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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.07 | 5.93% | 1.25 | 1.20 | 1.30 | 1.25 | 1.19 | 1.25 | 692 | 08:00:07 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.21 | 3.29M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 2171P
Thor Mining PLC
30 August 2017
30 August 2017
THOR MINING PLC
TUNGSTEN & COPPER INTERCEPTS AT DESERT SCHEELITE
PILOT MOUNTAIN - NEVADA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to report positive outcomes from a diamond drill hole at the Desert Scheelite deposit at the Company's wholly owned Pilot Mountain tungsten project in Nevada, USA (Figure 1).
Highlights:
-- Several scheelite (tungsten trioxide) mineralised intervals were identified by blue fluorescence under ultra violet "UV" light
-- Intercepts of sulphide mineralisation including copper bearing chalcopyrite
Significant Intercepts:
-- 15 metres (m) of scheelite mineralisation from 198 metres. -- 4m of scheelite mineralisation from 217m.
-- 18m of scheelite mineralisation from 256m, including sub massive sulphide mineralisation, including chalcopyrite, for 5m from 256m and for a further 4m from 266m.
Detailed logging of the core samples is complete and samples submitted for laboratory assay.
Mr Mick Billing, Executive Chairman of Thor:
"Very encouraging looking core samples from Desert Scheelite, and hopefully the assays, expected in several weeks, will confirm this.
"Desert Scheelite continues to shape as a very exciting deposit, amongst the suite of deposits at Pilot Mountain with extremely promising growth potential."
Table 1: Drill hole orientation summary
Hot Features
Premium
Hole ID Easting Northing Hole Hole Final
NAD83 NAD83 collar collar Depth
zone 11 zone dip* Azimuth* (m)
11
--------- --------- ---------- -------- ---------- -------
17DS -
DD01 424,452 4,248,399 -69 195 313
--------- --------- ---------- -------- ---------- -------
* Down hole gyro survey shows dip increased
to 70 deg and azimuth increased to 199 degrees
by the end of hole.
---------------------------------------------------------------
The Desert Scheelite diamond drilling program was designed as to test for high grade extensions to previous mineralisation with a best result in 2012 of 17.5m @ 1.80% copper plus 2.2% zinc and 32 g/t silver, along with 13.5m of 0.89% scheelite.
Hole 17DS-DD01 was designed to test a zone approximately 50m below these historic intersections
**Link to Desert Scheelite east - west longitudinal projection showing approximate intercept location for drill hole 17DS-DD01. Other 2017 holes noted are from the reverse circulation drill program earlier in 2017.
http://www.rns-pdf.londonstockexchange.com/rns/2171P_-2017-8-29.pdf
In response to challenging drilling conditions through the volcanic cover to the north of Desert Scheelite, the Company has elected to sight the next hole to the south of the deposit and drill through more competent quartz monzonite. Regulatory permitting to drill from this new site is in process, and subsequent drilling at Desert Scheelite will be deferred until this permitting is in place.
The drill rig has now moved to the Good Hope site and has commenced re-drilling hole 17GH-RC01 which terminated prior to target depth. Preliminary XRF analyses on 17GH-RC01 reported on 18(th) August 2017 comprised 27.4m @ 1.1% copper, 1.3% zinc and 0.19% tungsten trioxide (WO(3) ) including 10.0m (true width estimate of 6.5m) from 17.5m depth at 0.32% WO(3)
On completion of the drill programme and the receipt of all final assay data the Company will issue an updated report with the full results. XRF analyses are considered indicative, preliminary data and are only undertaken on small subsamples of the RC drill cuttings. XRF analyses is not suited for core or whole rock. Follow up laboratory analyses are more definitive than XRF 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.
Thor also holds a production royalty entitlement from the Spring Hill Gold project(3) 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$1,650/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 Exploration results
techniques * Nature and quality of sampling (eg cut channels, are based on HQ sized
random chips, or specific specialised industry diamond drill core
standard measurement tools appropriate to the No metal concentration
minerals under investigation, such as down hole gamma data has been reported
sondes, or handheld XRF instruments, etc). These - only visual indications
examples should not be taken as limiting the broad of the presence of
meaning of sampling. metal bearing minerals
specifically scheelite
and chalcopyrite.
* 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 Diamond drilling for
techniques * Drill type (eg core, reverse circulation, open-hole continuous core sample.
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 Core recoveries exceed
sample * Method of recording and assessing core and chip 95%
recovery 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 Drill core was logged
* Whether core and chip samples have been geologically geologically and photographed
and geotechnically logged to a level of detail to for the entire length
support appropriate Mineral Resource estimation, of the hole.
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 No assay data is reported.
techniques * If core, whether cut or sawn and whether quarter,
and sample half or all core taken. Mineralised intervals
preparation of core were cut and
half core sent for
* If non-core, whether riffled, tube sampled, rotary assay. Sample intervals
split, etc and whether sampled wet or dry. were based on geological
boundaries or a maximum
of five feet.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. Industry standard
QAQC protocol was
adopted. Field duplicates
* Quality control procedures adopted for all make up 30% of the
sub-sampling stages to maximise representivity of quality control samples.
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 No assay data is available
of assay * The nature, quality and appropriateness of the or reported
data assaying and laboratory procedures used and whether
and laboratory the technique is considered partial or total.
tests
* 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 No significant intersections
of sampling * The verification of significant intersections by are reported only
and assaying either independent or alternative company personnel. visual indications
of the presence of
metal bearing minerals
* The use of twinned holes. - specifically scheelite
and chalcopyrite.
* 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. No resource
estimation is implied
* Whether the data spacing and distribution is or inferred.
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 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
* 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 No assay data is reported.
security * The measures taken to ensure sample security. Core remains in the
custody of the supervising
geologist and stored
in a locked building.
------------------ ------------------------------------------------------------- -------------------------------
Audits None
or reviews * The results of any audits or reviews of sampling
techniques and data.
------------------ ------------------------------------------------------------- -------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSEWFLUFWSEDA
(END) Dow Jones Newswires
August 30, 2017 02:00 ET (06:00 GMT)
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