TIDMTHR
RNS Number : 0667A
Thor Mining PLC
31 January 2022
31 January 2022
Thor Mining PLC
Quarterly Activity Report
October to December 2021
Highlights Outlook for March Quarter 2022
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GOLD
Ragged Range, Pilbara region, WA
Australia
* Maiden RC drilling program completed highlighting * Airborne Magnetics Survey over eastern portion of
sericite-pyrite-fuchsite alteration system indicating tenure
proximity to gold source (AIM: THR 25 January 2022)
* Follow up RC drilling program at Sterling Prospect
* Lithium targets identified, and work program being
designed
* Regional mapping and stream sediment sampling
targeting additional gold, nickel and lithium target
s
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COPPER
Alford East, SA Australia
* Hydrogeology results show favourable water * Final assay results from diamond drilling program
characteristics and permeability suitable for ISR with improved 3D geological model.
production.
* Continue ISR assessment and development of the
project
Kapunda, SA Australia (via 30% equity holding in EnviroCopper Ltd)
* In-situ recovery push pull trials commenced, * Copper-gold recoveries from lixiviant trials.
including tracer and copper recovery test work.
* Scoping Study
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TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
* Successful diamond drilling program completed, * Assay results from diamond drilling program.
confirming magnetic target adjacent to deposit is
mineralised magnetite skarn.
* Modelling of data to be used for updated Mineral
Resource Estimation.
* 21MHDD002 intercepted over 45m of magnetite skarn
with disseminated tungsten (W), molybdenum (Mo) and
copper (Cu) mineralisation. * Review strategic plans fr Molyhil
Pilot Mountain, USA
* Thor have completed Sale Agreement with Power Metal
Resources PLC (AIM: POW) to divest project for an
agreed value of US1.8M * Variation of Tail Benefit announced post period -
with POW paying GBP50,000 cash and 4M freely tradable
new ordinary shares of PMR of 0.1p at a deemed issue
price of 2.5p. (ASX: THR 25 January 22)
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URANIUM & VANADIUM USA
* Permitting continuing for initial drill testing at * Permitting outcomes.
Wedding Bells Project, Colorado.
* Drilling preparations
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CORPORATE & FINANCE
-- Placement of A$2.75M to maintain exploration momentum to
progress key projects.
-- Thor triggers Stage 1 of the earn-in to increase its interest
to 51% interest from Spencer Metals Pty Ltd over the Alford East
Copper-Gold oxide Project, South Australia.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"The December quarter saw Thor increase its on-ground
exploration activities with concurrent drilling programs at Ragged
Range Gold Project, WA and Molyhil Critical Minerals Project, NT,
whilst advancing the drill permit process for Wedding Bells Uranium
Project, USA.
Although no significant gold was intercepted in the maiden RC
program at the Sterling Prospect, Ragged Range, this is only the
start of our gold campaign at Ragged Range, with some of the best
ground yet to be tested. Elevated pathfinder elements and broad
zones of alteration are positive indicators that we are in close
proximity to the gold source.
Thor's recent geological review of the Ragged Range project,
triggered by the granting of E46/1393, has identified exciting
lithium-caesium-tantalum targets associated with the highly
prospective Split Rock Supersuite.
We are currently designing our 2022 field program, with further
drilling to complete the original and test new targets identified
at the Sterling prospect, with geophysics , comprising airborne and
ground surveys, and geochemical sampling and mapping programs
planned over our additional gold, nickel and lithium target areas.
The new lithium targets will be advanced as soon as possible and
have the potential for significant exploration discoveries, while
we continue drill testing further gold exploration targets at the
Sterling Prospect.
We are excited with the new discovery at our Molyhil critical
metals project, with drilling validating an interpreted mineralised
magnetic target, developed from 3D modelling - a new geological
concept for the project. The extension of this mineralisation,
directly south of the deposit, in a previously untested area, is
pivotal to the overall Molyhil project.
Pump testing of our initial water bore at Alford East project
has shown favourable water characterisation and permeability for
potential In Situ copper-gold recovery. This is positive news a s
we progress the project towards ISR assessment and development; an
environmentally, low carbon emission alternative to conventional
open cut and underground mining.
