TIDMTHR
RNS Number : 8459J
Thor Mining PLC
29 April 2022
29 April 2022
Thor Mining PLC
("Thor" or the "Company")
Quarterly Activites Report
Highlights Outlook for June Quarter 2022
------------------------------------------------------------ -------------------------------------------------------------
GOLD, LITHIUM, NICKEL
Ragged Range, Pilbara region,
WA Australia
* Field programs recommenced following the opening of * Results from a Fixed Loop Electromagnetic Survey
the WA border. (FLEM) over the Krona Prospect, nickel gossan.
* Lithium mapping and sampling program underway; * Follow up RC drilling program for gold
testing potential lithium-caesium-tantalum (LCT) mineralisationn at the Sterling Prospect.
pegmatite targets associated with the Split Rock
Supersuite.
* Regional mapping and stream sediment sampling results,
targeting additional gold and lithium pegmatites.
* Airborne magnetics survey over the eastern portion of
newly granted tenure.
------------------------------------------------------------ ---------------------------------------------------------------
URANIUM & VANADIUM USA
* Received permitting approval from San Miguel County * Final authorisation for proposed drilling at Wedding
for proposed drill testing at the Wedding Bell Bell Project.
Project, Colorado.
* Drilling preparations underway to test Groundhog, Rim
* The uranium spot price is at an 11 year high, with Rock and Section 23 at Wedding Bell Project,
geopolitical tensions, strong demand, constrained Colorado.
supplies, and underinvestment continuing to drive the
price up.
------------------------------------------------------------ ---------------------------------------------------------------
COPPER
Alford East, SA Australia
* All assays now received from Phase 1 diamond drilling * Continue In-Situ Recovery (ISR) assessment and
program highlighting based high grade copper-gold development of the project.
zones
* Phase 2 diamond drilling is being designed to target
* 3D geological model demonstrates lithological and potential high-grade copper zones along strike.
structural controls on mineralisation, highlighting
key areas to drill test potential high-grade
copper-gold intercepts.
Kapunda, SA Australia (via 30% equity holding in EnviroCopper Ltd)
* ISR push-pull trials underway, with tracer bromide * Copper-gold recoveries from lixiviant trials and
component completed. integration into Scoping Study.
------------------------------------------------------------ ---------------------------------------------------------------
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
* Successful diamond drilling program completed with * Assay results from diamond drilling program.
all assay submitted for analysis, confirming magnetic
target adjacent to deposit is mineralised magnetite
skarn. * Review strategic plans for Molyhil.
CORPORATE & FINANCE
-- Agreement with Power Metal Resources Plc (AIM: POW) to a
Variation of Tail Benefit as part of the Sale Agreement of the
Pilot Mountain Tungsten Project in Nevada, USA.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
" The start of 2022 has seen positive progress made across
Thor's projects.
"Our team is back on the ground for the 2022 field season at our
100% owned Ragged Range Project, WA, with a mapping and sampling
program currently underway to test potential
lithium-caesium-tantalum pegmatite targets associated with the
Split Rock Supersuite. Preparations are being finalised to commence
the second phase of RC drilling at the Sterling Gold Prospect, with
a ground based electromagnetic survey, designed to detect any
conductive anomalies at depth that may indicate the presence of
nickel sulphide mineralisation, scheduled for May 2022
"In the US, we were delighted to receive approval from San
Miguel County for the proposed drill testing at the Wedding Bell
Project, Colorado during the period. Preparations are now underway
to test the project's priority areas, Groundhog, Rim Rock and
Section 23. Thor's Board notes the heightened demand for uranium in
the US as the country seeks to secure domestic supply in order to
replace its reliance on Russian imports.
"At the Alford East copper-gold project, SA, Australia, we
reported encouraging results for copper and gold from our first
phase of drilling. A second phase of drilling, which will include
hydrogeology and hydrometallurgical studies, is now being designed.
This program will target further high-grade zones and aid our
assessment of the project's ISR potential.
"After a successful first quarter, Thor looks forward to
updating the market on progress made across its portfolio in
2022."
Photo Plate 1 may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/Maps/AOI-11_798246E_7587303N_b.JPG
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
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
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.
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
MAR
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
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 the 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.
