TIDMTHR
RNS Number : 5571G
Thor Mining PLC
30 March 2022
30 March 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR
Thor Mining PLC
Ragged Range Project, WA
Lithium-Nickel-Gold Program Update
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide an exploration update on field
activities at the Company's 100% owned Ragged Range Project,
located in the Eastern Pilbara, Western Australia.
Project highlights:
-- Lithium: the Thor team is currently on the ground mapping and
sampling several lithium targets, including potential
lithium-caesium-tantalum (LCT) pegmatites which have been
identified within the prospective 10km radius of the Split Rock
Supersuite at Thor's Ragged Range Project (Figure 1).
-- Nickel: a high-powered Fixed Loop Electromagnetics (FLEM)
ground geophysics survey is scheduled for mid-April 2022 over the
nickel gossan located in the western portion of tenure. The survey
is designed to detect any conductive anomalies at depth that may
indicate the presence of nickel sulphide mineralisation. The survey
is anticipated to take one week to complete.
-- Gold: final preparations are in place to commence the second
phase of RC drilling at the Sterling Gold Prospect.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Thor is pleased to have the team back on the ground for the
2022 field season, at our 100% owned Ragged Range Project. The team
will be focused on priority lithium, nickel and gold targets across
the tenure.
The current field program concentrates on mapping and sampling
of several lithium-caesium-tantalum pegmatite targets associated
with the highly prospective Split Rock Supersuite. Whilst at our
previously untested nickel gossan which extends over 1km, the
scheduled electromagnetic survey should identify the most
prospective areas at depth to conduct initial drill testing.
The testing of these new targets in conjunction with the
continuation of drilling of further gold exploration targets at the
Sterling Prospect, has the potential for significant exploration
discoveries. We look forward to updating the market as soon as
results are available."
Photo Plate 1 may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/Maps/AOI-11_798246E_7587303N_b.JPG
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia, is 100% owned by Thor Mining -
covering E46/1190, E46/1262, E46/1355, E46/1340 and recently
granted E46/1393 (Figure 1).
Figure 1: Tenement Location Plan overlying GSWA 1:500k geology
showing distribution of Split Rock Supersuite with priority lithium
target areas (Red dash ovals), nickel gossan (purple outline) and
Sterling gold prospect (yellow stripes) may be viewed by the
following link:
http://www.thormining.com/sites/thormining/media/maps/rr-tenure_prospects.jpg
Next Steps
Following on from the current initial lithium mapping and
sampling program, the following activities are proposed at Ragged
Range targeting priority lithium, nickel and gold targets:
1) Investigation of all small granitic and pegmatitic bodies in
the lithium target area. Samples to be assayed for lithium and key
pathfinder elements including Ce, Rb, Sn, Ta and W.
2) Reconnaissance soil sampling and prospecting within the 10km
halo of the Mondana Monzogranite (E46/1262, E46/1190, E461393 and
E46/1340) (Figure 1),
3) A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey is scheduled for mid-April over the nickel gossan
located in the western portion of tenure. The survey is designed to
detect any conductive anomalies at depth that may indicate the
presence of nickel sulphide mineralisation. The survey is
anticipated to take one week to complete.
4) Continuation of RC drilling at Sterling prospect following up
on structurally controlled anomalous gold in streams and soils.
5) Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure including E46/1340 and E46/1393.
Lithium field mapping and sampling
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) (Sweetapple, M, 2017). Within Thor's tenure the
Mondana Monzogranite part of the Split Rock Supersuite mapped in
the northern portion of tenure is untested for lithium potential
(Figure 1).
Thor's exploration strategy is to ground truth the 10km halo
around the Mondana Monzongranite, considered the most favourable
position for the spatial zonation's of lithium-caesium-tantalum
enriched pegmatites.
The current field program utilizing Thor's radiometrics and
Aster data has highlighted several priority areas for mapping and
sampling, including
1) The northeast corner of E46/1262 where small pegmatites and
granitic bodies have been identified and which is considered a
potential roof zone of the Mondana Monzogranite making it the most
prospective area for lithium enriched pegmatites within the
tenement package (Figure 1).
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).
This initial field program is anticipated to take one week with
samples to be submitted to Bureau Veritas laboratory in Adelaide,
South Australia to expedite assay turnaround time.
Nickel Gossan
A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey is scheduled for April over the nickel gossan
located in the western portion of tenure (Figure 2). The gossan was
identified by the Western Australian Geological Survey on the Split
Rock 1:100K mapping explanatory notes (Bagas et al., 2004).
The gossan extends over 1km x 100m and lies on the basal contact
of the Dalton Suite ultramafics, with the older Wyman Formation,
felsic volcanics. Sampling by Thor in 2020 highlighted nickel
grades up to 2,678ppm (20PRC444) with chromium up to 2,607ppm
(20PRC05) (ASX: THR 26 August 2020), Photo Plate 2.
The ground geophysics survey is designed to detect any
conductive anomalies at depth that may indicate the presence of
nickel sulphide mineralisation, to conduct initial drill testing.
The survey is anticipated to take one week to complete.
Photo Plate 2 may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/photo-plate_nickel.jpg
References
Bagas L, Van Kranendonk J and Pawley M: 2004, Geology of the
Split Rock 1:100000 Sheet, GSWA.
Sweetapple M T: 2017, A review of the setting and internal
characteristics of lithium pegmatite systems of the Archaean North
Pilbara and Yilgarn Craton. GSWA.
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
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
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 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/molybdenum 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, with
follow up drilling planned for 2022.
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.Drilling
in November December 2021 intersected strike extensions to the main
ore zone.
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
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