TIDMTHR
RNS Number : 9643J
Thor Mining PLC
16 September 2016
16 September 2016
THOR MINING PLC
MOLYHIL TUNGSTEN PROJECT - COMPLETION OF DRILLING
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR) is pleased to announce the completion and preliminary
findings of the exploration drilling program to test for additional
tungsten mineralisation satellite to the Company's existing Molyhil
tungsten deposit in the Northern Territory.
Highlights
-- Traces of tungsten (37 & 30 parts per million ("ppm"))
were recorded by on site XRF analyses from two holes (16MAC013
& 16MAC014) at Cattle Track immediately to the northwest of the
existing Molyhil resource.
-- Broad zones of magnetite skarn similar to the Molyhil deposit
host rock were intersected at both Think Big and Gap Track (Figure
1).
-- Continuous magnetite skarn was intersected at Think Big in
hole 16MRAB056 for 18 metres into bedrock. Preliminary XRF analyses
included 6m at 11% iron("Fe") and 1.2% titanium("Ti") from 1.5m
depth and 7.5m at 9%Fe and 1.2%Ti from 10.5m.
Mr Mick Billing, Executive Chairman, commented:
"This program consisted of very shallow and very broadly spaced
drilling, and we are delighted with the outcome. The immediate next
steps will be to schedule additional shallow, but more closely
spaced, drilling on the Cattle Track targets to the north east of
the Molyhil resource. While the tungsten values are low, these
particular holes penetrated no more than four metres below surface
and into near surface bedrock. Further follow up work on the Gap
Track and Think Big targets is also warranted."
http://www.rns-pdf.londonstockexchange.com/rns/9643J_-2016-9-15.pdf
The Drill Programme
The program comprised 65 short holes up to 18m in depth, drilled
to sample bedrock beneath shallow alluvium in five target areas.
The targets were selected principally on the basis of elevated
magnetic signature depicted in Figure 1 by the warmer colours.
While the intention of any drill program is a direct hit of
economic mineralisation, given the target size (Molyhil 150m by
50m) and the drill spacing (between 50m and 400m), program success
will be achieved if any one, or more, of the many characteristics
of the Molyhil deposit are intersected thus substantiating the
magnetic targeting and vectoring follow up evaluation efforts.
The program commenced with air-core drilling but reverted to RAB
(rotary air blast) after 31 holes due to difficulty penetrating
boulders in transported alluvium. While RAB drilling has a greater
chance of sample contamination than aircore, this was deemed
acceptable due to the reconnaissance nature of the program and the
superior penetration of the underlying bedrock. None of the sample
analyses will be used for resource estimation.
Cattle Track
The area between the two historically mined Molyhil and the
Molyhil Pinnacle lodes has an elevated magnetic signature. Ten
aircore holes and three RAB holes targeted this area intersecting a
mixture of meta-carbonates, calc-silicates and altered granite. Two
XRF analyses returned traces of tungsten (37 and 30 ppm) in holes
16MAC013 & 16MAC014 located within 150m northwest of the
Molyhil pit. Follow up drilling by close spaced RAB or shallow RC
drilling is recommended across the entire area.
Gap Track
Two aircore and fourteen RAB holes targeted the Gap Track
anomaly which comprises an elevated magnetic response extending
over 2.7 km with a northwest trend parallel to the regional Mount
Sainthill fault zone. The surface cover was a combination of
transported sediment up to 10m thick and in-situ weathered Marshall
Granite with occasional isolated in-situ weathered remnants of
Georgina Basin sedimentary rock.
Beneath the cover and hosted within unaltered Marshall Granite,
drilling intersected altered granite similar to that exposed in
Molyhil pit and drill core (comprising predominantly orange
feldspar, abundant magnetite and epidote) in addition to a core
zone of calc-silicate and magnetite skarn. While no significant XRF
analyses were obtained, the geology is strongly analogous to
Molyhil. Sample assays are in progress but based on the geology,
the target warrants follow-up drilling regardless of the
assays.
Think Big
Thirteen RAB holes in two north-south traverses cross the
northwest trending Think Big magnetic anomaly. The holes were
spaced 100m and the traverses 400m apart. Assuming geological
continuity between the two traverses, the holes defined a magnetite
skarn body hosted in Marshall Granite with preliminary dimensions
of 150m to 200m north-south and 400m to 500m along the
northwest/southeast trend. Hole 16MRAB056 intersected dark brown to
black magnetite skarn from surface (1m of soil cover) to 18m depth.
The hole was stopped on drill capacity.
XRF analyses detailed below comprise;
-- 6m at 11%Fe and 1.2%Ti from 1.5m depth and,
-- 7.5m at 9%Fe and 1.2%Ti from 10.5m.
