TIDMTHR

RNS Number : 7610U

Thor Mining PLC

07 December 2021

7 December 2021

Thor Mining PLC

Molyhil Continues to Grow with Third Drillhole Intercepting Mineralisation

Molyhil Project, Northern Territory

The Directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the third follow up diamond drillhole (21MHDD003) at the Molyhil Critical Minerals Project, Northern Territory, reinforces the newly discovered extension of scheelite-molybdenite-chalcopyrite mineralisation within a magnetite skarn.

Project highlights:

-- 21MHDD003 intercepts disseminated scheelite-molybdenite-chalcopyrite mineralisation in magnetite skarn, confirming the south-east plunging high-grade 3D mineralisation model.

-- 21MHDD002 intercepted over 45m of disseminated scheelite-molybdenite-chalcopyrite mineralisation in a massive magnetite-rich skarn and the third drill hole was designed to target the projection of 21MHDD002 mineralisation down plunge.

-- Three diamond drillholes totalling 995.4m have been completed and confirms that the newly identified magnetic target to the south of the Molyhil deposit is a continuation (possibly offset) of tungsten-molybdenum-copper mineralisation.

-- The new critical minerals discovery resulting from the 3D modelling of the magnetics highlights the potential to grow the Molyhil resource.

-- Extrapolation of the 3D model along strike has identified further high priority targets for drill testing.

Photo 1: 21MHDD003 - 276m; scheelite-molybdenite-chalcopyrite disseminated mineralisation within magnetite skarn may be viewed on the following link:

https://www.thormining.com/sites/thormining/media/maps/21mhdd003_276.jpg

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"We are excited to announce that the third drillhole, 21MHDD003, intercepted further disseminated tungsten-molybdenum-copper mineralisation within magnetite skarn, confirming our new critical minerals discovery at the Molyhil project.

This extension of mineralisation, directly south of the deposit, has significant positive implications for the overall Molyhil Critical Minerals project. We look forward to further updating the market when all geological data and assays are available."

Diamond Drilling Program

Three diamond drillholes (21MHDD001 - 21MHDD003) totalling 995.4m have been successfully tested, and confirmed the newly identified magnetic target, which represents a massive magnetite skarn hosting disseminated tungsten-molybdenum-copper mineralisation, located to the south of the Molyhil Critical Minerals Project (Table A and B and Figure 1 and 2).

Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted over 45m of disseminated mineralisation (Photo 2 and 4), whilst 21MHDD003 intercepted two zones over 29m of disseminated mineralisation (Photo 1 and 3). It appears 21MHDD001 intersected the edges of the magnetite skarn drilling over the top of the magnetite skarn lode, with negligible mineralisation. Initial interpretation of data highlights a potential south-east plunging lode extending southeast of the Southern lode with a possible offset (yet to be determined) (Figure 2). Drilling data is now being compiled in order to revise the 3D model.

Previous 3D geological modelling of the Molyhil deposit identified two prominent structures - the Yacht Club fault and South Offset fault (Figure 1 and 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 now confirmed magnetite skarn, host to the tungsten-molybdenum-copper mineralisation, south of the South Offset fault.

Diamond drill core is currently being prepared for submission to the laboratory, with Thor anticipating assay results in the first quarter of 2022.

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 (AIM: THR 4 June 2021).

Photo 2: A photo of 21MHDD002 (275.4m) - massive magnetite skarn with disseminated scheelite and molybdenite mineralisation and bands of chalcopyrite may be viewed by the following link: https://www.thormining.com/sites/thormining/media/maps/p1000233.jpg

Photo 3: 21MHDD003 (273.5- 283.5m) - massive magnetite skarn with disseminated scheelite and molybdenite (metallic silver) mineralisation and bands of chalcopyrite (yellow) may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/maps/21mhdd003_core.jpg

Photo 4: Scheelite crystals (CaW0(4) ) under Ultra-Violet light surrounded by chalcopyrite (CuS(2) ) and molybdenite (MoS(2) ) within massive magnetite skarn - 21MHDD002 may be view by the following link:

https://www.thormining.com/sites/thormining/media/maps/core_uv.jpg

Figure 1: Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in transparent red. The yellow dashed line shows the location of the long section (Figure 3). Interpreted mineralisation model shown in yellow. 21MHDD001, 21MHDD002 and 21MHDD003 hole traces. Figure 1 may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/maps/plan-view_dec21.jpg