Permitting is progressing well at our Wedding Bell Uranium
Project in the US and we hope to update the market in the coming
weeks, along with assay results from our recently completed
successful diamond drilling at the Molyhil critical minerals
project in the Northern Territory. "
RAGGED RANGE PROJECT
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia (Figure 1) is 100% owned by Thor
Mining - E46/1190, E46/1262, E46/1355, E46/1340, plus the recently
granted E46/1393 Figure 1.
Since acquisition, Thor has conducted several programs of stream
sediment and soil sampling to delineate drill targets. Thor has
also flown an airborne magnetics survey over the tenement area to
better define the structural features of the area.
Details of the projects may be found on the Thor website via
this link:
www.thormining.com/projects/ragged-range-pilbara-project
Figure 1: Ragged Range Project Location map (a) and Tenement Map
(b) showing priority targets.
Figure 1a) a copy of the Ragged Range Project Map may be view
via the following link:
www.thormining.com/sites/thormining/media/Maps/20-004-1a-ragged-range-location.jpg
Figure 1b) a copy of the Regional Sterling prospect may be
viewed by the following link:
www.thormining.com/sites/thormining/media/maps/21-004-1a-ragged-range-soilupdate-202106.jpg
.
Lithium Prospectivity
With the recent granting of E46/1393 (Figure 1), Thor undertook
a geological review of the Ragged Range Project highlighting the
lithium prospectivity in addition to gold, nickel and
copper-gold.
The Pilbara Craton is highly prospective for
lithium-caesium-tantalum enriched (LCT) pegmatites and hosts two
large and globally significant spodumene deposits at Wodgina
(Mineral Resources Ltd) and Pilgangoora (Pilbara Minerals). The
Wodgina lithium project is considered the largest hard rock,
spodumene deposit in the world (https://www.carbonart.com.au).
The lithium rich pegmatites in the Pilbara are spatially and
appear to be genetically related to the Split Rock Supersuite (2.85
to 2.83Ma), which are post tectonic (Sweetapple, M, 2017). These
are mapped as highly fractionated, biotite, quartz and K Feldspar
rich, monzogranites (Figure 2).
Pegmatites are located within 10 km of cogenetic peraluminous
granites and leucogranites. The roof zones of large plutons are
considered to be one of the most favourable positions for lithium
enrichment ( London, 2018 ). Spatial zonation of pegmatites around
a common granitic source which is a fundamental starting point for
exploration models ( London, 2018 ). Using this as a model, the
Ragged Range area fits all these conditions.
Commercial lithium is found in the mineral spodumene LiAl(Si(2)
O(6) ) that can grow into very large crystals within pegmatite
bodies. It is normally associated with minerals such as cassiterite
(Sn), columbite-tantalite (Nb-Ta), lepidolite (lithium rich mica),
beryl (Be) and garnets. These elements can be used as pathfinders
in stream sediment sampling programs.
At the southern end of the Corunna Downs Batholith (Figure 2), a
crescent shaped post-tectonic granitic pluton is found (now termed
the Mondana Monzogranite part of the Split Rock Supersuite). The
Mondana Monzogranite is porphyritic and is largely unfoliated.
Small units of the Mondana Monzogranite are mapped in the NE corner
of E46/1262, E46/1340 and E46/1393 and three target areas have been
defined:
1) This NE corner of E46/1262 is potentially a roof zone of the
Mondana Monzogranite making it the most prospective area for
lithium in the tenements (Figure 1 and 4).
2) The second target area is on E46/1393 where numerous
structures cut the older Euro Basalt providing conduits for
pegmatites emanating from the adjacent Mondana Monzogranite (Figure
1).
3) The third area of interest is a small enclave of greenstone
at the contact of the Mondana Monzogranite in E46/1340 (Figure
1).
Figure 2: Geological map of the units and terranes comprising
the North Pilbara Craton (adapted from Sweetapple and Collins, 2002
and Hickman, 2016), highlighting the distribution of the Split Rock
Supersuite (2.85-2.83 Ga) and pegmatite fields and groups of LCT
(Li-Cs-Ta), NYF (Nb-Y>F) and mixed (LCT-NYF) petrogenetic
families of Cerny and Ercit (2005). Ragged Range tenure is shown
covering the southern portion of the Split Rock Supersuite and
Corunna Downs Batholith (after Sweetapple., 2017 ). Figure 2 may be
viewed via following link:
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/split-rock-supersuite.jpg
Sterling Prospect - Maiden RC Drilling
41 shallow (50-96m) RC drillholes totalling 2,155m were
completed at the Sterling Prospect (ASX: THR 25 January 2022).