Further details of the projects may be found on the Thor
website:
www.thormining.com/projects/ragged-range-pilbara-project
Figure 1: Ragged Range Project Location map (a) and Tenement Map
(b) showing priority targets.
a) 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:
http://www.thormining.com/sites/thormining/media/maps/prospects.jpg
Lithium Program
The Thor team are back on the ground following the reopening of
the WA border, 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).
The Pilbara Craton is highly prospective for LCT enriched
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 ) (Figure 2).
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 zonations of LCT enriched pegmatites.
The current field program, utilising 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. This 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).
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 ).
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/split-rock-supersuite.jpg
Next Steps
Following the current initial lithium mapping and sampling
program, the following activities are proposed at Ragged Range,
targeting priority lithium, nickel and gold targets:
-- Investigation of all small granitic and pegmatitic bodies in
the lithium target area. Samples are to be assayed for lithium and
key pathfinder elements including Ce, Rb, Sn, Ta and W.
-- Reconnaissance soil sampling and prospecting within the 10km
halo of the Mondana Monzogranite (E46/1262, E46/1190, E461393 and
E46/1340) (Figure 1).
-- A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey is scheduled for early May 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.
-- Continuation of RC drilling at Sterling prospect following up
on structurally controlled anomalous gold in streams and soils.
-- Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure including E46/1340 and E46/1393.
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 (Figure 3).
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:
www.thormining.com/projects/us-uranium-and-vanadium .
Figure 3: Location map showing projects, infrastructure and nearby White Mesa processing plant.
https://www.thormining.com/sites/thormining/media/Maps/20-003-2-VKRMWB-Locn.jpg
Thor has systematically worked through the San Miguel County,
Colorado approvals process, with the Board of County Commissioners
(BOCC) approving the proposed Wedding Bell drilling program at a
public hearing on 30 March 2022.
The proposed initial drilling program is designed to test the
three Wedding Bell prospects: Groundhog, Rim Rock and Section 23
(Figure 3). The Wedding Bell Project lies within the Uravan Mineral
Belt, considered highly prospective for shallow 'Saltwash' type
sandstone-hosted, high-grade uranium-vanadium mineralisation
(Figure 4).
Field sampling by Thor returned assay results of high-grade
uranium, up to 1.25% (12,500ppm) U(3) O(8) and vanadium, up to
3.47% V(2) O(5) (THOR ASX, AIM: 21 July 2020).
Figure 4: Map of Colorado Wedding Bell Project showing priority
areas - Section 23, Groundhog and Rim Rock.
http://www.thormining.com/sites/thormining/media/maps/21-003-1-us-uranium.jpg
Next Steps:
-- Complete the sign off process with the Federal Bureau of Land
Management (BLM) and the Colorado Division of Reclamation Mining
and Safety (DRMS).
-- Finalise environmental management plan in line with approvals
for drilling and reclamation bond.
-- Complete drilling preparations, including engaging drilling contractors.
-- Drilling is anticipated to commence mid-year.
Uranium Market
Spot uranium prices are trading near an 11-year high, the
Directors believe this is a result of geopolitical tension, strong
demand, constrained supplies and underinvestment.
Potential US sanctions on Russian uranium imports has resulted
in an increased importance on US domestic uranium supply.
The 'green wave' is impacting the uranium sector, with the US
and now UK in particular turning to nuclear energy in order to
generate reliable, safe and carbon free base load power.
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.
Figure 5: SA Copper projects location map
http://www.thormining.com/sites/thormining/media/maps/17-007-1b-kapunda-alford-location.jpg
ALFORD EAST COPPER-GOLD PROJECT - SA
The Alford East Copper-Gold Project is located on EL6529. Here,
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 5). The Alford
Copper Belt is a semi coherent zone of copper-gold oxide
mineralisation within a structurally controlled, north-south
corridor. This consists of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA (Figure 6).
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
Figure 6: Alford East Project showing the eight mineralised
domains (Plan View) (left) and Tenement & Prospect Location
Plan (right).
http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg
http://www.thormining.com/sites/thormining/media/Maps/mre_ae_5-drilling.jpg
Alford East Diamond Drilling Program Update
The first phase of drilling comprised nine diamond drillholes
totalling 878m, with all assays now received for all drillholes.
This initial program for Thor focussed only on the northern portion
of the Alford East copper-gold deposit, around the AE-5 mineralised
domains (Figure 6 and 7), with drilling targeting areas open at
depth and along strike.
