TIDMTHR
RNS Number : 9108T
Thor Mining PLC
25 March 2019
25 March 2019
CLEARANCE FOR DRILLING COMMENCEMENT - BONYA TUNGSTEN
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased
to announce that drilling at the Bonya tungsten deposits adjacent
Molyhil, in the Northern Territory of Australia, is to commence
following advice from the Aboriginal Areas Protection Authority
(AAPA) providing clearance for the planned drilling program.
The Bonya project is held in joint venture with Arafura
Resources Limited (ASX: "ARU"), with both parties contributing to
the cost of the program in proportion to their project equity (THR
40% : ARU 60%)
Highlights:
-- Clearance received for exploration work on five Bonya targets by AAPA;
-- The reverse Circulation (RC) drilling program of around 2,500
metres is scheduled for each of Samarkand, Jericho, White Violet,
and Tashkent deposits;
-- Costeans (sampling trenches) to be excavated at surface on the Marrakesh deposit;
-- Each deposit has outcropping tungsten at surface, ensuring
the drilling is into, or below, previously;
-- Drilling now expected to commence early April, with further
updates expected on drilling progress, preliminary on-site XRF
analysis, followed by formal laboratory assays.
Mick Billing, Executive Chairman, commented: "I am extremely
pleased with the news that we can now commence exploration
activities on the Bonya tungsten deposits."
"The 13 outcropping tungsten deposits at Bonya, several of which
have historical mine workings, have the potential to add
considerably to the life, scale, and economic outcomes of the
Company's flagship Molyhil project nearby."
Readers wishing to review a diagram outlining the deposits at
Bonya may view this on the Company's website via the following
link:
http://thormining.com/-/thor/lib/images/maps/15-001-1B%20Bonya%20Exploration%20Targets.jpg
Further Information
The Northern Territory Aboriginal Areas Protection Authority
(AAPA) has now issued the Authority Certificate clearing the way
for exploration activities on the Bonya Project Exploration Licence
EL29701. Pending re-establishment of access following substantial
rain brought about by ex-Tropical Cyclone Trevor, planned
exploration activities includes the drilling and additional trench
sampling programs to advance the first five of 13 outcropping
tungsten deposits at Samarkand, White Violet, Jericho, Tashkent,
and Marrakesh.
The program will comprise in the order of 2,500 metres of
drilling by Reverse Circulation (RC) method in addition to 200
metres of trench sampling across the outcropping deposits. It is
anticipated that the program will be completed within two weeks of
commencement with provisional XRF results to follow and assay
results after a further four weeks.
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
1935 Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat/ Ben 5100 LLP
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
David Hignell / Rob +44 (0) 20 3470 SP Angel Corporate Joint Broker
Rees 0470 Finance LLP
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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.
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 (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 an Inferred
resource for the Bonya copper deposit(2).
Thor also 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. 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 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 resource on the portion of the historic
Kapunda copper mine in South Australia recoverable by way of in
situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian
ASX listed company with a 100% Interest in a Lithium project in
Arizona, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project 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 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018
(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 AIM announcement of 26 February 2016 and ASX announcement
of 29 February 2016
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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