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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% | 1.05 | 1.00 | 1.10 | 1.05 | 1.05 | 1.05 | 19,524 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -5.53 | 2.93M |
From May 2019 to May 2024
TIDMTHR
RNS Number : 2580O
Thor Mining PLC
17 August 2017
17 August 2017
THOR MINING PLC
27 METRES OF TUNGSTEN COPPER AND ZINC INTERSECTED AT GOOD HOPE
PILOT MOUNTAIN - NEVADA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise very positive preliminary results over 27.4 metres ("m") from the first drill hole at the Good Hope deposit at the Company's wholly owned Pilot Mountain tungsten project in Nevada, USA.
The results have been derived using a portable XRF instrument, and should be considered preliminary and subject to confirmation in subsequent laboratory assay. Laboratory assays results may vary from those obtained from XRF.
Highlights:
-- 27.4 m @ 1.1% copper ("Cu"), 1.3% zinc ("Zn") and 0.19% tungsten trioxide ("WO(3) ") including 10.0m (true width estimate of 6.5m) from 17.5m depth @ 0.32% WO(3) .
-- Unexpected mineralisation from surface followed by 10m of higher tenor mineralisation from 17.5m broadly confirming expectation based upon historical drilling.
-- Visible oxidised copper minerals malachite and azurite along with fluorescing scheelite
-- Drillhole commenced with reverse circulation ("RC") but terminated @ 44m due to adverse drilling conditions and will be completed using diamond core drilling ("DD") when the DD rig finishes at the Desert Scheelite deposit.
-- Drilling continues at both Good Hope with RC, and with DD at Desert Scheelite
Mr Mick Billing, Executive Chairman of Thor:
"Very pleasing initial results from the first hole at Good Hope. While these XRF results are subject to laboratory assay, which may alter these results, this is very encouraging.
"Good grade mineralisation commencing at surface is always very good news, as is the intersection of higher grade material where historical results estimate they should extend.
"Recent improvements in metal prices, with tungsten up 29% this year, copper at US$6,500/tonne and Zinc above US$3,000/tonne are also particularly good signs."
Table 1: Drill hole orientation summary
Hot Features
Premium
Hole Easting Northing Hole Hole Final
ID NAD83 NAD83 collar collar Depth
zone 11 zone dip* Azimuth* (m)
11
----------- --------- --------- -------- ---------- -------
17GH-RC01 423940 4249685 -60 180 44
----------- --------- --------- -------- ---------- -------
* Down hole surveys of these holes have
shown dip and azimuth variation to be less
than 3 degrees.
----------------------------------------------------------------
Good Hope comprises a small inlier (window) of mineralised skarn exposed within an area overlain by younger volcanic rock. The area has been worked to some extent with small scale exploratory shafts, plus trenches & adits but little systematic exploration of basement below the volcanic cover is apparent.
Exposed mineralisation in the exploration trenches and the vertical extent of mineralisation in RGH-02 indicate Good Hope mineralisation is likely to be steeply dipping and similar to the Desert Scheelite deposit rather than the flat lying mineralisation to the west.
This drill program has been designed to confirm and extend high grade tungsten, copper, and zinc mineralisation, including 36.5m @ 0.4% WO , 0.25% Cu, and 0.47% Zn.
The first RC hole 17GHRC-01 at the Good Hope deposit in the current program was designed to re-test historical drill hole GH-05 for which no historical assays have been sighted.
Link to Figure 1: Cross section through the Good Hope prospect showing RGH-02 intersection and 17GHRC-01 intersection using XRF
http://www.rns-pdf.londonstockexchange.com/rns/2580O_-2017-8-17.pdf
On completion of the drill program and the receipt of all final assay data the Company will issue an updated report with the full results.
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) 207 383 Grant Thornton Nominated
Daniel Bush/ 5100 UK LLP Adviser
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
/ Andy Thacker 413 500
Tim Blythe/ +44 (0) 207 138 Blytheweigh Financial
Camilla Horsfall 3222 PR
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.
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.
About Thor Mining PLC
Thor Mining PLC 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 Resources Estimate(2) on 1 of the 4 known deposits.