Figure 2. Long section of the Molyhil project looking west-northwest, showing the three holes drilled in 2021 (21MHDD001 - 21MHDD003). Drilled holes 21MHDD002 and 21MHDD003 intercepted tungsten-molybdenum-copper mineralisation within magnetite skarn, whilst 21MHDD001 is interpreted to have drilled just over the top of the mineralised zone. Bar graph to the left of the drillholes shows Fe in XRF readings, indicating magnetite-rich skarn. Mineralisation remains open at depth. The conceptual pit shell is shown in brown, 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a transparent red envelope (0.15 SI) and a conceptual shape representing the down-plunge mineralised zone in yellow. Figure 2 may be viewed on the following link:

https://www.thormining.com/sites/thormining/media/maps/x-section_dec21.jpg

NEXT STEP

The newly discovered extension of the tungsten-molybdenum-chalcopyrite mineralisation to the south of the Molyhil deposit, has validated the successful 3D modelling of the geology, magnetics and mineralisation. The newly acquired data will be used to finesse the 3D model prior to follow up potential resource drilling.

This 3D modelling has identified further high priority targets for drill testing along strike (Figure 3).

Figure 3. 3D modelling of magnetics (transparent red) highlights Molyhil deposit and the recently drilled southeast plunging extension, plus drill targets along strike may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/maps/regional-targets.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 3).

In April 2021 (THOR:AIM Announcement 8 April 2021) a revised Mineral Resource estimate 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

Figure 4: The Tenement & Prospect Location Plan may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/maps/molyhilmap.jpg

Table A: Drill Hole Collar Summary

 
 DRILLHOLE    EASTING   NORTHING   ELEVATION   AZIMUTH   DIP   End Of Hole 
 21MHDD001    577207    7482773       409        262     60       324.5 
             --------  ---------  ----------  --------  ----  ------------ 
 21MHDD002    577220    7482774       409        278     60       334.2 
             --------  ---------  ----------  --------  ----  ------------ 
 21MHDD003    577069    7482780       412        082     87       336.7 
             --------  ---------  ----------  --------  ----  ------------ 
 

Coordinates in GDA 94 Zone 53

Table B: Geology

 
 DRILLHOLE        GEOLOGY        FROM (M)   TO (M)   DOWNHOLE INTERCEPT 
                                                             (M) 
 21MHDD001     Calc-Silicate      159.1     255.8           96.7 
             -----------------  ---------  -------  ------------------- 
 21MHDD002    Magnetite Skarn     249.7     296.6           46.9 
             -----------------  ---------  -------  ------------------- 
 21MHDD003    Magnetite Skarn      254       258             4 
             -----------------  ---------  -------  ------------------- 
 21MHDD003    Magnetite Skarn     274.5     283.5            9 
             -----------------  ---------  -------  ------------------- 
 

This announcement is authorised for release to the market by the Board of Directors.

- 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 and       Tel: +44 (0) 207 220 1666 
   Joint Broker) 
  Jessica Cave / Darshan Patel / Megan Liddell 
   Jasper Berry (Corporate Broking) 
                                                  Tel: +44 (0) 1483 413 
    SI Capital Limited (Joint Broker)              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

Compliance with the JORC Code Assessment Criteria

The JORC Code (2012) describes a number of criteria, which must be addressed in the documentation of Mineral Resource estimates, prior to public release of the information. These criteria provide a means of assessing whether or not the data inventory used in the estimate is adequate for that purpose. The resource estimate stated in this document was based on the criteria set out in Table 1 of that Code. These criteria have been discussed in the main body of the document and are summarised below. Only sections relevant to the reported resource have been addressed. The JORC Code Assessment Criteria in the following table are italicised.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 Criteria       JORC Code explanation                                         Commentary 
 Sampling       -- Nature and quality of sampling (eg cut channels,           -- Report refers to visual geological 
 techniques      random chips, or specific specialised industry                logging only 
                 standard measurement tools appropriate to the                 -- Drilling was conducted by Durock Drilling 
                 minerals under investigation, such as down                    Pty Ltd 
                 hole gamma sondes, or handheld XRF instruments,               -- Core to be cut for sample preparation 
                 etc). These examples should not be taken as                   -- pXRF taken every 0.5m down hole 
                 limiting the broad meaning of sampling.                       -- Magnetic susceptibility recorded every 
                 -- Include reference to measures taken to ensure              1m down hole 
                 sample representivity and the appropriate calibration         -- UV light used for tungsten/scheelite 
                 of any measurement tools or systems used.                     visual estimates 
                 -- Aspects of the determination of mineralisation 
                 that are Material to the Public Report. 
                 -- In cases where 'industry standard' work 
                 has been done this would be relatively simple 
                 (eg 'reverse circulation drilling was used 
                 to obtain 1 m samples from which 3 kg was pulverised 
                 to produce a 30 g charge for fire assay'). 
                 In other cases more explanation may be required, 
                 such as where there is coarse gold that has 
                 inherent sampling problems. Unusual commodities 
                 or mineralisation types (eg submarine nodules) 
                 may warrant disclosure of detailed information. 
 Drilling 
 techniques       *    Drill type (eg core, reverse circulation, open-hole       *    Diamond drilling 
                       hammer, rotary air blast, auger, Bangka, sonic, etc) 
                       and details (eg core diameter, triple or standard 
                       tube, depth of diamond tails, face-sampling bit or        *    21MH001 - HQ 0-20m followed by NQ2 
                       other type, whether core is oriented and if so, by 
                       what method, etc). 
                                                                                 *    21MHDD02 - HQ 
 