Drill holes were designed to angle-overlap, orientated at -60
degrees toward the west, near perpendicular to the structural
controls of the dominant, faulted contact between the Euro Basalt
and the Dalton Suite ultramafics (Figure 3 and Figure 4).
3m composite samples returned no significant gold intercepts
(max of 0.1g/t Au), though intersections of strong broad zones of
quartz veining, sericite, silica alteration, sulphides and
fuchsite, characteristic of gold mineralisation in the Pilbara, are
positive indicators of close proximity to the gold source (Photo
Plate 1). In many of the drill holes close to the fault contact,
sericite and silica alteration of the Euro Basalt is strong (Photo
Plate 2). This alteration style forms the distal alteration halo
around many gold deposits. Sulphide veining with chalcopyrite,
pyrite and sphalerite was observed in drill chips. Higher grade
gold is associated with sulphide mineralisation at Calidus
Resources' Warrawoona Project.
This maiden RC program was designed to test eight strong gold
anomalies at Sterling Central and Sterling South prospects, defined
from soil and stream sediment sampling programs. Unfortunately, due
to mechanical issues, not all targets were tested. Full drilling
details may be viewed via following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20220125-gold-exploration-update,
-ragged-range-wa.pdf
Figure 3: Sterling Prospect showing drill collars overlying
high-grade soil anomalies; Sterling Central (a) and Sterling South
(b), may be viewed via the following link:
Figure 3a)
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/21-008-2-ragged-range-stirlingcentraldrilling.jpg
Figure 3b)
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/21-008-1-ragged-range-sterlingsouthdrilling.jpg
Next Steps
Thor is planning follow up drilling at Sterling prospect
completing the planned program and targeting the fault contact in
the area between Sterling Central and Sterling South.
In parallel to the gold exploration activities at the Sterling
Prospect, the following work program is planned:
1) Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure including E46/1340 and E46/1393.
2) Ground 'fixed loop' electromagnetics (FLEM) is scheduled over the nickel gossan
3) Proposed lithium activities include:
a. A detailed review of all available high-resolution imagery
and aster data, to see if the presence of pegmatites can be
visually detected.
b. Reconnaissance stream sediment sampling and prospecting along
the contact of the Mondana Monzogranite, Split Rock Supersuite
(E46/1262, E46/1190, E461393 and E46/1340), with detailed
sampling,
c. Investigation of all small granitic and pegmatitic bodies in
the target area. Lithium is detectable on XRF and will fluoresce in
UV light. Positive samples can then be assayed for lithium and key
pathfinder elements including Ce, Rb, Sn, Ta and W
COPPER PROJECTS
Thor holds direct and indirect interests in over 400,000 tonnes
of Inferred copper resources in South Australia, via its 80%
farm-in interest in the Alford East copper project and its 30%
interest in EnviroCopper Ltd.
Each of these projects are considered by Thor directors to have
significant growth potential, and each are being advanced towards
development via low cost, environmentally friendly In Situ Recovery
(ISR) techniques.
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg
ALFORD EAST COPPER-GOLD PROJECT - SA
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (THR:ASX 23 November 2020).
The Project covers the northern extension of the Alford Copper
Belt, located on the Yorke Peninsula, SA (Figure 4). The Alford
Copper Belt is a semi coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA.
Figure 4 : A plan view showing the Alford East Project's eight
mineralised domains and an a drillhole location plan of AE-5, may
be viewed via the following link:
https://www.thormining.com/sites/thormining/media/Maps/mre_ae_5-drilling.jpg
https://www.thormining.com/sites/thormining/media/Maps/ae-5-location-plan.jpg
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE), (THR:ASX 27 January
2021), consisting of:
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71, 500oz of contained gold
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
Hydrogeology
Pump testing for initial hydrogeological baseline work forming
part of the 'proof of concept' for ISR, including water
characteristics, porosity, and permeability testing was completed,
with results confirming positive water parameters and permeability
for potential ISR at Alford East Project (THR:ASX 18 October
2021).