In February 2017, Thor completed the sale of its Spring Hill Gold project(3) for A$3.5million on receiving A$1.5 for its residual 40% interest in the project. Thor holds, further, a production royalty entitlement 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 ASX and AIM announcement of 29 February 2016 -- At the date of this announcement gold is trading at approximately A$1,620/oz
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.
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
------------------ ------------------------------------------------------------- ----------------------------
Sampling Reverse Circulation
techniques * Nature and quality of sampling (eg cut channels, drilling with face
random chips, or specific specialised industry sampling hammer was
standard measurement tools appropriate to the used to obtain 2.5-foot
minerals under investigation, such as down hole gamma interval samples.
sondes, or handheld XRF instruments, etc). These 2kg subsamples were
examples should not be taken as limiting the broad taken from each interval
meaning of sampling. using rotary wet splitter
for indicative portable
XRF analysis and follow
* Include reference to measures taken to ensure sample up laboratory analysis
representivity and the appropriate calibration of any where appropriate.
measurement tools or systems used. Chip tray samples
were collected, logged
and photographed.
* Aspects of the determination of mineralisation that
are Material to the Public Report. Industry standard
QAQC protocol was
adopted with reference
* In cases where 'industry standard' work has been done material inserted
this would be relatively simple (eg 'reverse at approximately 10%.
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 Reverse circulation
techniques * Drill type (eg core, reverse circulation, open-hole drilling with face
hammer, rotary air blast, auger, Bangka, sonic, etc) sampling hammer.
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 Reasonable sample
sample * Method of recording and assessing core and chip recovery was obtained
recovery sample recoveries and results assessed. after the initial
collar sample. Sample
recovery was not measured.
* 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 Hole cuttings were
* Whether core and chip samples have been geologically logged geologically
and geotechnically logged to a level of detail to and photographed for
support appropriate Mineral Resource estimation, the entire length
mining studies and metallurgical studies. of each hole.
* 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 Subsamples were taken
techniques * If core, whether cut or sawn and whether quarter, wet rotary splitter.
and sample half or all core taken. As per industry standard
preparation QAQC protocol, field
duplicates make up
* If non-core, whether riffled, tube sampled, rotary 30% of the quality
split, etc and whether sampled wet or dry. control samples.
* 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 Laboratory assay data
of assay * The nature, quality and appropriateness of the is not being reported
data assaying and laboratory procedures used and whether rather preliminary
and laboratory the technique is considered partial or total. indicative analyses
tests by field portable
XRF.
* For geophysical tools, spectrometers, handheld XRF An Olympus Vanta XRF
instruments, etc, the parameters used in determining was utilised with
the analysis including instrument make and model, read time total of
reading times, calibrations factors applied and their 30 seconds. Blanks
derivation, etc. and certified reference
standards are inserted
every 20 to 30 analyses
* Nature of quality control procedures adopted (eg along with manufacturers
standards, blanks, duplicates, external laboratory routine calibration
checks) and whether acceptable levels of accuracy (ie check.
lack of bias) and precision have been established. Quality control results
are checked before
sample analysis proceeds.
------------------ ------------------------------------------------------------- ----------------------------
Verification Significant intersections
of sampling * The verification of significant intersections by reported correspond
and assaying either independent or alternative company personnel. with visual indications
in samples. No further
independent verification
* The use of twinned holes. has been 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
of data * Accuracy and quality of surveys used to locate drill
points 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 Results from only
spacing * Data spacing for reporting of Exploration Results. one hole is being
and distribution reported. Reported
intersection details
* Whether the data spacing and distribution is are based on averaging
sufficient to establish the degree of geological and XRF determinations
grade continuity appropriate for the Mineral Resource from 2.5 foot sample
and Ore Reserve estimation procedure(s) and intervals.
classifications applied.
* Whether sample compositing has been applied.
------------------ ------------------------------------------------------------- ----------------------------
Orientation The hole is inclined
of data * Whether the orientation of sampling achieves unbiased appropriately for
in relation sampling of possible structures and the extent to the orientation of
to geological which this is known, considering the deposit type. the mineralised zone.
structure Estimated true width
is stated.
* 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.
------------------ ------------------------------------------------------------- ----------------------------
Click on, or paste the following link into your web browser, to view the associated PDF document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFLTTVIDLID
(END) Dow Jones Newswires
August 17, 2017 04:22 ET (08:22 GMT)
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