 
                                                                                 *    21MHDD003 - HQ 
 
 
                                                                                 *    Oriented core 
 Drill sample 
  recovery       *    Method of recording and assessing core and chip            *    Recovery from diamond core was recorded for all core 
                      sample recoveries and results assessed.                         runs, with overall recovery very good. All diamond 
                                                                                      core was oriented where possible. 
 
                 *    Measures taken to maximise sample recovery and ensure 
                      representative nature of the samples.                      *    Diamond core was reconstructed into continuous runs 
                                                                                      for orientation marking with depths checked against 
                                                                                      core blocks. 
                 *    Whether a relationship exists between sample recovery 
                      and grade and whether sample bias may have occurred 
                      due to preferential loss/gain of fine/coarse               *    No relationship was noted between recorded sample 
                      material.                                                       recovery and grade. 
 Logging 
                  *    Whether core and chip samples have been geologically     *    All holes were field logged by company geologists to 
                       and geotechnically logged to a level of detail to             a high level of detail. 
                       support appropriate Mineral Resource estimation, 
                       mining studies and metallurgical studies. 
                                                                                *    Core was oriented and routinely logged for RQD, 
                                                                                     alpha/beta angles, dips, azimuths, and true dips. 
                  *    Whether logging is qualitative or quantitative in 
                       nature. Core (or costean, channel, etc) photography. 
                                                                                *    All drill samples were logged for lithology, rock 
                                                                                     type, colour, mineralisation, alteration, and 
                  *    The total length and percentage of the relevant               texture. It has been standard practice by Thor (since 
                       intersections logged.                                         2005), that all diamond core be routinely 
                                                                                     photographed. 
 
 
                                                                                *    All drill holes were logged in full. 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,         *    Diamond core to be cut in half using a core saw with 
  and sample           half or all core taken.                                        half core submitted for assay. 
  preparation 
 
                  *    If non-core, whether riffled, tube sampled, rotary 
                       split, etc and whether sampled wet or dry. 
 
 
                  *    For all sample types, the nature, quality and 
                       appropriateness of the sample preparation technique. 
 
 
                  *    Quality control procedures adopted for all 
                       sub-sampling stages to maximise representivity of 
                       samples. 
 
 
                  *    Measures taken to ensure that the sampling is 
                       representative of the in situ material collected, 
                       including for instance results for field 
                       duplicate/second-half sampling. 
 
 
                  *    Whether sample sizes are appropriate to the grain 
                       size of the material being sampled. 
 Quality of 
 assay data      *    The nature, quality and appropriateness of the             *    Core currently be prepared for cutting - half core - 
 and                  assaying and laboratory procedures used and whether             prior to submission to laboratory. 
 laboratory           the technique is considered partial or total. 
 tests 
                                                                                 *    Magnetic susceptibility recorded every 1.0m down 
                 *    For geophysical tools, spectrometers, handheld XRF              hole. 
                      instruments, etc, the parameters used in determining 
                      the analysis including instrument make and model, 
                      reading times, calibrations factors applied and their      *    pXRF recording recorded every 1.0m down hole. 
                      derivation, etc.Ba, Mo 
 
 
                 *    Nature of quality control procedures adopted (eg 
                      standards, blanks, duplicates, external laboratory 
                      checks) and whether acceptable levels of accuracy (ie 
                      lack of bias) and precision have been established. 
 Verification 
 of sampling     *    The verification of significant intersections by           *    No assay data reported - samples being prepared for 
 and assaying         either independent or alternative company personnel.            laboratory submission 
 
 
                 *    The use of twinned holes. 
 