21AED001 was developed into a 4-inchwater bore by GMP Drilling
Pty Ltd with B & T Lehmann Drilling Pty Ltd carry out the pump
testing operation under the direction and supervision of
consultants, Groundwater Science (Figure 6). Water samples were
analysed by Eurofins Environment Testing in Victoria, with water
levels and hydraulic conductivity measurements conducted by
Groundwater Science. Groundwater sampling was undertaken in
accordance with EPA Guidelines (2019).
Figure 6 : Cross section 6,256,360mN looking NNE showing
21AED001 (water bore) may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/21aed001_waterbore.jpg
Key Findings:
-- The copper-gold mineralisation at the test site is saturated
below the water table. The water table elevation is approximately
38m Australian Height Datum (AHD). At the test site this equates to
a depth to water of 12m below ground surface. For ISR, the
mineralised zone needs to be saturated for lixiviant fluids to flow
through.
-- Groundwater salinity within 20km of site reports in the range
of 15,000 -55,000 milligrams per Litre total dissolved solids (mg/L
TDS), with onsite investigation reporting 19,000mg/L. This is
classified as saline and precludes agricultural or potable use. The
beneficial use category of this high salinity water as defined in
the South Australian Environmental Agency (EPA)water quality policy
(2015) and the Australian and New Zealand Guidelines for Fresh and
Marine Water Quality ANZECC Guidelines (2020) for industrial use
only, not suitable for irrigation or livestock.
-- Ground water is alkaline with pH -8.1, this is ideal for the
trial lixiviant, glycine. Glycine is a naturally occurring amino
acid, and an environmentally friendly reagent in an alkaline
carrier.
-- Groundwater is found within the weathered zone (saprolite)of
the basement rock, rather than in discrete fractures.
-- The rock hosting the copper and gold mineralisation is
moderately permeable.
-- Short term test pumping calculated an aquifer transmissivity
(T) of 2 to 3 m2/day. The resultant concomitant bulk hydraulic
conductivity is approximately 0.14 m/day. In an ISR setting, wells
with 18m long screens can be expected to yield around 0.5L/s. This
assumes transmissivity values consistent with results from recent
test pumping. This is very positive for ISR production.
This work is co-funded by the SA Government Accelerated
Discovery Grant (ADI) of A$300,000.
In conjunction with the technical assessment, Thor will continue
ongoing stakeholder and community engagement, and regulatory
activities.
Based on the nature of the oxide mineralisation, the deposit is
considered amenable to In Situ Recovery (ISR) techniques. For
further information on ISR please refer to Thor's website via this
link for an informative video:
www.youtube.com/watch?v=eG_1ZGD0WIw
KAPUNDA and ALFORD WEST COPPER PROJECTS - SA
Thor holds a 30% equity interest in private Australian company,
EnviroCopper Limited ("ECL"). In turn, ECL has entered into an
agreement to earn, in two stages, up to 75% of the rights over
metals which may be recovered via In-Situ Recovery ("ISR")
contained in the Kapunda deposit from Australian listed company,
Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to
75% of the Alford West copper project comprising the northern
portion of exploration licence EL5984 held by Andromeda Metals
Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website:
www.envirocopper.com.au
KAPUNDA
EnviroCopper Ltd ("EnviroCopper" or "ECL"), has completed the
installation of test well arrays and has commenced in-situ recovery
trials ("ISR"), including tracer and push pull test work (Figure
7). These tests are the final hydrometallurgical assessments before
ECL commences Site Environmental Lixiviant Trials (SELT).
The purpose of lixiviant trials, or 'push pull tests', is to
assess the solubility of copper mineralisation, and therefore
copper recovery, using a specially designed solution called a
lixiviant under in-situ conditions. The trial is to be undertaken
in two stages. The first stage involves injecting and extracting a
tracer solution (Sodium Bromide - NaBr) from the same well to
demonstrate hydraulic connectivity between the observation and
environmental monitor well network. This is followed by injecting
and extracting lixiviant from the same well to test copper
solubility from the mineralisation.
Key outcomes anticipated from lixiviant trials:
1. Hydraulic connectivity between wells
2. Copper solubility and recovery
3. Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT).
Figure 7 : Photo of Push-Pull Tracer Trials Underway at Kapunda
can be viewed via the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/rn-_-pump-test_1.jpg
URANIUM AND VANADIUM PROJECTS
Thor holds a 100% interest in two US companies with mineral
claims in Colorado and Utah, USA. The claims host uranium and
vanadium mineralisation in an area known as the Uravan Mineral
Belt, which has a history of high-grade uranium and vanadium
production.