Significant intercepts including:
21AED001 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5m (ASX:THR 31.8.21),
21AED002 59.9m @ 0.3% Cu from 21.9m (ASX:THR 31.8.21),
21AED003 32.4m @ 0.2% Cu from 15m,
21AED004 55.9m @ 0.53% Cu from 7m, including,
11.7m @ 1.0%Cu from 17.3m, including,
5.7m @ 1.23% and 0.16g/t Au from 17.3,
21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including ,
18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m (ASX:THR 31.8.21),
Figure 7: Alford East Project AE-5 domain showing drillhole location plan.
https://www.thormining.com/sites/thormining/media/Maps/ae-5-location-plan.jpg
For ISR purposes, drilling was limited to the deeply weathered
lithological profile, testing the extent of the oxide zone and the
depth boundary of the Top of Fresh Rock (TOFR). The copper-gold
oxide mineralisation is hosted within deeply kaolinised (clay) and
metasomatic altered units on the contact between the Olympic Domain
Wallaroo Group metasediments and the Hiltaba Suite Tickera Granite,
Gawler Craton (Figure 6). Copper oxide mineralogy is dominated by
malachite and chalcocite.
Drill targeting, vectoring in on the hanging wall side of the
north-south trending controlling structure, now referred to as
Netherleigh Park Fault, intercepted zones of high-grade copper and
gold grades, resulting in significant grade uplift in comparison to
the MRE (Figure 7).
Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A'
6,256,360mN) were drilled through the central portion of AE-5
(Figures 7 and 8), designed to validate the geological model and
test areas open at depth. The high-grade copper and gold intercepts
in 21AED001 opens the mineralisation up at depth, whilst 21AED005
highlights the significant grade uplift along the Netherleigh Park
Fault.
21AED004 (Section B-B' 6,235,440mN) was drilled along strike to
the north 21AED005, a continuation of higher copper grades along
fault (Figure 7 and 9).
21AED002, 21AED006 and 21AED007 (Section C-C' 6,235,600mN) were
all drilled to the north of the AE-5 MRE domain, with assay results
extending the known copper mineralisation along strike towards AE-8
(Figure 2, 3 and 6).
Multi-element analysis of the assay results highlights two
distinct higher-grade zones of copper-gold mineralisation within a
broader mineralised envelope. The lower of the two has a distinct
IOCG geochemical signature: elevated Cu, Au, Mo, Co, Se, Bi &
REE (Figure 6 log plot). This potentially reflects sulphide
oxidation of primary mineralisation; whilst the upper zone has a
more amorphous distribution typical of a supergene mineralised
system .
Figure 8: Cross section 6,256,360mN looking NNE, showing
21AED001, 21AED003 and 21AED005. Copper assays shown as cylinder
down hole trace.
http://www.thormining.com/sites/thormining/media/Maps/xs-6256360mn..jpg
Figure 9: Cross section 6,256,440mN looking NNE, showing
21AED004, with copper assays shown as cylinder downhole trace.
http://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/2022.02.17-section-b-6256440mn-incl-21aed004-final-assays.jpg
Figure 10: Cross section 6,256,600mN showing 21AED002 and
21AED007 , with copper assays shown as cylinder downhole trace.
http://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/2022.02.17-section-c-6256600mn-incl-21aed002-and-21aed007-final-assays.jpg
Figure 11: Multi-element log plot for 21AED001 showing two
distinct higher grade copper zones with the lower gold rich zone
reflecting IOGC geochemical signature. Also showing metallurgical
samples
http://www.thormining.com/sites/thormining/media/Maps/21aed001_log-plot.jpg
New Alford East Geological Model
Based on the recent diamond drilling, a new robust 3D geological
model was generated using a combination of weathering, lithology,
assay and structural data from logging, and regional geology,
structural and geophysics (magnetics and gravity) data (Figure
7).
Key geological outcomes:
-- The highest grade oxide mineralisation seems to occur where a
fault has facilitated a more deeply weathered profile.
-- Some faults appear to have had minor vertical offset on them
post-development of the weathering profile (for example, the
north-east trending Netherleigh Park Fault, central to the project
area).
-- Mineralisation shows a preference to be hosted in metasediments.
-- A Sulphidic-Magnetic-Shale (SMS) stratigraphic-alteration
unit, appears as a marker unit in the regional and more local
magnetics images, as well as in the regional 3D magnetics and
gravity inversions.
