -

For further information on the Company, please visit www.thormining.com or contact the following:

 
 Thor Mining PLC 
 Nicole Galloway Warland, Managing Director   Tel: +61 (8) 7324 1935 
  Ray Ridge, CFO / Company Secretary           Tel: +61 (8) 7324 1935 
 
 WH Ireland Limited (Nominated Adviser        Tel: +44 (0) 207 220 1666 
  and Joint Broker) 
 Jessica Cave / Darshan Patel/Megan Liddell 
  Jasper Berry (Corporate Broking) 
 
 SI Capital Limited (Joint Broker)            Tel: +44 (0) 1483 413 
                                               500 
 Nick Emerson 
 
 Yellow Jersey (Financial PR)                 thor@yellowjerseypr.com 
 Sarah Hollins / Henry Wilkinson              Tel: +44 (0) 20 3004 9512 
 

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining .

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the second half of 2021.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold(1).

Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.(2)(3)

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.

Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which is subject to a sale option agreement.(6)

Notes

(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

(2) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

(3) www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

(4) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf

(5) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf

Table A: Significant Soil Samples (Above 6ppb) - MGA94 Zone 50 (GDA)

 
  Sample ID     Easting    Northing    Au ppb (AR25)    Au ppb (BLEG) 
  21RRS401      779650     7587300     45               43.75 
              ---------  ----------  ---------------  --------------- 
  21RRS402      779700     7587300     6                6.2 
              ---------  ----------  ---------------  --------------- 
  21RRS425      780000     7587100     7                6.87 
              ---------  ----------  ---------------  --------------- 
  21RRS433      780275     7587100     136              153.2 
              ---------  ----------  ---------------  --------------- 
  21RRS435      780325     7587100     10               6.42 
              ---------  ----------  ---------------  --------------- 
  21RRS453      780300     7586700     8                6.53 
              ---------  ----------  ---------------  --------------- 
  21RRS454      780325     7586700     6                9.3 
              ---------  ----------  ---------------  --------------- 
  21RRS455      780350     7586700     3                11.26 
              ---------  ----------  ---------------  --------------- 
  21RRS473      780950     7586700     9                1.72 
              ---------  ----------  ---------------  --------------- 
  21RRS475      781000     7586700     7                5.08 
              ---------  ----------  ---------------  --------------- 
  21RRS476      781025     7586700     10               6.72 
              ---------  ----------  ---------------  --------------- 
  21RRS478      781075     7586700     6                5.47 
              ---------  ----------  ---------------  --------------- 
  21RRS481      781150     7586700     6                2.1 
              ---------  ----------  ---------------  --------------- 
  21RRS492      780400     7586550     17               3.31 
              ---------  ----------  ---------------  --------------- 
  21RRS499      780750     7586550     13               8.89 
              ---------  ----------  ---------------  --------------- 
  21RRS501      780825     7586550     7                3.92 
              ---------  ----------  ---------------  --------------- 
  21RRS502      780850     7586550     3                10.94 
              ---------  ----------  ---------------  --------------- 
  21RRS505      780925     7586550     3                11.76 
              ---------  ----------  ---------------  --------------- 
  21RRS509      781025     7586550     6                4.48 
              ---------  ----------  ---------------  --------------- 
  21RRS510      781050     7586550     7                5.51 
              ---------  ----------  ---------------  --------------- 
  21RRS512      781100     7586550     6                5.7 
              ---------  ----------  ---------------  --------------- 
  21RRS517      780200     7586350     4                7.91 
              ---------  ----------  ---------------  --------------- 
  21RRS528      780175     7586150     6                3.07 