 
                 *    Documentation of primary data, data entry procedures, 
                      data verification, data storage (physical and 
                      electronic) protocols. 
 
 
                 *    Discuss any adjustment to assay data. 
 Location of 
  data points    *    Accuracy and quality of surveys used to locate drill      *    Drill hole collars and starting azimuths have been 
                      holes (collar and down-hole surveys), trenches, mine           surveyed using GPS (-/+ 5m) - for later DGPS pick ups 
                      workings and other locations used in Mineral Resource 
                      estimation. 
                                                                                *    Drill hole locations were positioned using the MGA 
                                                                                     Grid System. 
                 *    Specification of the grid system used. 
 
                                                                                *    The topographic surface is highly accurate with DPG 
                 *    Quality and adequacy of topographic control.                   (-/+1m) 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.        *    Drill holes have been located to test a newly defined 
 distribution                                                                        magnetic target to the south of the Molyhil lodes. 
 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and      *    Drillhole spacing is sufficient to test geological 
                      grade continuity appropriate for the Mineral Resource          target 
                      and Ore Reserve estimation procedure(s) and 
                      classifications applied. 
 
 
                 *    Whether sample compositing has been applied. 
 Orientation 
  of data in     *    Whether the orientation of sampling achieves unbiased     *    Drill holes are orientated / predominantly drilled at 
  relation to         sampling of possible structures and the extent to              an angle of -60deg to the west which is approximately 
  geological          which this is known, considering the deposit type.             perpendicular to the orientation of the interpreted 
  structure                                                                          target. 
 
                 *    If the relationship between the drilling orientation 
                      and the orientation of key mineralised structures is 
                      considered to have introduced a sampling bias, this 
                      should be assessed and reported if material. 
 Sample 
 security         *    The measures taken to ensure sample security.             *    Core is onsite where it will be cut prior to sample 
                                                                                      submission with chain of custody measures 
                                                                                      implemented. 
 Audits or 
  reviews         *    The results of any audits or reviews of sampling          *    A review of sampling techniques and data has been 
                       techniques and data.                                           carried out as Thor transition from inhouse based 
                                                                                      database to online hosted database with MaxGeo. 
-------------  ------------------------------------------------------------  ------------------------------------------------------------- 
 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 
 Criteria         JORC Code explanation                                            Commentary 
 Mineral 
 tenement           *    Type, reference name/number, location and ownership         *    The tenements at Molyhil comprise EL22349, ML23825, 
 and land                including agreements or material issues with third               ML24429 and ML25721. For all tenements Thor Mining 
 tenure                  parties such as joint ventures, partnerships,                    PLC hold 100% Project Equity. 
 status                  overriding royalties, native title interests, 
                         historical sites, wilderness or national park and 
                         environmental settings.                                     *    Thor has completed the Public Environmental Report 
                                                                                          for the Molyhil Tungsten and Molybdenum Project. This 
                                                                                          report has been accepted by the Department of 
                    *    The security of the tenure held at the time of                   Regional Development, Primary Industry, Fisheries and 
                         reporting along with any known impediments to                    Resources in the Northern Territory 
                         obtaining a licence to operate in the area. 
 
                                                                                     *    This report was approved on the 15th July 2007 by the 
                                                                                          DRDPIFR (NT), who also confirmed in December 2011 
                                                                                          that the approval remains current. The report is 
                                                                                          available on request. 
 
 
                                                                                     *    Thor Mining PLC has also obtained all the required 
                                                                                          agreements between the Traditional Owners of the land 
                                                                                    , 
                                                                                          and Thor Mining PLC, to enable the Molyhil Operations 
                                                                                          to proceed with the recognition and support of the 
                                                                                          Traditional Owners. 
 
 
                                                                                     *    The Tripartite Deed records the terms of the 
                                                                                          Agreement between the parties in accordance with the 
                                                                                          Native Title Act and is between the Arrapere People, 
                                                                                          the Central Land Council and Thor Mining PLC. 
 
