TIDMTHR
RNS Number : 6675B
Thor Mining PLC
24 September 2018
24 September 2018
THOR MINING PLC
BONYA TUNGSTEN & MULTI COMMODITY PROSPECTS
LICENCE TRANSFER APPROVED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased
to announce that further to the announcements made on 28 March 2018
and 19 April 2018, ministerial approval has now been received for
Thor's acquisition of interests in the tungsten, copper, and
vanadium hosted Bonya tenements adjacent to the Molyhil mine
project in the Northern Territory of Australia.
Highlights:
-- Thor acquiring 40% interest in exploration licence EL29701
which hosts 13 outcropping tungsten deposits from Rox Resources
Limited ("Rox" ASX: RXL);
-- Exploration licence also hosts Bonya copper deposit with exciting previous drilling results;
-- Exploration licence also hosts Jervois vanadium/titanium
deposit with high grade vanadium drilling results;
-- Thor acquiring from Rox a 100% interest in exploration
licence EL29599 considered prospective for copper
mineralisation;
-- Project area combined exploration target* of 3.0 - 4.9 million tonnes @ 0.3% - 0.5% WO ;
-- Total consideration of A$550,000 in Thor shares, subject to 90day trading restriction;
*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.
Mick Billing, Executive Chairman, commented:
"This is outstanding news for the Molyhil development. The
potential to increase both the scale and the life of the proposed
Molyhil operation is very exciting. The proximity of the Bonya
deposits to Molyhil should add significantly to the projected
economic returns, dovetailing with our commercialisation strategy
for Molyhil. In addition to robust levels of tungsten, it is
encouraging that the assay results showed low levels of potential
penalty elements and overall coarse grain mineralisation,
potentially simplifying processing."
"We plan to drill some of these deposits as soon clearance is
achieved. Provided some of these known prospects mature, along with
others which we expect to find and develop, it is more than likely
that Molyhil production life and throughput volume should increase
substantially."
"The potential for small but high-grade copper deposits,
including the Bonya copper deposit is also very attractive with the
proposed processing plant at Molyhil also suitable for copper
flotation"
"Jervois vanadium / titanium historical drilling programs have
resulted in very high grade assays, and we plan to review this very
exciting opportunity in the coming weeks. Global vanadium pricing
has moved up aggressively over the past few weeks, with Argus
Metals quoting the latest price for vanadium contained within ferro
vanadium delivered Rotterdam at US$100,000/tonne at 20 September
2018."
The Bonya Project location plan can be accessed via the
Company's website:
http://thormining.com/-/thor/lib/images/maps/15-001-1B%20Bonya%20Exploration%20Targets.jpg
Agreement Structure and Commercial Terms
Under the terms of the agreement, Thor for consideration of
A$550,000 in fully paid Thor shares, acquires;
-- a 40% interest in Exploration Licence EL29701; and
-- 100% interest in Exploration Licence EL29599.
The consideration shares are to be valued according to the
average of the 5 day VWAP (volume weighted average price) on ASX
for the 5 days preceding execution of the terms sheet and the 5 day
VWAP for the 5 days preceding satisfaction of all conditions
precedent to the sale. The issue of these securities is expected to
be within existing approval levels under ASX listing rule
LR7.1.
It is expected that these consideration shares will be issued
within the next five working days.
A Joint Venture Agreement currently exists between Rox and
Arafura Resources Limited ("Arafura") (ASX:ARU). Thor and Arafura
are working towards execution of a Deed of Assumption under which
Thor agrees to be bound by the provision of that agreement.
Bonya Project Geology
The Bonya tenements are located in the highly prospective
Eastern Aileron Province between the Jervois base metals deposits
to the east and the Molyhil tungsten molybdenum deposit to the
west. The multiple deposits identified within the tenements are
closely associated with the Kings Legend Amphibolite which extends
over many kilometres. Tungsten mineralisation comprises coarse
grain scheelite with only trace amounts of molybdenum. Copper is
associated with many of the deposits. There has been no
contemporary tungsten exploration efforts in the area since the
1970's when the deposits were found by prospectors. The quoted
exploration targets are based upon a combination of surface
mapping, channel and rock chip sampling, as well as historic drill
results. A maximum depth projection of 50 metres was used.
