Thor Mining PLC US LITHIUM UPDATE (9780B)
16 January 2018 - 6:39PM
UK Regulatory
TIDMTHR
RNS Number : 9780B
Thor Mining PLC
16 January 2018
16 January 2018
THOR MINING PLC
US LITHIUM UPDATE
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to provide an update on the Company's
interest in US Lithium Pty Ltd ("US Lithium"), which hold lithium
exploration interests in Arizona in the USA. This follows receipt
of advice from US Lithium outlining project progress and corporate
activities.
Highlights
-- A capital raise, issuing 2,000,000 shares @ A$0.12/share
raising A$240,000 before expenses associated with the raise. This
compares with the Thor acquisition of 2,500,000 shares @
US$0.03/share (approximately A$0.04/share). Thor equity has been
diluted to a 20.83% interest in US Lithium.
-- Commencement of activities associated with preparation to list on ASX in Australia.
-- Additional claims have been lodged to the south of the Big
Sandy project in Arizona, to approximately double the area of the
project.
-- Recent field exploration work including additional auger
drilling and site mapping. Assay results are pending from this
auger drilling.
-- The appointment of MDS of California, USA to complete first
stage metallurgical test work. MDS are reported to have
considerable experience with lithium processing from clay based
projects.
Mick Billing, Executive Chairman, commented:
"US Lithium has made very positive progress in recent months,
and we welcome the additional investment at a substantial premium
to the original Thor investment."
"The market for lithium continues to grow, and quality assets
will be rewarded. We look forward to a successful listing of US
Lithium on ASX in due course."
"We look forward to updating investors further as news becomes
available."
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 Grant Thornton Nominated
Richard Tonthat 383 5100 UK LLP Adviser
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 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.
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 and Inferred Resources
Estimate(2) on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the portion of the historic Kapunda copper
mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an
Australian private company with a 100% interest in a Lithium
project in Nevada, USA.
Finally, 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 AIM announcement of 26 February 2016 and ASX
announcement of 29 February 2016
-- At the date of this announcement gold is trading at approximately A$1,680/oz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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