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Share Name Share Symbol Market Type Share ISIN Share Description
Thor Mining Plc LSE:THR London Ordinary Share GB00BD0NBV71 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -6.06% 0.775 0.75 0.80 0.825 0.775 0.80 5,828,358 12:12:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.9 -0.1 - 13

Thor Mining PLC Pilbara Goldfields - Follow up Sampling

16/07/2020 7:05am

UK Regulatory (RNS & others)


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RNS Number : 1951T

Thor Mining PLC

16 July 2020

16 July 2020

THOR MINING PLC

PILBARA GOLDFIELDS - FOLLOW UP SAMPLING

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise commencement of the second phase of gold, nickel, and chromium geochemical sampling at the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

The program follows previously reported success from stream sediment samples from sites providing a broad coverage across the tenements, resulting in 15 gold occurrences, and two nickel and chrome occurrences from 44 sampling sites,

( https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200117-asx-pilbara-gold-reconn-assays.pdf ) .

Highlights:

-- Five separate sites from which gold was detected in the initial sampling program to be followed up, with upstream sampling towards potential source rock.

-- Nickel and chrome focussed sampling of the previously reported gossan within the ultramafic rock area ( https://www.thormining.com/sites/thormining/media/pdf/annual-and-interim-reports/20200501-quarterly-report-january---march-2020.pdf ), and also map and sample catchments of the 2019 nickel/chrome anomalous stream sediment sites.

-- Sampling program estimated to be complete within one week, with assays due several weeks from completion.

Mick Billing, Executive Chairman of Thor Mining, commented:

" This is an important follow up to the previous, very successful, sampling program."

"COVID19 access restrictions delayed earlier access to the licence area, and we are very pleased to be able to recommence activity on this very exciting project, using a Western Australian based team."

"We look forward to providing updates on progress as they become available."

Gold Anomalism

Five stream sediment sample sites from the 2019 sampling program are designated for follow up. These samples reported either or both, of elevated assay gold geochemical anomalism, or gold evident in the panning.

Nickel Anomalism

Elevated nickel and chrome were assayed in samples from four stream sediment test sites in 2019. The sites are adjacent to ultramafic rocks which extend approximately 10km along the western boundary of the tenement. The catchments for these sites will be mapped for possible source rocks.

Further to the south, within the ultramafic package is an area of gossan. The current field program includes mapping and rock chip sampling at 2 metre intervals across the entire width of the gossan.

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 Secretary 
                           1935 
 Colin Aaronson/          +44 (0) 207 383  Grant Thornton   Nominated Adviser 
  Richard Tonthat/ Niall   5100             UK LLP 
  McDonald 
 Nick Emerson             +44 (0) 1483     SI Capital Ltd   Broker 
                           413 500 
 

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 P LC (AI M, A S X: THR) is a r esources comp any quoted on the AIM M a rket of the London Stock Exchange and on ASX in Austr alia.

Thor holds 1 0 0% of the ad v anced Molyhil t ungsten p r oject in t he No rthe rn T e rr ito ry of Aust r alia, for w hich an updated feasibility study in August 2018(1) suggest ed attr a ctive retur ns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit(2).

Thor a lso holds 1 0 0% of t he Pilot Mountain tungst en p roject in Nevada U SA which has a JORC 20 12 Indicated and Inferred Res o u rces Estimate(3) on 2 of the 4 k nown 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 holds a 25% in ter est Aust r alian copper d evelopment company EnviroCopper Limited (with rights to increase its interest to 30%). EnviroCopper Limited holds:

-- rights to earn up to a 7 5% interest in the mineral rights and claims over the resource on the p o rtion of the historic Kapunda copper mi ne in South Aust r alia considered recover able by way of in situ recove ry; and

-- rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate for several deposits considered recover able by way of in situ recove ry .

N ot es

   (1) Refer  ASX and AIM an n o u ncement  of  23   August   2 0 18 
   (2) Refer  ASX and AIM an n o u ncements  of  26   November   2 0 18 and 29 January 2020 

(3) Refer AIM ann o un cement of 13 December 2018 and ASX ann o unce ment of 14 December 2018

Refer AIM a nn o un c e m e nt of 10 F e b r u ary 2 0 18 a nd ASX ann o uncement of 12 February 2 0 18

   Refer  ASX and AIM an n o u ncement  of  15 August   2 0 19 

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

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July 16, 2020 02:05 ET (06:05 GMT)

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