Table B: Bonya Scheelite Exploration Target* Summary
Source Rank Tonnage % WO3 Comment
(Mt)
Tier 1 0.2 - 0.3 0.3 - 0.5 Targets based on 1970s costean sampling
and drilling.
--------- --------- ---------------------------------------
Tier 2 1.2 - 1.9 0.2 - 0.4 Outcropping satellite targets which
have been
mapped and described but have no
drill or sample data
--------- --------- ---------------------------------------
Tier 3 1.6 - 2.7 0.3 - 0.5 Exploration targets based on proximity
to known
mineralisation, favourable geology
and/or geophysical signature.
--------- --------- ---------------------------------------
Total Exploration 3.0 - 4.9 0.3 - 0.5 Combined Tier 1, 2 & 3
Target*
--------- --------- ---------------------------------------
For detailed Exploration Target description refer to THR ASX
announcement dated 29 March 2018:
https://www.asx.com.au/asxpdf/20180329/pdf/43stfqjd43dqsm.pdf
Jervois Vanadium / Titanium Deposit
Drilling campaigns on this this licence by Arafura have been
reported:
-- 19 June 2007 https://www.asx.com.au/asxpdf/20070619/pdf/3130nxq19wp71q.pdf and also
-- 29 July 2010 https://www.asx.com.au/asxpdf/20100729/pdf/31rkpl7q8yfn81.pdf
High grade assays include:
UNRC001 44 metres @ 0.76% V O(5)
UNRC002 22 metres @ 0.77% V O(5)
UNRC005 21 metres @ 0.62% V O(5)
UNRC018 49 metres @ 0.96% V O(5)
UNRC019 54 metres @ 0.72% V O(5)
UNRC024 50 metres @ 0.62% V O(5)
Bonya Copper Deposits
The historic Bonya copper mine has been the subject of drilling
campaigns by Rox reported:
-- 1 December 2014 https://www.asx.com.au/asxpdf/20141201/pdf/42v5b04mcsv2zg.pdf , and also
-- 21 December 2015 https://www.asx.com.au/asxpdf/20151221/pdf/433yvfvgymq82v.pdf .
High grade copper assays reported from the 2014 drilling program
include:
BYRC008 11m @ 4.4%Cu from 30m, including
3m @ 6.1%Cu from 33m
BYRC009 38m @ 4.4%Cu from 60m, including
6m @ 8.8%Cu from 60m, and
8m @7.9%Cu from 82m
BYRC012 9m @ 3.8%Cu from 97m, including
3m @ 8.2%Cu from 97m
BYRC014 8m @ 7.6%Cu from 97m, including
3m @ 12.0%Cu from 101m, and
13m @ 5.4%Cu from 111m, including
9m @ 7.4%Cu from 114m
BYRC015 9m @ 2.8%Cu from 100m, including
4m @ 3.9%Cu from 101m
BYRC018 5m @ 9.1%Cu from 109m, including
3m @ 13.4%Cu from 109m, and
11m @ 3.9%Cu from 121m
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.
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 Grant Thornton UK Nominated Adviser
Richard Tonthat/ 5100 LLP
Ben Roberts
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Joint Broker
500
David Hignell +44 (0)20 3861 Northland Capital Joint Broker
/ Rob Rees / 6625 Partners Limited
Isabella Pierre
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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.
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 (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 August 2018(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. The US Department of the
Interior has confirmed that tungsten, the primary resource mineral
at Pilot Mountain, has been included in the final list of Critical
Minerals 2018.
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 resource(3) on the portion of the
historic Kapunda copper mine in South Australia recoverable by way
of in situ recovery.
Thor has a material interest in Hawkstone Mining Limited, an
Australian ASX listed company with a 100% Interest in a Lithium
project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project 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 23 August 2018
-- (2) Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
-- (3) Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
-- Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2017
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END
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