TIDMTHR
RNS Number : 9440R
Thor Mining PLC
15 December 2016
15 December 2016
THOR MINING PLC
NEW DRILL PROGRAMME TO WIDEN TUNGSTEN RESOURCE AT
PILOT MOUNTAIN - NEVADA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to announce a new drill campaign designed to
expand the tungsten resource at the Company's wholly owned Pilot
Mountain tungsten project in Nevada, USA.
Scheduled to commence early in February 2017, using the proceeds
of the final Spring Hill settlement, the program of eight reverse
circulation (RC) drill holes is designed to confirm and expand upon
existing high grade drill intersections, which the directors hope
will facilitate a significant increase in the existing Pilot
Mountain resources, and also test for extensions of very high grade
mineralisation, intersected in the Desert Scheelite resource in
2012.
Highlights:
-- Two holes target extension of the 2012 high grade Desert
Scheelite intersection from DSDD015 which comprised; 13.9 metres
(m) @ 0.89% tungsten trioxide (WO(3) ) from 198m, and 17.5m @1.8%
copper and 2.2% zinc from 196m;
-- Six holes to validate selected 1970's Union Carbide
Corporation drill intersections from the Garnet deposit;
-- Estimation of initial Garnet deposit resource.
-- Potential extension of the Pilot Mountain resource of 6.79
million tonnes (Mt) @ 0.31% WO(3) (Table 1)
Mr Mick Billing, Executive Chairman of Thor: "We have dual
objectives for the drilling programme at Pilot Mountain. The first
of these is to add to the overall project resource inventory by
twinning some historical holes at the Garnet deposit which, if
successful, should allow the preparation of a mineral resource
estimate for this deposit.
"The second & potentially very exciting objective is to test
for potential extension of very high grade mineralisation at the
eastern end of the Desert Scheelite resource, which, if successful,
could result in the re-classification of that deposit to a
significant copper and tungsten deposit."
The Desert Scheelite deposit currently comprises 100% of the
Pilot Mountain Resource estimate of 6.7Mt. The objective of the two
holes programmed at this deposit is to test for extensions to the
very high grade mineralisation intersected in the last hole drilled
into this deposit in 2012.
Table 1: Pilot Mountain Resource Summary 2014 (JORC 2012),
announced 10 June 2014. 100% owned by Thor Mining Plc
Desert Resource WO(3) Ag Cu
Scheelite
------------
Tonnes Grade Contained Grade Contained Grade Contained
% metal g/t metal % metal
(t) (t) (t)
------------ ---------- ------ ---------- ------ ---------- ------ ----------
Indicated 6,090,000 0.31 18,900 24.2 150 0.16 10,000
Inferred 700,000 0.30 2,100 9.1 10 0.24 2,000
------------ ---------- ------ ---------- ------ ---------- ------ ----------
Total 6,790,000 0.31 21,000 22.8 160 0.17 12,000
------------ ---------- ------ ---------- ------ ---------- ------ ----------
http://www.rns-pdf.londonstockexchange.com/rns/9440R_-2016-12-15.pdf(ASX
release Figure 2.)
Table 2: Summary of Pilot Mountain exploration
targets
-------------------------------------------------------------------
Tonnage % WO(3) Comment
(Mt)
------------------- -------- -------- --------------------------
Tier 1 Exploration 7.5 - 0.3 Based on historic
Targets* 13.5 - 0.5 drill intersections
------------------- -------- -------- --------------------------
Tier 2 Exploration 3.5 - 0.3 Based on favourable
Targets* 9.1 - 0.5 geology and proximity
to known mineralisation.
------------------- -------- -------- --------------------------
Total Exploration 11.0 - 0.3 Combined Tier 1
Target* 23.0 - 0.5 & 2
------------------- -------- -------- --------------------------
Tier 1 Exploration Targets* at Pilot Mountain are based on
1970's drilling undertaken by Union Carbide Corporation and total
7.5 to 13.5 Mt at 0.2 to 0.4% WO(3) (Table 2). The proposed
drilling at Garnet will target conversion to resource of between
1.0 to 2.0Mt of the total Tier 1 Exploration Target.
*Exploration Targets are conceptual in nature and there has been
insufficient exploration to define a Mineral Resource under the
JORC Code and it is uncertain if further exploration will result in
the determination of a Mineral Resource.
http://www.rns-pdf.londonstockexchange.com/rns/9440R_1-2016-12-15.pdf(ASX
release Figure 3.)
http://www.rns-pdf.londonstockexchange.com/rns/9440R_2-2016-12-15.pdf(ASX
release Figure 4.)
To meet the objective of the program at the Garnet deposit Thor
have scheduled 6 RC drill holes designed as twins to historical
drilling from which the following results were reported
Historical Interval Assay From hole
Drill hole (m) (%WO ) depth
ref (m)
------------- --------- -------- ----------
GR66 3.8 0.50% 3.2
------------- --------- -------- ----------
7.9 0.14% 40.5
------------- --------- -------- ----------
4.9 0.49% 83.6
------------- --------- -------- ----------
GR98 0.7 0.30% 7.8
------------- --------- -------- ----------
4.1 0.28% 13.6
------------- --------- -------- ----------
1.2 0.51% 18.3
------------- --------- -------- ----------
GR100 2.2 0.20% 7.1
------------- --------- -------- ----------
3.4 0.06% 11.5
------------- --------- -------- ----------
4.6 0.36% 15.1
------------- --------- -------- ----------
9.4 0.42% 25.9
------------- --------- -------- ----------
GR-119 2.2 0.32% 29.9
------------- --------- -------- ----------
2.9 0.16% 32.1
------------- --------- -------- ----------
3.0 0.90% 34.9
------------- --------- -------- ----------
GR-123 4.5 0.58% 14.0
------------- --------- -------- ----------
GR-128 7.7 0.04% 18.9
------------- --------- -------- ----------
1.4 0.40% 29.9
------------- --------- -------- ----------
1.2 0.12% 44.2
------------- --------- -------- ----------
1.5 0.12% 48.2
------------- --------- -------- ----------
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive
1935 Chairman
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton UK Nominated
Daniel Bush/ 383 5100 LLP Adviser
Richard Tonthat
Gerry Beaney/ +44 (0) 20 Northland Capital Joint Broker
David Hignell 3861 6625 Partners Limited
John Howes
Nick Emerson +44 (0) 1483 SI Capital Joint Broker
/ 413 500
Andy Thacker
Tim Blythe/ +44 (0) 207 Blytheweigh Financial
Camilla 138 3222 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 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.
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$1,550/oz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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