              ---------  ----------  ---------------  --------------- 
  21RRS538      780150     7586000     6                2.47 
              ---------  ----------  ---------------  --------------- 
  21RRS543      780275     7586000     6                4.74 
              ---------  ----------  ---------------  --------------- 
  21RRS544      780300     7586000     7                4.15 
              ---------  ----------  ---------------  --------------- 
  21RRS560      780350     7585800     6                5.47 
              ---------  ----------  ---------------  --------------- 
  21RRS595      782775     7583400     21               0.35 
              ---------  ----------  ---------------  --------------- 
  21RRS600      782375     7583200     8                6.45 
              ---------  ----------  ---------------  --------------- 
  21RRS609      782600     7583200     5                59.14 
              ---------  ----------  ---------------  --------------- 
  21RRS614      782700     7583200     6                5.36 
              ---------  ----------  ---------------  --------------- 
  21RRS623      782500     7583000     21               16.9 
              ---------  ----------  ---------------  --------------- 
  21RRS624      782525     7583000     6                20.28 
              ---------  ----------  ---------------  --------------- 
  21RRS626      782575     7583000     9                7.41 
              ---------  ----------  ---------------  --------------- 
  21RRS632      782500     7582800     45               4.13 
              ---------  ----------  ---------------  --------------- 
  21RRS643      782875     7582800     6                1.08 
              ---------  ----------  ---------------  --------------- 
  21RRS644      782900     7582800     23               87.08 
              ---------  ----------  ---------------  --------------- 
  21RRS646      783000     7582800     6                0.47 
              ---------  ----------  ---------------  --------------- 
  21RRS650      782650     7582600     6                5.08 
              ---------  ----------  ---------------  --------------- 
  21RRS651      782700     7582600     6                2.59 
              ---------  ----------  ---------------  --------------- 
  21RRS655      782800     7582600     11               3.7 
              ---------  ----------  ---------------  --------------- 
  21RRS656      782825     7582600     6                4.89 
              ---------  ----------  ---------------  --------------- 
  21RRS657      782850     7582600     4                11.83 
              ---------  ----------  ---------------  --------------- 
  21RRS679      782725     7582400     10               4.74 
              ---------  ----------  ---------------  --------------- 
  21RRS709      782825     7582000     6                3.94 
              ---------  ----------  ---------------  --------------- 
  21RRS710      782850     7582000     7                2.23 
              ---------  ----------  ---------------  --------------- 
  21RRS714      782950     7582000     8                6.1 
              ---------  ----------  ---------------  --------------- 
  21RRS717      783025     7582000     8                1.92 
              ---------  ----------  ---------------  --------------- 
  21RRS720      783100     7582000     3                6.36 
              ---------  ----------  ---------------  --------------- 
  21RRS725      782800     7581800     6                4.63 
              ---------  ----------  ---------------  --------------- 
  21RRS726      782825     7581800     6                5.93 
              ---------  ----------  ---------------  --------------- 
  21RRS736      783050     7581800     6                5.05 
              ---------  ----------  ---------------  --------------- 
  21RRS747      780900     7586350     3                16.58 
              ---------  ----------  ---------------  --------------- 
  21RRS758      780850     7586150     6                5.41 
              ---------  ----------  ---------------  --------------- 
  21RRS764      781000     7586150     8                6.68 
              ---------  ----------  ---------------  --------------- 
  21RRS775      782350     7583300     17               18.12 
              ---------  ----------  ---------------  --------------- 
  21RRS777      782400     7583300     39               347.53 
              ---------  ----------  ---------------  --------------- 
 

