TIDMTHR
RNS Number : 0645I
Thor Mining PLC
19 March 2018
19 March 2018
THOR MINING PLC
COPPER RESOURCE - KAPUNDA PROJECT, SOUTH AUSTRALIA
HIGHER GRADE CORE INFORMATION
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to announce further information on the
Kapunda Resource estimate containing 119,000 tonnes of copper,
considered amenable to In Situ Recovery techniques ("In Situ
Recovery" or "ISR"), announced 12 February 2018, and subsequently
clarified on 22 February 2018.
Thor has the right to earn up to an effective interest of 45% in
that part of the Kapunda project that is considered amenable to
ISR.
The Company is pleased to advise of a Central high grade core,
or zone, of mineralisation, contained within the previously
announced Resource boundaries, of 29.0 million tonnes, @ 0.32%
copper containing 91,200 tonnes of copper.
Grade tonnage curves (Figure 1) indicate the quantity of
estimated contained metal at various cut-off grades for both this
high grade portion, and the broader resource announced on 12
February 2018.
FIGURE 1:
Grade tonnage curves comparing total Kapunda Inferred Resource
to Central high grade core
http://www.rns-pdf.londonstockexchange.com/rns/0645I_-2018-3-18.pdf
Mick Billing, Executive Chairman, commented:
"The results of this analysis reinforce the very strong
potential of the Kapunda deposit. This higher grade core at Kapunda
is very robust, while still hosting approximately 75% of the total
119,000 tonnes of copper in the estimated Resource.
"We recognise that In Situ Recovery as a process is not
necessarily a familiar area for many investors and the grades
published may appear low when compared to traditionally mined
copper deposits."
"However, from the standpoint of extractive metallurgy, the
grades identified are ideal for In Situ leaching and the
significant size of deposit outlined to date means this project has
considerable potential and needs moving forward through the next
stages of the development pathway."
"We are therefore extremely pleased with the results announced
today and we look forward to reporting further progress through
market announcements which chart the next steps in respect of
project development."
FIGURE 2: Plan View showing Central high grade portion of the
Resource estimate
http://www.rns-pdf.londonstockexchange.com/rns/0645I_-2018-3-18.pdf
Participants in the project, Environmental Copper Recovery SA
Pty Ltd and Terramin Australia Limited, suggest that sections of
this high grade portion (Figure 2) are likely to be the initial
focus of field pump trials expected to contribute towards
demonstration of both technical and commercial feasibility of the
ISR process at Kapunda.
For detail of the Insitu Recovery process, investors are invited
to view the ECR website https://www.envirocopper.com.au/ .
Table A: Kapunda Copper ISR Resource Estimate
Copper Copper
Zone Mt (%) tonnes
---------------- --------------- ----------------- ------------------
Central Zone 29.0 0.32 91,200
---------------- --------------- ----------------- ------------------
Outer Zone 18.4 0.16 27,800
---------------- --------------- ----------------- ------------------
Total Resource 47.4 0.25 119,000
---------------- --------------- ----------------- ------------------
Notes:
-- Resource classified as Inferred.
-- Figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- ECR are earning a 75% interest in this resource, and Thor
have investment rights for up to 60% of ECR.
-- Cut off grade used of 0.05% Cu
-- The Company is not aware of any information or data which
would materially affect this previously announced Resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
Richard Tonthat 383 5100 UK LLP Adviser
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 3222 PR
Competent Person's Report
The information in this report that relates to Exploration
Results and Mineral Resources is based on information compiled by
Mr Eric Whittaker, a Competent Person who is a Member of the
Australasian Institute of Mining and Metallurgy (AusIMM). Mr
Whittaker is an employee and Principal Resource Geologist of
Terramin Australia Limited. Mr Whittaker has sufficient experience
that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of thee
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. Mr Whittaker consents to the inclusion
in the report of the matters based on his information in the form
and context in which it appears.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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 2015(1) suggested attractive returns.
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(2) on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the portion of the historic Kapunda copper
mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an
Australian private company with a 100% interest in a Lithium
project in Nevada, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project(3) 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 AIM announcement of 22 May 2017 and ASX
announcement of 23 May 2017
-- (3) Refer AIM announcement of 26 February 2016 and ASX
announcement of 29 February 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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