Within probable economic transport distance is a processing
plant (Energy Fuels White Mesa Mill), which may be a low hurdle
processing option for any production from these projects.
Details of the projects may be found on the Thor website via
this link: www.thormining.com/projects/us-uranium-and-vanadium
.
Figure 8: Project location map may be viewed via the following
link:
https://www.thormining.com/sites/thormining/media/Maps/20-003-2-VKRMWB-Locn.jpg
Thor is currently working through the San Miguel County,
Colorado permitting processes, with Federal (BLM), environmental
surveys completed. Community consultation with public notification
- signage placed at entry points to drill sites (Figure 9).
Figure 9: Photo of Public Notice Signage for proposed drilling
at Wedding Bells Project may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/public-notice.jpg
TUNGSTEN PROJECTS
MOLYHIL TUNGSTEN / MOLYBDENUM PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by
Thor Mining and 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.
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg
The deposit consists of two adjacent outcropping iron-rich skarn
bodies, the northern 'Yacht Club' lode and the 'Southern' lode.
Both lodes are marginal to a granite intrusion; both lodes contain
scheelite (CaWO(4) ) and molybdenite (MoS(2) ) mineralisation. Both
the outlines of the lodes and the banding within the lodes strike
approximately north and dip steeply to the east.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects
Diamond Drilling Program
During a 3D geological and geophysical modelling exercise
completed in March/April 2021, a potential extension to the known
Molyhil tungsten-molybdenum-copper mineralisation was defined by a
large magnetic target (Figure 11 and 12). It was noted that
previous drilling in this area had not tested the newly identified
magnetic body.
Three diamond drillholes (21MHDD001 - 21MHDD003) totalling
995.4m were 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 (ASX: THR 7
December 2021).
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 1 and
Figure 13), whilst 21MHDD003 intercepted two zones over 29m of
disseminated mineralisation . 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 12). 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 11 and 12). 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.
Thor expects to receive assay results back 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 (ASX: THR
4 June 2021). Full details can be found on the NTGS website:
www.resourcingtheterritory.nt.gov.au/about/gdc .
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.
Figure 11: 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). 21MHDD001 and 21MHDD002 completed with DD Hole C
underway.
https://www.thormining.com/sites/thormining/media/maps/plan-view_dec21.jpg
Figure 12: Long section of the Molyhil project looking
west-northwest, showing two drilled holes and a third planned hole.
Drilled holes, 21MHDD001 and 21MHDD002, were targeted into the
magnetic anomaly where it appears offset at depth by faulting. The
next planned hole, DD Hole C, is planned to intersect the
geological plunge of the mineralised intercept in 21MHDD002. 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 12 may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/maps/x-section_dec21.jpg
Figure 13 : 21MHDD002 (272.2 - 275.7m) - massive magnetite skarn
with disseminated scheelite and molybdenite (metallic silver)
mineralisation and bands of chalcopyrite (yellow) may be viewed via
following link:
https://www.thormining.com/sites/thormining/media/maps/p1000228.jpg
https://www.thormining.com/sites/thormining/media/maps/p1000233.jpg
Bonya (Tungsten, Copper) and Jervois Vanadium Projects (40%
Thor)
The Bonya tungsten, copper and vanadium deposits are located
approximately 30km to the north-east of Molyhil (Figure 14). Thor
in joint venture with Arafura hold a 40% equity interest in the
resources.
A full background on the project is available on the Thor Mining
website: www.thormining.com/projects .
Figure 14: showing Bonya and Jervois Projects may be viewed via
the following link:
https://www.thormining.com/sites/thormining/media/Maps/15-001-1d-bonya-resources.jpg
PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA (100% Thor)
Thor's Pilot Mountain Project, acquired in 2014, is located
approximately 200km south of the city of Reno and 20km east of the
town of Mina, located on US Highway 95 (Figure 15).
Figure 15: project location may be viewed via following link:
https://www.thormining.com/sites/thormining/media/maps/pilotmap.jpg
A full background on the project is available on the Thor Mining
website www.thormining.com/projects .
The Pilot Mountain Project is comprised of four tungsten
deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All of
these deposits are in close proximity (3km) to each other and have
been subjected to small-scale mining activities at various times
during the 20th century.
