TIDMTHR
RNS Number : 5743R
Thor Mining PLC
08 November 2021
8 November 2021
Thor Mining PLC
Commencement of Drilling
Molyhil Tungsten-Molybdenum Project, Northern Territory
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce that diamond drilling has commenced
at the Molyhil tungsten-molybdenum Project, in the Northern
Territory.
HIGHLIGHTS
-- 1000m diamond program has commenced at Molyhil
tungsten-molybdenum copper Project, NT.
-- Drilling to test a newly identified magnetic target adjacent
to the Molyhil magnetite skarn, host to the
tungsten-molybdenum-copper mineralisation.
-- Thor Mining awarded A$110,000 from the Northern Territory
Government as part of the Resourcing the Territory, Geophysics and
Drilling Collaborations (GDC) program.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"We are excited to be starting this exploration drilling at our
Molyhil Project in the Northern Territory, where we are testing a
newly identified, large magnetic target adjacent to the known
tungsten-molybdenum-copper mineralisation. The Molyhil resource is
highly magnetic (high percentage of magnetite) and this newly
identified target is interpreted to be an off-set of this
mineralisation.
The depth to target of only 270m from surface and the location
underneath the current pit design has the potential to be a game
changer for the Project."
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg
Project Background
The Molyhil deposit is located 220 kilometres north-east of
Alice Springs (320 km by road) within the prospective polymetallic
province of the Proterozoic Eastern Arunta Block, in the Northern
Territory (Figure 1).
In April 2021 (THOR:ASX Announcement 8 April 2021) a revised
Mineral Resource estimate was completed comprising Measured,
Indicated, and Inferred Mineral Resources, totalling 4.4 million
tonnes at 0.27% WO(3) (Tungsten trioxide), 0.10% Mo (Molybdenum),
and 0.05% Cu (Copper) using a 0.07% WO(3) cut-off.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
Diamond Drilling Program
The 1000m diamond drilling program, comprising 2-3 drillholes,
is designed to test potential extensions to the known Molyhil
tungsten-molybdenum-copper mineralisation, defined by a large
magnetic target interpreted in recent 3D geological modelling.
The 3D geological modelling of the Molyhil deposit identified
two prominent structures - Yacht Club fault and South Offset fault
(Figure 2). Based on the geological timing of these faults, they
appear to have had a significant impact on mineralisation, such as
offsetting the Yacht Club mineralisation from the Southern Lode,
hence creating targets for potential extensions. Modelling of the
South Offset Fault, relative to the magnetics, strongly implies an
offset of the magnetic material (interpreted to be magnetite skarn)
host to the tungsten-molybdenum-copper mineralisation, south of the
South Offset fault.
Previous drilling in this area, to the south of the South Offset
Fault, did not target the magnetic body. The drilling was designed
to drill down dip of the Southern Lode without a fault offset. No
mineralisation or magnetic material was intersected in this
drilling.
Diamond drilling is being carried out by Durock Drilling Pty Ltd
and is anticipated to take approximately 2-3 weeks. Drill results
are expected in four to five weeks.
The drilling program is co-funded by the Geophysics and Drilling
Collaborations (GDC) program as part of the Resourcing the
Territory initiative, with Thor Mining granted A$110,000 (ASX: THR
4 June 2021). Full details can be found on the NTGS website:
www.resourcingtheterritory.nt.gov.au/about/gdc .
An image showing a plan view of the magnetic drill target
looking down on the conceptual pit shell may be viewed via the
following link:
https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-plan-view_drilling.jpg
An image showing a long section view of the magnetic drill
target looking west-northwest, showing the planned drillholes may
be viewed via the following link:
https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-section_drilling.jpg
- 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
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220 1666
and Joint Broker)
Jessica Cave / Darshan Patel / Megan
Liddell
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
Competent Persons Report
The information in this report that relates to Exploration
Results and the Estimation and Reporting Molyhil Mineral Resource
Estimation is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she 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'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her 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; 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 currently underway.
At Alford East in South Australia, Thor is earning an 80%
interest in copper-gold deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor has
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 measured, 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.
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/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUPGACGUPGPUM
(END) Dow Jones Newswires
November 08, 2021 02:00 ET (07:00 GMT)
Thor Energy (LSE:THR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Thor Energy (LSE:THR)
Historical Stock Chart
From Apr 2023 to Apr 2024