Table B: Pan Concentrate Results - MGA94 Zone 50 (GDA)

 
  Sample ID     Easting    Northing    Au ppm (FA001)    Gold specks observed 
  21RRST016     782528     7583239     74.1              3 
              ---------  ----------  ----------------  ---------------------- 
  21RRST017     782535     7583250     0.35              2 
              ---------  ----------  ----------------  ---------------------- 
  21RRST018     783852     7581029     0.04              0 
              ---------  ----------  ----------------  ---------------------- 
  21RRST019     783835     7581065     <0.01             0 
              ---------  ----------  ----------------  ---------------------- 
  21RRST020     783758     7582481     3.58              1 
              ---------  ----------  ----------------  ---------------------- 
 
   1   JORC Code, 2012 Edition - Table 1 report template 

Section 1 Sampling Techniques and Data

 
  Criteria        JORC Code explanation                                           Commentary 
 Sampling                                                                         The programme comprised 
  techniques        *    Nature and quality of sampling (eg cut channels,          soil sampling collecting 
                         random chips, or specific specialised industry            a -2mm fraction for 
                         standard measurement tools appropriate to the             geochemical analysis 
                         minerals under investigation, such as down hole gamma     for Au by 1kg BLEG 
                         sondes, or handheld XRF instruments, etc). These          and Au by aqua regia 
                         examples should not be taken as limiting the broad        AR25 (after crushing 
                         meaning of sampling.                                      and pulverising) and 
                                                                                   multi-element MS25 
                                                                                   analysis. One orientation 
                    *    Include reference to measures taken to ensure sample      line of -80 mesh sieved 
                         representivity and the appropriate calibration of any     samples was also collected 
                         measurement tools or systems used.                        and assayed by AR25. 
                                                                                   Fifteen BLEG stream 
                                                                                   sediment samples were 
                    *    Aspects of the determination of mineralisation that       also collected and 
                         are Material to the Public Report.                        assayed for Au by 
                                                                                   the 1kg BLEG method 
                                                                                   Five pan concentrates 
                    *    In cases where 'industry standard' work has been done     were collected from 
                         this would be relatively simple (eg 'reverse              panned -2mm sieved 
                         circulation drilling was used to obtain 1 m samples       stream sediment samples. 
                         from which 3 kg was pulverised to produce a 30 g          Pan concentrates were 
                         charge for fire assay'). In other cases more              assay for gold using 
                         explanation may be required, such as where there is       fire assay FA001 
                         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 sample                                                                     Not applicable 
  recovery          *    Method of recording and assessing core and chip 
                         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                                                                          No logging was undertaken 
                    *    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                                                                    Samples were screened 
  techniques        *    If core, whether cut or sawn and whether quarter,         in the field as described 
                         half or all core taken.                                   in "Sampling Techniques" 
                                                                                   above. 
                                                                                   The sample sizes are 
                    *    If non-core, whether riffled, tube sampled, rotary        as per industry standard 
                         split, etc and whether sampled wet or dry.                for stream 
 
 
                    *    For all sample types, the nature, quality and 
                --------------------------------------------------------------  ----------------------------- 
 
 
  Criteria            JORC Code explanation                                           Commentary 
 and sample           appropriateness of the sample preparation                       sediment geochemistry. 
  preparation          technique.                                                      Field duplicates 
                        *    Quality control procedures adopted for all                and blank samples 
                             sub-sampling stages to maximise representivity of         were submitted for 
                             samples.                                                  assay with the other 
                                                                                       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                                                                           The proposed assay 
  assay data            *    The nature, quality and appropriateness of the            method is appropriate 
  and laboratory             assaying and laboratory procedures used and whether       for preliminary exploration. 
  tests                      the technique is considered partial or total. 
 
 
                        *    For geophysical tools, spectrometers, handheld XRF 
                             instruments, etc, the parameters used in determining 
                             the analysis including instrument make and model, 
                             reading times, calibrations factors applied and their 
                             derivation, etc. 
 
 
                        *    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                                                                         Not undertaken 
  of sampling           *    The verification of significant intersections by 
  and assaying               either independent or alternative company personnel. 
 
 
                        *    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                                                                             Hand held GPS - MGA94 
  of data points        *    Accuracy and quality of surveys used to locate drill      zone 50 (GDA) 
                             holes (collar and down-hole surveys), trenches, mine 
                             workings and other locations used in Mineral Resource 
                             estimation. 
 
 
                        *    Specification of the grid system used. 
 
 
                        *    Quality and adequacy of topographic control. 
                    --------------------------------------------------------------  ------------------------------- 
 Data spacing                                                                         Not applicable - 
  and distribution      *    Data spacing for reporting of Exploration Results.        no resource is being 
                                                                                       reported 
 
                        *    Whether the data spacing and distribution is 
                             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                                                                          Orientational bias 
  of data in            *    Whether the orientation of sampling achieves unbiased     is not applicable 
  relation                   sampling of possible structures and the extent to         to soil sampling 
  to geological              which this is known, considering the deposit type.        at this stage but 
  structure                                                                            samples were collected 
                                                                                       along East -West 
                        *    If the relationship between the drilling orientation      lines that are orientated 
                             and the orientation of key mineralised structures is      approximately perpendicular 
                             considered to have introduced a sampling bias, this       to the assumed strike 
                             should be assessed and reported if material.              of gold mineralisation. 
                    --------------------------------------------------------------  ------------------------------- 
 Sample security                                                                      Soil and stream samples 
                        *    The measures taken to ensure sample security.             were trucked back 
                                                                                       from 
                                                                                       Nullagine to the 
                                                                                       Intertek assay laboratory 
                                                                                       in Perth. Pan concentrates 
                                                                                       flown from site to 
                                                                                       Bureau Veritas Adelaide, 
                                                                                       SA 
 
