TIDMTHR
RNS Number : 0876O
Thor Mining PLC
30 September 2019
30 September 2019
MAIDEN MINERAL LITHIUM RESOURCE ESTIMATE - BIG SANDY
HAWKSTONE MINING LIMITED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased
to advise publication of a maiden Mineral Resource Estimate for the
Big Sandy Lithium Deposit in Arizona, USA, by Hawkstone Mining
Limited ("Hawkstone") (ASX: HWK).
Hawkstone, the 100% owner of the Big Sandy project, has
announced an Indicated and Inferred Mineral Resource Estimate of
32.5 Million Tonnes grading 1,850 parts per million (ppm) Li, or
320,800 tonnes Lithium Carbonate Equivalent, reported above an
800ppm Li cut-off.
Hawkstone Managing Director Paul Lloyd commented on the results
released;
"The estimate of the maiden Resource is another significant step
forward in establishing Hawkstone as an emerging lithium supplier,
and forms part of an aggressive program to move the project into
pre-feasibility as quickly as possible. In addition to the
appointment of Dr David Deak as a consultant to the Company and
Barnaby Egerton-Warburton as Non-Executive Chairman, Hawkstone has
also appointed a Phoenix based engineer to commence an examination
of the key development elements, leading to the commencement of a
pre-feasibility study."
"The calculation of the maiden resource from a limited number of
tightly spaced drill holes, comprising a mere 4% of the Big Sandy
project area, highlights the size and potential of this world class
lithium resource. The location in Arizona USA provides multiple
development advantages, being strategically located near all major
infrastructure and in close proximity to U.S. battery manufacturing
facilities".
"In addition, a stage 3 drilling program is planned for 2020
with the objective of converting the current reported Exploration
Targets. This drilling will target Blocks B and C in the Northern
Mineralised Zone as we continue to develop the Big Sandy Lithium
Project."
Mr Mick Billing, Executive Chairman, commented:
"We welcome the maiden Mineral Resource Estimate for the Big
Sandy project."
"Hawkstone have regularly, over the past year or so, improved
the outlook for Big Sandy and, in so doing, the value of our
Hawkstone investment."
"We look forward to confirmation from Hawkstone that the Maiden
resource estimate satisfies the requirement for the issue of the
additional shares representing 50% of the sale consideration."
Thor holds 7,421,875 ordinary shares in Hawkstone (representing
1.075% of its issued share capital). Thor shall be allotted a
further 7,812,500 ordinary shares in Hawkstone if Hawkstone
reports, by September 2021, a mineral resource estimate, on the Big
Sandy deposit, of at least 30 million tonnes at a grade of over
2,000ppm Lithium (Li), using a lower cutoff grade of 1,000ppm
Li."
The latest Hawkstone announcement may be found on the ASX
website via the following link:
https://www.asx.com.au/asxpdf/20190926/pdf/448w4ngy4bbd8b.pdf
Information about Hawkstone and its Big Sandy project can be
found at Hawkstone's website:
http://hawkstonemining.com.au/.
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 LLP Nominated Adviser
Richard Tonthat/ Ben 5100
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
Claire Louise Noyce 413 500 Hybridan LLP Joint Broker
/ +44 (0) 203 764
John Beresford-Peirse 2341
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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 30% interest Australian copper
development company EnviroCopper Limited, 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 , and also holds rights to earn a 75% interest in portion
of the Moonta Copper project also in South Australia, and is
considered amenable to recovery 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, sold for up to A$1,500 /oz; and
-- A$14 per ounce of gold produced from the Spring Hill
tenements, sold for amounts over A$1,500 /oz.
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 5 March 2019 and ASX announcement of 6
March 2019
Refer AIM announcement of 26 February 2016 and ASX announcement
of 29 February 2016
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END
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