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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 : 1690G
Thor Mining PLC
23 November 2020
23 November 2020
THOR MINING PLC
PILBARA GOLDFIELDS RAGGED RANGE PROJECT
ACQUISITION OF ADJACENT EXPLORATION TENEMENTS
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) are pleased to advise that it has signed a non-binding Term Sheet for the acquisition of additional licence areas adjacent to Ragged Range in the Pilbara region of Western Australia.
Highlights:
-- Two additional licences (E46/1340 and E46/1354 (application) include areas over, and surrounding, historical small scale gold and copper mines.
-- Total Thor Pilbara licence area, including 73 sq kms under application, totals 213 sq kms.
-- New licence area increases the Thor exposure to potential granite contact deposits, complementing the mafic/ultra mafic contact exposure dominated by the 13 kilometre gold zone previously reported(THR:ASX 21 October 2020).
-- The newly acquired tenure is considered highly prospective for shear hosted gold mineralization along the granite contacts to the north and hydrothermal copper mineralization associated with the felsic porphyries intruding the mafic Euro Basalts in the north- east.
-- Anomalous historic stream sediments include up to 76ppb gold with 240ppm copper (Sample 2430)(1)
-- Data review over the newly acquired ground continuing, with field programs planned for early 2021.
-- Airborne magnetics data has been received with magnetic interpretation in progress.
-- Stream sediment samples from the October field program are still at the laboratory with results now anticipated early December.
(1) Open File Report A050141-Great Southern Mines -Surrender Report
Mick Billing, Executive Chairman of Thor Mining, commented:
"We are delighted to be able to add to our holdings adjacent to Ragged Range where we have made very encouraging progress this year."
"The eastern portion of the newly acquired area hosts sites of historical small scale gold and copper mining, however there has been very little modern day exploration of this area."
"We expect shortly to have assays from the October sampling program where we also recovered visible gold via panning, and are also working on interpretation of the data from the recently completed airborne magnetic survey, which is aimed at refining gold and nickel drill program planning."
A map showing the acquired licence area, and its proximity to the Thor Ragged Range project can be accessed from the Thor website via the attached link:
www.thormining.com/sites/thormining/media/Maps/rr-extended.jpg
Acquisition Terms
Thor have executed a non-binding Term Sheet with Redstone Metals Pty Ltd and associated parties to acquire a 100% interest in each of E46/1340, and E46/1354 (under application). Acquisition consideration comprises:
-- Initial Consideration
-- 12.5 million ordinary shares in Thor;
-- 8.333 million options to acquire Thor shares @ A$ 3.0cents, expiring 10 November 2022;
-- Thor to transfer 100% of its interest in E52/3679 (WA licence under application with a value in the Thor accounts of approximately A$4,400);
-- Net Smelter Royalty of 1% from production from each tenement area acquired.
-- Milestone consideration
o Upon three drill intercepts of, or equivalent to, 3 metres @ 2.0grams/tonne, Thor pay further consideration of A$250,000, as follows.
-- 50% in Thor shares valued @ 2.0cents/share, and
-- 50% in cash
The parties have agreed, using reasonable commercial endeavours, to negotiate and execute a binding Sale and Purchase Agreement (SPA) within 30 days of the execution of the Term Sheet for this transaction.
On execution of the SPA, the Company will provide further advice, including details of the share allotment, and the effect on voting rights and the impact on total issued shares.
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.
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Competent Person's Statement
The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018(1) suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits(2).
Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery . EnviroCopper also holds rights to earn a 75% interest in portion of the Alford West copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery .
Thor holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(3) on 2 of the 4 known deposits.
At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned."
"Thor holds mineral claims in the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results."
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018, and 29 January 2020
(3) Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
Refer ASX and AIM announcement of 15 August 2019
1. JORC Code, 2012 Edition - Table 1 report template
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling The historic program
techniques * Nature and quality of sampling (eg cut channels, comprised stream sediment
random chips, or specific specialised industry trap site sampling for
standard measurement tools appropriate to the geochemical analysis
minerals under investigation, such as down hole gamma for Au 2.5kg BLEG
sondes, or handheld XRF instruments, etc). These (-20mesh/850um),
examples should not be taken as limiting the broad and B/AAS for Cu, Pb,
meaning of sampling. Zn, Ag, Sb, As, Ni,
& Mn. Bulk cyanide Leach
with DIBK and graphite
* Include reference to measures taken to ensure sample furnace finish for Au
representivity and the appropriate calibration of any & Pb to 0.1ppb
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 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 Stream Sediment 2.5kg
techniques * If core, whether cut or sawn and whether quarter, BLEG sample collected
half or all core taken. in the field for analysis
Pre-prepared 2kg BLEG
standards were submitted
* If non-core, whether riffled, tube sampled, rotary every 30-50 samples
split, etc and whether sampled wet or dry. for quality control
* For all sample types, the nature, quality and
==================== =============================================================== ================================
and sample appropriateness of the sample preparation
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 The assay method is
of assay * The nature, quality and appropriateness of the appropriate for preliminary
data and assaying and laboratory procedures used and whether exploration.