During the December Quarter, Thor advised that Power Metal
Resources Plc ("Power Metal") (AIM: POW) had exercised the option
to acquire 100% interest in Pilot Mountain Tungsten Project ("Pilot
Mountain") in Nevada, USA for an agreed value of US$1.8
million.
Additionally, Power Metals have confirmed the completion of
their due diligence and therefore the sale of Pilot Mountain was
completed on 24 January 2022.
For all terms of the Sale Agreement can be viewed via
announcement link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20220125-pilot-mountain-tail-benefit-variation-and-sale-completion.pdf
CORPORATE, FINANCE, and CASH MOVEMENTS
During the December Quarter, Mr Alastair Clayton was appointed
as Non-executive Director with immediate effect (ASX: THR 5 October
2021). Alastair, who is based in London, has considerable
experience with both ASX and AIM listed companies. He is currently
Executive Director at Artemis Resources Limited (ASX: ARV).
Thor triggered Stage 1 of the earn-in to increase its interest
to 51% interest in the oxide mineral rights from Spencer Metals Pty
Ltd over the Alford East Copper-Gold Project, South Australia (ASX:
THR 17 November 2021).
Thor completed a successful capital raise in December 2021 (ASX:
THR 15 December 2021), raising gross proceeds of A$2.75m via the
placing of 220,000,000 new ordinary shares ("Ordinary Shares") (the
"Placing Shares") at a price of A$0.0125 (1.25cents) per Ordinary
Share (the "Placing").
All placees to receive two options for each three Placing
Shares, to subscribe for a further new Ordinary Share at
-- one option exercisable at A$0.015, expiring 12 months from
issue,
-- one option at A$0.02, expiring 24 months from issue.
-- Net cash outflows from Operating and Investing activities for
the quarter of $1,436,000, with the majority of this being directly
related to exploration activities, especially drilling
($945,000).
-- Net cash inflow from Financing activities for the quarter $2,728,000.
-- Providing an ending cash balance of $2,936,000.
Cashflows for the quarter include related party payments of
$86,000 to Directors, comprising the Managing Director's salary,
and Chair and Non-Executive Directors' fees.
Yours faithfully,
THOR MINING PLC
Nicole Galloway Warland
Managing Director
Competent Person's Report
The information in this report that relates to exploration
results 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 planned in the second half of 2021.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor 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.
Thor holds 100% of the Pilot Mountain tungsten project in
Nevada, USA which is subject to a sale option agreement.(6)
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
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf
TENEMENT SCHEDULE
At 31 December 2021 , the consolidated entity holds an interest
in the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Corunna Downs E46/1340 48 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
At 31 December 2021 , the consolidated entity holds an interest
in the following tenements in the US State of Nevada:
Claim Group Prospect Claim Name Area Holders Company
Interest
45 blocks (611ha
Platoro Desert Scheelite NT #55 - 64 or 1,510 acres) 100%
------------ ----------------- ---------------- ------------------------------------- ---------
Garnet NT #9 - 18
Pilot Metals
Inc
------------ ----------------- ---------------- -------------------- ---------
Gunmetal NT #19 - 22,
6, 7
----------------- ----------------
Good Hope NT #1 - 5,
41 - 54
------------ ----------------- ---------------- -------------------- --------------- ---------
Black Fire 109 blocks (1,481ha BFM Resources
BFM 1 Claims BFM1 - BFM109 or 3,660 acres) Inc 100%
----------------- ---------------- -------------------- --------------- ---------
Des Scheel 22blocks (299ha BFM Resources
BFM 2 East BFM109 - BFM131 or 739Acre) Inc 100%
----------------- ---------------- -------------------- --------------- ---------
BFM Resources
Dunham Mill Dunham Mill MS1 - MS4 4 blocks Inc 100%
----------------- ---------------- -------------------- --------------- ---------
On 31 December 2021, the consolidated entity holds 100% interest
in a Uranium and Vanadium projects in US States of Colorado and
Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company
Interest
Vanadium UMC445103 to 100 blocks (2,066 Cisco Minerals
King (Utah) UMC445202 VK-001 to VK-100 acres) Inc 100%
---------------- -------------- ------------------ ------------------ ------------------ ---------
Radium Mountain CMC292259 to Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 to Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) CMC292258 to Groundhog-100 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
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END
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January 31, 2022 01:59 ET (06:59 GMT)
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