TIDMTHR
RNS Number : 2692Z
Thor Mining PLC
20 May 2021
20 May 2021
THOR MINING PLC
South Australian Government Funding A$300,000
Alford East ISR Project, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce the successful application of the
Alford East Copper-Gold Project as part of Round 2 of the
Accelerated Discovery Initiative (ADI).
Highlights:
-- Thor Mining awarded A$300,000 from the South Australia
Government under the Accelerated Discovery Initiative (ADI)
-- Thor's Alford East Project was one of twenty-two projects to
receive funding in Round 2 of the Initiative, as announcement by
the Minister for Energy and Mining, Hon Dan van Holst Pellekaan MP
on 20 May 2021
-- These funds will be applied to Proof-of-Concept work for In
situ Recovery (ISR), including resource drilling,
hydrometallurgical and environmental studies
-- Diamond drilling program to commence late May 2021.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"This is a fabulous result for Thor and its shareholders as it
validates the high-quality Alford East Project. The successful
grant is a strong endorsement of the technical merits of the
project by the South Australian Government.
The Alford East Project is an exciting opportunity for Thor
shareholders at a time of record copper prices.
The $300,000 funding will significantly expediate our
exploration and development program for the Alford East ISR
Project, with diamond drilling commencing shortly with the
objective to increase the resource size and commence
hydrometallurgical studies.
We acknowledge and thank the Department of Energy and Mining
(DEM) and the SA Government for this positive exploration
initiative."
A copy of the Tenement and Prospect Location Plan may be view
via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre---location.jpg
The Accelerated Discovery initiative (ADI) aims to encourage
innovation and collaboration to advance exploration activities in
South Australia. It provides a Government contribution towards
exploration activities, through supporting the potential discovery
of new mineral and ground water resources, while delivering a
number of other economic and social benefits to the State.
Successful applications for Round 2 of the initiative were
announced by the Minister for Energy and Mining, Hon Dan van Holst
Pellekaan MP on 20 May 2021. A total of almost A$4.5 million in new
funding has been award to 22 companies, with Thor Mining granted
A$300,000.
Full details on the Accelerated Discovery Initiative and
successful applications can be found on the DEM website:
https://energymining.sa.gov.au/minerals/latest_updates/south_australias_exploration_initiative
Project Background
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (THR:AIM 20 November 2020).
The Alford East Project covers the northern extension the Alford
Copper Belt, located on the Yorke Peninsula SA. The Alford Copper
Belt is a semi coherent zone of copper-gold oxide mineralization,
within a structurally controlled north-south corridor consisting of
deeply kaolinized and oxidized troughs within metamorphic units on
the edge of the Tickera Granite Gawler Craton, SA.
Numerous companies since the early 1990's have explored the area
for Iron Oxide Copper Gold (IOCG) style primary mineralisation,
essentially ignoring the oxide mineralisation. Thor who acquired
the ground in December 2020 (Earn-In/JV) are the f irst company to
explore solely for the oxide copper-gold mineralisation.
Over 500 drillholes were drilled between 1982 and 2015 in the
Project area, totalling over 40,585m. Based on this drillhole
information Thor have completed an inferred Mineral Resource
Estimate (MRE), which was announced on 26 January 2021:
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
-- 71, 500oz of contained gold
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
This MRE demonstrates the initial size of the oxide copper-gold
opportunity with the potential to grow the MRE along strike and at
depth.
Thor are exploring and evaluating the copper-gold oxide
mineralisation from a geological, environmental, hydrometallurgical
and social license perspective, with a 'proof of concept' to
develop using In Situ Recovery (ISR).
This ADI proposal to assess the size and ISR amenability of the
Alford East copper-gold deposit, promotes new exploration thinking
and innovation. The success of this ISR concept at Alford East
project, has the potential to open-up numerous other oxide
copper-gold deposits within the State - protecting the environment
whilst creating new economic opportunities.
Next Step - Exploration and Development Activities
Potential to grow the Alford East copper-gold Mineral Resource
Estimate remains along strike and at depth. Historic aircore and
reverse circulation drilling within the project area stopped within
the mineralised oxide copper-gold zones with only limited deeper
diamond holes continuing through the oxide copper mineralization. A
2,000m diamond drilling program is scheduled to commence late May,
designed to follow up on the depth extent of the oxide
mineralisation, adjacent to these mineralised diamond holes. In
addition, drill holes will be placed along strike of the eight
identified mineralised zones to confirm strike extent and
continuity of the mineralization.
An image showing the eight identified mineralised domains at
Alford East may be view via the following link:
www.thormining.com/sites/thormining/media/maps/21-001-1-ae-mre---plan-view.jpg
During the drilling program groundwater analysis and core
samples will be collected for hydrometallurgical studies. The
hydrometallurgical work will be undertaken by Mining Process
Solutions (MPS).
In conjunction with the technical assessment Thor will continue
ongoing stakeholder and community engagement, and regulatory
activities.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the UK Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and
is disclosed in accordance with the Company's obligations under
Article 17 of MAR. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain.
- Ends -
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Mick Billing, Executive Chairman Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220
and Joint Broker) 1666
Jessica Cave / Darshan Patel
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
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; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early stage gold
and nickel results in the Pilbara region of Western Australia, for
which drilling is planned in the first half of 2021.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
Insitu Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(1).
Thor also holds a 30% interest in 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 and the
Alford West copper project, both situated in South Australia and
both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
Thor holds 100% of the advanced Molyhil tungsten project,
including indicated and inferred resources , in the Northern
Territory of Australia, which was awarded Major Project Status by
the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits.
Thor holds 100% of the Pilot Mountain tungsten project in
Nevada, USA which has a JORC 2012 Indicated and Inferred Resources
Estimate on 2 of the 4 known deposits.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf
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