 
                                                                                     *    There are no known impediments to obtaining a licence 
                                                                                          to operate in the area. 
 Exploration 
  done by other     *    Acknowledgment and appraisal of exploration by other        *    Tungsten and molybdenum mineralisation was originally 
  parties                parties.                                                         discovered at Molyhil in 1973. The Molyhil deposit 
                                                                                          was initially drilled in 1977 with further drilling 
                                                                                          carried out in 1981. The work was carried out by Fama 
                                                                                          Mines Pty Ltd, Petrocarb NL, Nicron resources NL and 
                                                                                          Geopeko. Between 1975 and 1976 approximately 20kt of 
                                                                                          molybdenum and tungsten mineralisation were mined 
                                                                                          from the northern Yacht Club skarn body to a depth of 
                                                                                          approximately 25m. 
 Geology 
                    *    Deposit type, geological setting and style of               *    The Molyhil deposit consists of two adjacent 
                         mineralisation.                                                  outcropping iron rich skarn bodies, marginal to a 
                                                                                          granite intrusion, that contain scheelite (tungsten 
                                                                                          mineralisation as CaWO(4) ) and molybdenite 
                                                                                          (molybdenum as MoS(2) ) mineralogy. Both the outlines 
                                                                                          of, and the banding within, the skarn bodies strike 
                                                                                          approximately north-south and dip steeply to the 
                                                                                          east. The bodies are arranged in an en échelon 
                                                                                          manner, the northeast body being named the Yacht Club 
                                                                                          and the southwest body the Southern. 
 Drill hole 
  Information          *    A summary of all information material to the              *    A collar summary table is included in report 
                            understanding of the exploration results including a 
                            tabulation of the following information for all 
                            Material drill holes:                                     *    In the opinion of Thor, historic drill results have 
                                                                                           been adequately reported previously to the market as 
                                                                                           required under the reporting requirements of the ASX 
                      o easting and northing of the drill hole collar                      Listing Rules 
                      o elevation or RL (Reduced Level - elevation 
                      above sea level in metres) of the drill hole 
                      collar 
                      o dip and azimuth of the hole 
                      o down hole length and interception depth 
                      o hole length. 
                       *    If the exclusion of this information is justified on 
                            the basis that the information is not Material and 
                            this exclusion does not detract from the 
                            understanding of the report, the Competent Person 
                            should clearly explain why this is the case. 
 Data                                                                              *    No data aggregation reported. 
 aggregation        *    In reporting Exploration Results, weighting averaging 
 methods                 techniques, maximum and/or minimum grade truncations 
                         (eg cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
 
 
                    *    Where aggregate intercepts incorporate short lengths 
                         of high grade results and longer lengths of low grade 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated. 
 Relationship 
 between            *    These relationships are particularly important in the        *    Drill holes were orientated predominantly to an 
 mineralisation          reporting of Exploration Results.                                 azimuth of 270deg and angled to a dip of -60deg, 
 widths and                                                                                which is approximately perpendicular to the 
 intercept                                                                                 orientation of the mineralised trends. 
 lengths            *    If the geometry of the mineralisation with respect to 
                         the drill hole angle is known, its nature should be 
                         reported. 
 
 
                    *    If it is not known and only the down hole lengths are 
                         reported, there should be a clear statement to this 
                         effect (eg 'down hole length, true width not known'). 
 Diagrams 
                    *    Appropriate maps and sections (with scales) and              *    Location, section and plans included in report. 
                         tabulations of intercepts should be included for any 
                         significant discovery being reported. These should 
                         include, but not be limited to a plan view of drill 
                         hole collar locations and appropriate sectional 
                         views. 
 Balanced 
 reporting          *    Where comprehensive reporting of all Exploration             *    Exploration results are not being reported. 
                         Results is not practicable, representative reporting 
                         of both low and high grades and/or widths should be 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
 Other 
 substantive        *    Other exploration data, if meaningful and material,          *    3D geological and magnetic modelled data included in 
 exploration             should be reported including (but not limited to):                report. 
 data                    geological observations; geophysical survey results; 
                         geochemical survey results; bulk samples - size and 
                         method of treatment; metallurgical test results; bulk 
                         density, groundwater, geotechnical and rock 
                         characteristics; potential deleterious or 
                         contaminating substances. 
 Further work 
                    *    The nature and scale of planned further work (eg             *    Based on revised modelling of data additional 
                         tests for lateral extensions or depth extensions or               drilling is planned. 
                         large-scale step-out drilling). 
 
                                                                                      *    Possible extensions are shown on diagrams 
                    *    Diagrams clearly highlighting the areas of possible 
                         extensions, including the main geological 
                         interpretations and future drilling areas, provided 
                         this information is not commercially sensitive. 
---------------  ---------------------------------------------------------------  ------------------------------------------------------------- 
 
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