TIDMTHR
RNS Number : 6053P
Thor Mining PLC
21 June 2022
21 June 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
("Thor" or the "Company")
Ragged Range Project, WA
3,000m RC Drilling Program Commences
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce the commencement of a drilling
program at the Company's 100% owned Ragged Range Project, located
in Eastern Pilbara, Western Australia.
Project highlights:
-- Approximately 3,000m reverse circulation ("RC") drilling
program commences.
-- Drilling is designed to test both structural and geochemical
targets along the Sterling Prospect 13km gold corridor, defined by
robust soil and stream anomalies, following the first phase of
drilling completed in December 2021.
-- Drilling is targeting interpreted dilational zones associated
with faulting and folding along the regional thrust faulted contact
between the mafic and ultramafic units (Figure 1).
-- Drilling program also includes 1-3 drillholes at the Krona
Prospect to test electromagnetic ("EM") conductor recently
identified beneath the nickel gossan (AIM:THR 17 June 2022).
-- Concurrent to the drilling program, regional geochemical
sampling and mapping will continue over the Kelly's copper-gold
area in the northeast of tenure (E46/1393).
Photo Plate 1 : Drilling rig tramming to site, Sterling
prospect, Ragged Range may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/banners/photo-djc-rig.jpg
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"It's exciting to be commencing our second phase of RC drilling
at the Sterling Prospect, Ragged Range, including drill testing the
recently identified EM conductor beneath the nickel gossan, at the
Krona Prospect.
"These are robust geochemical targets associated with key
structural features defined by Thor, associated with the regional
thrust faulted mafic -ultramafic contact within the Kelly
Greenstone Belt.
"We look forward to updating the market as results come
through."
Figure 1 : Sterling and Krona prospects highlighting drilling
traverses may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/rr_proprc_fig.png
Figure 2 : Tenement and Prospect Location Plan may be viewed via
the following link:
http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg
Figure 3: Tenement Location Plan overlying GSWA 1:500k geology
showing the gossan position, Krona Prospect adjacent to the
Sterling prospect 13km gold trend may be viewed by the following
link:
http://www.thormining.com/sites/thormining/media/maps/tenure_krona-prospect.jpg
RC Drilling Program
A follow up RC drilling program at Sterling Prospect, Ragged
Range has commenced (Figure 2 and Figure 3).
This second phase of drilling is designed to test dilational
zones (potential trap sites for mineralisation and the interpreted
source of the gold anomalies found in stream and soil samples).
Surface anomalism is associated with a series of faults and folds,
subparallel or at a high angle to the regional thrust faulted
contact (Norman Cairns Fault) between the Euro Basalt and the
Dalton Suite ultramafics along the Sterling Prospect 13km gold
corridor (Figure 1, 2 and 3).
Approximately 40 drillholes for 3,000m are designed to cover
these key structures and gold anomalies, with drill holes generally
angled -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 1 and Figure
3). Drill depths will range from approximately 60-120m.
Figure 3 shows the planned drill traverses. Two drill traverses
(labelled 1 and 5) will test the major thrust contact, mapped by
the GSWA as the Norman Cairns Fault. Traverses 3 and 4 are designed
to cross a major anticlinal axis and intense partly recumbent
shearing and faulting in the Euro Basalt, close to the contact.
Photograph 2 shows one of these faults in the field.
Photo Plate 2: Fault splay at Sterling North may be viewed via
the following link:
http://www.thormining.com/sites/thormining/media/maps/photo-fault-splay.jpg
Traverses 6 and 7 will test structural contacts of the Euro
Basalt. These are distinctive zones with both quartz veining and
iron oxide seen at surface. Traverse 2 will test a dilation zone
located in "the kink" where sinistral strike slip movement has led
to multiple quartz veining, and surficial magnesite in a highly
altered basalt unit. Traverses 8 and 9 target a significant fault
splay that can been traced for many kilometres to the East. This
fault is ironrich with anomalous arsenic (As) up to 1,000ppm.
Stream sediment gold anomalies can be sourced to this area.
As part of the drilling program, one to three drill holes are
planned to drill test the FLEM conductor identified below the
nickel gossan at Krona Prospect (Figure 1 and Figure 2).
DJC Drilling Pty Ltd has been contracted to complete the RC
drilling program. The 3,000m program is anticipated to take four
weeks, with samples being freighted to Bureau Veritas laboratory in
Adelaide, SA, for analysis.
Next Steps
Concurrent with the drilling program, mapping and geological
sampling will be undertaken around the copper-gold Kelly/Ryan's
prospect areas (Figure 2), focusing along strike of high-grade
copper-gold historic workings.
Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure, including E46/1340 and E46/1393.
Sterling Prospect
Since acquiring the Ragged Range project in late 2019, Thor has
completed a series of systematic stream sediment programs over the
tenure and an airborne magnetic survey, defining a 13km
structurally controlled gold corridor - the Sterling Prospect
(Figure 2). High-grade gold stream results, including up to 2.2g/t
Au, were reported from sampling in 2019 and 2020 (THR:AIM
announcement 23/06/2021).
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf
As a follow up, two soil programs were completed over Sterling
Central and Sterling South areas with BLEG soil values up to 348ppb
and 153ppb Au (21RRS777 and 21RRS437 respectively), significantly
above a background of approximately 5ppb Au (Figure 3 and Figure
4). To validate these high gold soil anomalies, a <2mm sieved
stream panned concentrate with visible gold, reported up to 74.1g/t
Au (Samples 21RRST016) approximately 100m down slope, in a small
creek from soil sample 21RRS777 (AIM:THR 7 October 2021).
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf
The surface gold anomalism generally strikes slightly oblique to
the Euro Basalt and Dalton Suite contact suggesting that gold
mineralisation is controlled by faults and structures that splay
off this major structure.
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
Competent Persons Report
The information in this report that relates to Geophysical
Exploration Results is based on information compiled by Kim
Frankcombe, a Competent Person who is a Member of The Australian
Institute of Geoscientists. Mr Frankcombe is employed as a
Consultant to the Company through geophysical consultancy. Mr
Frankcombe has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity being undertaken 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'. Mr
Frankcombe consents to the inclusion in the report of the matters
based on his information and the form and context in which it
appears.
The information in this report that relates to Geological
interpretation and 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 .
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 the 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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