-- The SMS unit was modelled using the above information,
showing an overall synformal shape with AE3 sitting in the core or
trough of overlying metasediments formed by the synform.
-- Most supergene mineralisation appears to occur in the hanging
wall of the SMS, whilst the weathered primary mineralisation (such
as in the deeper sections of AE8 and AE5) seems to be associated
with major faults, such as the central Netherleigh Park Fault.
Figure 12: 3D Geological Model - showing the major faults in
black, cover in translucent brown, weathered rock in translucent
green, fresh rock in translucent yellow, sulphidic-magnetic-shale
(SMS), and the resource domains in green (labelled).
http://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/ae_basement-geology.jpg
Hydrometallurgy
Thor's objective is to identify an in-situ recovery pathway
ideally for both the copper and gold mineralisation at the Alford
East Project that is both socially and environmentally friendly,
rather than using conventional acid in-situ recovery (ISR).
This has led to Thor engaging Mining Processing Solutions (MPS)
in trialling their alkaline Glycine Leaching Technology (GLT),
branded as their GlyCat(TM) and GlyLeach(TM) processes, that have
the capability to selectively leach base and precious metals using
glycine as the principal, eco-friendly, reagent.
A preliminary 'discovery' metallurgical test program has been
carried out to determine the amenability of the Alford East
mineralisation to metal recovery using GLT. The test work has
involved two rounds of Diagnostic Leach Tests (DLTs), and one round
of Bottle Roll Tests (BRTs) (Figure 8) on the two samples from
21AED001 (Table D). The two zones are highlighted in Figure 6.
Ground water collected from Alford East was used in the laboratory
test work to ensure water characteristics, especially pH, were
tailored to Project conditions.
Table D: Samples selected for testing - Fire and 4 acid digest
assay results
Hole ID Sample Assay ID Cu (ppm) Au (ppm)
21AED001 AE Upper Zone THOM-01-002 1,080 0.02
---------------- -------------- ------------ ------------
21AED001 AE Lower Zone THOM-01-001 4,920 1.10
---------------- -------------- ------------ ------------
21AED001 Combined THOM-01-003 2,950 0.51
---------------- -------------- ------------ ------------
Figure 13: Overview of test work
http://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/initial-test-work.jpg
Initial Findings:
-- Based on copper sequential analysis (identifies leachable
copper mineralogy) - 15% of the copper from the upper zone and up
to 50% from the lower zone should be theoretically leachable with
GLT.
-- Based on the gold diagnostic leach assays, extraction from
the lower zone of up to 73.4% should be theoretically leachable
with Glycine Leaching Technology (GLT). The upper zone had
negligible gold.
-- Diagnostic Leach Test - designed to be initial comparison
tests to ascertain the response to a range of conditions including
a baseline cyanidation test.
-- Bottle Roll tests (6):
-- The composite sample performed very well with GLT, extracting
98.1% of the gold and over 40% of the copper.
-- Lower zone using GLT extracted 78.3% of the gold and 33.5% of
the copper, whilst the lower zone using cyanide extracted 64.1% Au
and 48.2% of the copper.
-- The alkaline Glycine Leaching Technology (GLT) has slower
leaching dynamics than cyanidation, so if given more time higher
extractions would be expected.
Next Steps:
Based on the new geological model, approximately 10 diamond
drill holes have been designed to test potential high-grade zones
(Figure 12):
-- Along strike and up-dip of deeply weathered zones.
-- Targeting controlling key structures including the
Netherleigh Park Fault at depth especially where there are large
gaps in existing data.
-- Targeting intersection of SMS and Liaway offset Fault.
-- Targeting intersection of Netherleigh Park Fault and Liaway
Fault.
-- Targeting subordinate splays off Netherleigh Park Fault where
there is evidence of a deep weathering trough.
In addition, hydrogeological water bores and pump testing are
being planned to determine aquifer connectivity between holes, with
an initial focus on the northern area of the mineralisation.
Concurrent to drilling, hydrometallurgical work will continue to
investigate and optimise both copper and gold metal extraction
using environmentally friendly lixiviants.
Figure 14: Phase two proposed drillholes, targeting potential
higher-grade zones open at depth and along strike
http://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/phase-2-drilling-proposal.jpg
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 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 ISR contained in the Kapunda
deposit from Australian listed company Terramin Australia Limited
("Terramin" ASX: "TZN"), and the 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 whilst commencing in-situ recovery
trials ("ISR"), including tracer and push-pull test work (Figure
5). 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:
-- Hydraulic connectivity between wells
-- Copper solubility and recovery
-- Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT).