laboratory the technique is considered partial or total.
tests All samples were prepared
and analysed by independent
* For geophysical tools, spectrometers, handheld XRF laboratory Genalysis
instruments, etc, the parameters used in determining in Perth, WA.
the analysis including instrument make and model,
reading times, calibrations factors applied and their Samples were analysed
derivation, etc. for the following:
1. mix and split off
250grams for drying
* Nature of quality control procedures adopted (eg and pulverised to 75microns.
standards, blanks, duplicates, external laboratory 2. Digestion and analysis
checks) and whether acceptable levels of accuracy (ie for Cu, Pb, Zn, Ag,
lack of bias) and precision have been established. Sb, As, Ni, & Mn using
B/AAS sample method.
3. Remaining 2.25 sample
was Bulk cyanide Leached
with DIBK and graphite
furnace finish for Au
& Pb to 0.1ppb
Pre-prepared 2kg BLEG
standards were submitted
every 30-50 samples
for quality control
==================== =============================================================== ==============================
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 Aerial photography at
of data * Accuracy and quality of surveys used to locate drill 1:25,000 scale used
points holes (collar and down-hole surveys), trenches, mine to plan and locate drainage
workings and other locations used in Mineral Resource spots. All drainage
estimation. plotted onto 1:25,000
base and subsequently
digitised into Micomine
* Specification of the grid system used. database.
* Quality and adequacy of topographic control.
==================== =============================================================== ==============================
Data spacing Not applicable - no
and distribution * Data spacing for reporting of Exploration Results. 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 is
of data * Whether the orientation of sampling achieves unbiased not applicable to stream
in relation sampling of possible structures and the extent to sediment sampling which
to geological which this is known, considering the deposit type. are essentially one
structure dimensional.
* 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 Samples submitted to
* The measures taken to ensure sample security. Intertek Genalysis Perth,
WA for analysis.
Sample security appropriate
for preliminary
reconnaissance
assessment.
==================== =============================================================== ==============================
Audits None undertaken
or reviews * The results of any audits or reviews of sampling
techniques and data.
==================== =============================================================== ================================
Section 2 Reporting of Exploration Results
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
parties such as joint ventures, partnerships, and E46/1262 in Western
overriding royalties, native title interests, Australia held 100%
historical sites, wilderness or national park and by Thor Mining PLC.
environmental settings.
* 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 Geological mapping and
done by other * Acknowledgment and appraisal of exploration by other stream sediment
parties parties. sampling
by Great Southern
Mines.
Open File Report
A050141-Surrender
Report.
========================= ================================================================== =========================
Geology Yet to be determined
* Deposit type, geological setting and style of
mineralisation.
========================= ================================================================== =========================
Drill hole No drilling has been
Information * A summary of all information material to the undertaken or reported
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 aggregate Only field observations
n methods * In reporting Exploration Results, weighting averaging have been reported.
techniques, maximum and/or minimum grade truncations There has been no data
(eg cutting of high grades) and cut-off grades are 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 values should be clearly stated
========================= ================================================================== =========================
Relationship No drilling has been
between mineralisaton * These relationships are particularly important in the undertaken or reported
widths and reporting of Exploration Results.
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 Data included in report
* 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 All results have been
reporting * Where comprehensive reporting of all Exploration 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 been
exploration * Other exploration data, if meaningful and material, 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 It is anticipated that
work * The nature and scale of planned further work (eg further stream sediment
tests for lateral extensions or depth extensions or geochemistry and
large-scale step- out drilling). geological
mapping will be
undertaken
* Diagrams clearly highlighting the areas of possible to locate the source
extensions, including the main geological of any mineralisation.
interpretations and future drilling areas, provided
this information is not commercially sensitive.
======================= ================================================================ ===========================
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