Sample assays are in progress and follow up drilling is
recommended.
Solar Farm
Nine aircore and one RAB hole were drilled to test a northwest
trending magnetic anomaly at the Solar Farm prospect to the
immediate north of the Molyhil mineral licence area. A narrow zone
of calc-silicate with a few per cent magnetite was intersected
within unaltered Marshall Granite. The magnetite explained the
magnetic anomaly and while no significant XRF analyses were
obtained, the geological setting is analogous to Molyhil and
although now of low priority it remains worthy of follow up RAB
testing.
Stock Yard
Six aircore and two RAB holes targeted the stockyard anomaly
comprising a northwest trending magnetic high to the south of the
Molyhil Pinnacle. Holes intersected zones of meta-sediments, coarse
micaceous pegmatite, calc-silicate, and magnetite skarn. A trace of
tungsten (26ppm) was detected in hole 16MAC026 within 1.5m from
surface, otherwise no significant XRF analyses were obtained.
Subject to follow up assays this prospect is very low priority for
any follow up work.
Three aircore and one RAB were drilled on a magnetic high to the
northwest of the Molyhil Pinnacle. The holes confirmed the NW
extension of the Pinnacle calc-silicate rocks constrained by
Marshall Granite intersected in the northern most hole. No
significant XRF analyses were obtained and subject to follow up
assays this prospect is very low priority for any follow up
work.
The information contained within this RNS is considered to be
inside information, for the purposes of Article 7 of EU Regulation
596/2014, prior to its release.
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive
Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 5100 Grant Thornton UK Nominated
Daniel Bush/ LLP Adviser
Richard Tonthat
Gerry Beaney/ +44 (0) 203 862 6625 Northland Capital Joint Broker
David Hignell Partners Limited
John Howes
Nick Emerson +44 (0) 1483 413 500 SI Capital Joint Broker
/
Andy Thacker
Tim Blythe/ +44 (0) 207 138 3222 Blytheweigh Financial
Camilla PR
Horsfall
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.
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 2004 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.
Table 1: Selected Provisional XRF results
Hole From To Interval Ti Fe W ppm
ID Easting* Northing* % %
----------- --------- ---------- ----- ----- --------- ---- ----- ------
16MAC013 576903 7483045 0.0 1.5 1.5 0.4 2.6 <10
----------- --------- ----------
1.5 3.0 1.5 0.4 4.0 <10
----------- --------- ----------
3.0 4.5 1.5 0.4 4.8 37
----------- --------- ---------- ----- ----- --------- ---- ----- ------
16MAC014 576899 7482999 0.0 1.5 1.5 0.3 2.9 30
----------- --------- ----------
1.5 3.0 1.5 0.2 1.9 <10
----------- --------- ----------
3.0 4.5 1.5 0.3 2.9 <10
----------- --------- ---------- ----- ----- --------- ---- ----- ------
16MAC026 576199 7482805 0.0 1.5 1.5 0.2 1.6 <10
----------- --------- ----------
1.5 3.0 1.5 0.2 3.4 26
----------- --------- ----------
3.0 4.5 1.5 0.3 3.8 <10
4.5 6.0 1.5 0.3 3.7 <10
6.0 7.5 1.5 0.3 3.1 <10
----------- --------- ---------- ----- ----- --------- ---- ----- ------
16MRAB056 574895 7481497 1.5 3.0 1.5 1.0 11.1 <10
----------- --------- ----------
3.0 4.5 1.5 1.2 10.7 <10
----------- --------- ----------
4.5 6.0 1.5 1.2 11.0 <10
6.0 7.5 1.5 1.3 11.2 <10
7.5 9.0 1.5 0.5 6.4 <10
9.0 10.5 1.5 1.0 7.9 <10
10.5 12.0 1.5 1.2 9.2 <10
12.0 13.5 1.5 1.3 9.1 <10
13.5 15.0 1.5 1.2 8.6 <10
15.0 16.5 1.5 0.6 7.2 <10
16.5 18.0 1.5 1.6 11.2 <10
----------- --------- ---------- ----- ----- --------- ---- ----- ------
*hole co-ordinates provided
GDA94 zone53
----------------------------------------- ----- --------- ---- ----- ------
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 Resources Estimate(2) on 1 of the 4 known
deposits.
In February 2016, Thor announced the sale of its Spring Hill
Gold project(3) for A$3.5million, of which A$1.5 remains due for
settlement in February 2017, plus a royalty 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 ASX and AIM announcement of 10 June 2014
-- (3) Refer ASX and AIM announcement of 29 February 2016
-- At the date of this announcement gold is trading at approximately A$1,760/oz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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