TUNGSTEN PROJECTS
MOLYHIL TUNGSTEN / MOLYBDENUM PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by
Thor Mining and is located 220km north-east of Alice Springs (320km
by road) within the prospective polymetallic province of the
Proterozoic Eastern Arunta Block in the Northern Territory (Figure
14).
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
(Figure 10). Both of 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 .
Figure 15: Molyhil Project Location map
https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg
Diamond Drilling Program
During a 3D geological and geophysical modelling exercise
completed over March and April 2021, a potential extension to the
known Molyhil tungsten-molybdenum-copper mineralisation was defined
by a large magnetic target (Figures 16 and 17). 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. This confirmed the newly
identified magnetic target, representing a significant magnetite
skarn hosting disseminated tungsten-molybdenum-copper
mineralisation 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 (Figure 16),
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 16). Drilling data is now being compiled 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 15 and 16). 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, and south of the South Offset fault.
The drilling program is co-funded by the Geophysics and Drilling
Collaborations (GDC) program as part of their '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 enhance the 3D model prior to follow up potential
resource drilling.
Figure 16: 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 17: 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.
https://www.thormining.com/sites/thormining/media/maps/x-section_dec21.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 18). Thor,
in joint venture with Arafura, holds 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 17 : Molyhil Project location showing adjacent Bonya
tenement
https://www.thormining.com/sites/thormining/media/Maps/15-001-1d-bonya-resources.jpg
CORPORATE, FINANCE, and CASH MOVEMENTS
Agreement with Power Metal Resources Plc (AIM: POW) for a
Variation of the Tail Benefit as part of the Sale Agreement of the
Pilot Mountain Tungsten Project in Nevada, USA, which resulted in
an immediate cash payment of GBP50,000 to Thor and ordinary shares
in POW to the value of GBP100,000. The sale of Pilot Mountain
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
Net cash outflows from Operating and Investing activities for
the quarter of $194,000 included inflows of $310,000 related to the
sale of the Pilot Mountain Project, sale of 4.5 million Power Metal
Resources Plc (POW) shares, and government grants. Of the remaining
$504,000 net cash outflows, $241,000 directly related to
exploration activities.
Net cash inflow from Financing activities for the quarter
$109,000, relating to the exercise of options held by the Company's
broker PAS Partners.
Providing an ending cash balance of $2,780,000.
Thor continues to hold 48,118,920 POW Shares which are released
from a trading restriction at the rate of 25% each quarter, with
the first release on 30 April 2022. The market value of the POW
shares currently held is GBP794,000 (approximately $1,393,000)
based on the closing price of the POW Shares as traded on the
London Stock Exchange on 27 April 2022
Cashflows for the quarter include related party payments of
$98,000 to Directors, comprising the Managing Director's salary,
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 .
TENEMENT SCHEDULE
At 31 March 2022 , the consolidated entity holds an interest in
the following Australian tenements:
Project Tenement Area kms(2) Area ha. Holders Company 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%
---------- ----------- -------- -------------------- ----------------
Corunna Pilbara Goldfields
Downs E46/1340 48 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
Hamersley Pilbara Goldfields
Range E46/1393 11 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
At 31 March 2022 , the consolidated entity holds an interest in
the following tenements in the US State of Nevada:
Claim Prospect Claim Name Area Holders Company
Group 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%
----------------- ---------------- -------------------- --------------- ---------
Dunham BFM Resources
Mill Dunham Mill MS1 - MS4 4 blocks Inc 100%
----------------- ---------------- -------------------- --------------- ---------
On 31 March 2022, the consolidated entity holds 100% interest in
a Uranium and Vanadium projects in US States of Colorado and Utah
as follows:
Claim Serial Number Claim Name Area Holders Company
Group Interest
Vanadium UMC445103 100 blocks (2,066 Cisco Minerals
King (Utah) to UMC445202 VK-001 to VK-100 acres) Inc 100%
------------- -------------- ------------------ ------------------ ------------------ ---------
Radium
Mountain CMC292259 Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) to CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) to CMC292258 to Groundhog-100 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
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END
MSCUKSVRUKUSURR
(END) Dow Jones Newswires
April 29, 2022 02:02 ET (06:02 GMT)
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