                                                                                       Sample Security levels 
                                                                                       are considered appropriate 
                                                                                       for preliminary surface 
                                                                                       geochemistry assessment. 
                    --------------------------------------------------------------  ------------------------------- 
 Audits or                                                                            None undertaken 
  reviews               *    The results of any audits or reviews of sampling 
                             techniques and data. 
                    --------------------------------------------------------------  ------------------------------- 
 

Section 2 Reporting of Exploration Results

 
  Criteria           JORC Code explanation                                            Commentary 
 Mineral tenement                                                                     Exploration results 
  and land              *    Type, reference name/number, location and ownership       are reported on 
  tenure status              including agreements or material issues with third        E46/1190 and E46/1262 
                             parties such as joint ventures, partnerships,             in Western Australia 
                             overriding royalties, native title interests,             held 100% by Pilbara 
                             historical sites, wilderness or national park and         Goldfields Pty 
                             environmental settings.                                   Ltd, Thor Mining 
                                                                                       PLC. 
 
                        *    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                                                                          Not applicable 
  done by other         *    Acknowledgment and appraisal of exploration by other 
  parties                    parties. 
                   ---------------------------------------------------------------  ------------------------- 
 Geology                                                                              Yet to be determined 
                        *    Deposit type, geological setting and style of 
                             mineralisation. 
                   ---------------------------------------------------------------  ------------------------- 
 Drill hole                                                                           No drilling has 
  Information           *    A summary of all information material to the              been undertaken 
                             understanding of the exploration results including a      or reported 
                             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                                                                     Only field observations 
  methods               *    In reporting Exploration Results, weighting averaging     have been reported. 
                             techniques, maximum and/or minimum grade truncations      There has been 
                             (eg cutting of high grades) and cut-off grades are        no data aggregation. 
                             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 
                   ---------------------------------------------------------------  ------------------------- 
 
 
  Criteria                  JORC Code explanation                                            Commentary 
                           values should be clearly stated. 
 Relationship                                                                                No drilling has 
  between mineralisation       *    These relationships are particularly important in the     been undertaken 
  widths and                        reporting of Exploration Results.                         or reported 
  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                                                                                    A sample location 
                               *    Appropriate maps and sections (with scales) and           plan including 
                                    tabulations of intercepts should be included for any      current 1:100k 
                                    significant discovery being reported These should         scale geology 
                                    include, but not be limited to a plan view of drill       has been provided 
                                    hole collar locations and appropriate sectional 
                                    views. 
                          ---------------------------------------------------------------  -------------------------- 
 Balanced                                                                                    All results have 
  reporting                    *    Where comprehensive reporting of all Exploration          been 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                                                                           All data have 
  exploration                 *    Other exploration data, if meaningful and material,        been reported 
  data                             should be reported including (but not limited to): 
                                   geological observations; geophysical survey results; 
                                   geochemical survey results; bulk samples - size and 
                                   method of treatment; metallurgical test results; bulk 
                                   density, groundwater, geotechnical and rock 
                                   characteristics; potential deleterious or 
                                   contaminating substances. 
                          ---------------------------------------------------------------  -------------------------- 
 Further work                                                                                It is anticipated 
                               *    The nature and scale of planned further work (eg          that follow up 
                                    tests for lateral extensions or depth extensions or       and reconnaissance 
                                    large-scale step- out drilling).                          surface geochemistry 
                                                                                              (soil & stream) 
                                                                                              and geological 
                               *    Diagrams clearly highlighting the areas of possible       mapping will be 
                                    extensions, including the main geological                 undertaken along 
                                    interpretations and future drilling areas, provided       the Sterling structural 
                                    this information is not commercially sensitive.           corridor. An RC 
                                                                                              program is planned 
                                                                                              over soil anomalies 
                                                                                              at Sterling Central 
                                                                                              and Sterling South. 
                          ---------------------------------------------------------------  -------------------------- 
 

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