TIDMTHR
RNS Number : 1754U
Thor Mining PLC
29 July 2022
29 July 2022
Thor Mining PLC
("Thor" or the "Company")
Quarterly Activities Report
Highlights Outlook for September Quarter
2022
------------------------------------------------------------- ----------------------------------------------------------------
GOLD, LITHIUM, NICKEL
Ragged Range, Pilbara region,
WA Australia
* Mapping and sampling programs continuing; testing * An Airborne Magnetics Survey to commence over the
potential gold, copper-gold and eastern portion of tenure.
lithium-caesium-tantalum (LCT) targets across tenure.
Initial results from sampling highlight up to 6g/t
gold and 4.8 % copper. * RC drilling assays results.
* Electromagnetic (EM) conductor identified beneath * Potential follow up drilling of drill targets
nickel gossan from Fixed Loop Electromagnetic Survey generated from RC assay and rock chip results.
(FLEM) over the Krona Prospect.
* Full results from regional mapping and sampling
* 3,120m RC drilling program completed in early July at programs, targeting additional gold, copper and LCT
Sterling and Krona Prospects. pegmatites.
* Down Hole Electromagnetic Survey in cased Krona
drillhole.
* Interpretation of airborne magnetics and radiometrics
data.
------------------------------------------------------------- ----------------------------------------------------------------
URANIUM & VANADIUM USA
* Final authorisation for proposed drilling program at * Commence drilling program.
Wedding Bell Project received.
* Downhole radiometric logging of drillholes.
* Drilling preparations underway to test Groundhog, Rim
Rock and Section 23 at Wedding Bell Project,
Colorado.
------------------------------------------------------------- ----------------------------------------------------------------
COPPER
Alford East, SA Australia
* Government approvals received for Phase 2 diamond * Review drill targets highlighted in recent 3D
drilling program, targeting potential high-grade modelling exercise.
copper zones along strike.
* Hydrogeology quarterly water characterisation
sampling undertaken.
Kapunda, SA Australia (via 30% equity holding in EnviroCopper
Ltd)
* ISR push-pull trials underway, with tracer bromide * Copper-gold recoveries from lixiviant trials received
component completed. and integration into Scoping Study.
------------------------------------------------------------- ----------------------------------------------------------------
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
Assay results from 2021 drilling * Review strategic plans for Molyhil.
identified a 46m intersection
of magnetite skarn and weakly
disseminated tungsten-molybdenum-copper
mineralisation.
------------------------------------------------------------- ----------------------------------------------------------------
CORPORATE & FINANCE
-- Mark Potter Non-Executive Chair resigned from the Board on 30
June 2022, with Alastair Clayton taking on the Non-Executive Chair
role.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"The June quarter has seen a flurry of on-ground activities,
with our exploration focus on advancing the Ragged Range Project
(WA), including the completion of a c. 3,000m RC program and
organising upcoming drilling for our Uranium and Vanadium Wedding
Bell Project in Colorado, USA.
"At our 100% owned Ragged Range Project, Thor is continuing to
build on and develop our geological understanding, with particular
emphasis on structural controls on mineralisation at both the
Sterling gold prospect and Kelly's copper-gold prospect. Activities
include our latest sampling programs, which have highlighted highly
encouraging high-grade gold (6/t Au) and copper values (4.8% Cu)
along newly identified structures at Sterling and Kelly's
Prospects, and the completion of the c. 3,000m RC drilling program,
which included drill testing of a FLEM Conductor at Krona
nickel-copper prospect.
"In the US, we were delighted to receive full authorisation from
federal, state and counties for the upcoming proposed drill testing
at the Wedding Bell Project, Colorado, during the period. Drilling
preparations are now underway to test the project's priority areas,
Groundhog, Rim Rock and Section 23.
"We look forward to receiving the RC drill results at Ragged
Range and being on the ground drilling at our Wedding Bell project
during the September quarter."
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Photo 1: Reverse Circulation drilling at Sterling Prospect,
Ragged Range, WA
RAGGED RANGE PROJECT
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia (Figure 1) is 100% owned by Thor
Mining and comprises 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. Thor drilled
48 RC holes totalling 3,120m at the Sterling and Krona prospects,
with drilling completed in July 2022.
Further details of the projects may be found on the Thor
website: www.thormining.com/projects/ragged-range-pilbara-project
.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 1: Ragged Range Project Location map (left) and Tenement
Map (right) showing priority prospects
Fixed Loop Electromagnetics (FLEM) Survey - Krona Prospect -
Nickel Gossan
A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey was completed over the Krona Prospect in June,
covering the full extent of the nickel gossan, located in the
western portion of the tenure (Figures 1 and Figure 2) (AIM: THR 17
June 2022). This is the first ground geophysics survey on the
Ragged Range Project. The survey over the gossan was designed to
detect conductive anomalies at depth that may indicate the presence
of massive nickel-copper sulphide mineralisation to constrain
initial drill testing.
A single loop FLEM survey over the Krona prospect identified a
conductor at the southern end of the gossan (Figure 2 and Figure
3). The conductor was modelled as a shallow flat lying feature
approximately 100m deep (Figure 3) and is consistent with
sulphides. The shallow (100m) conductor gives Thor a clear drill
target, that was drill tested as part of RC program at the adjacent
Sterling Prospect (Figure 3).
The gossan was initially 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.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 2: FLEM survey showing EM conductor overlain on the 100K
GSWA Geology.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 3 : 3D modelled EM conductor
Drilling
Thor drilled 48 reverse circulation "RC" holes totalling 3,120m
at the Sterling and Krona prospects, Ragged Range Project (Figure
4), with drilling completed in July (AIM: THR 11 July 2022).
STERLING PROSPECT
11 drill traverses were completed along the Sterling Prospect
13km structural gold corridor, 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 4). Drill depths range
from approximately 60-170m.
This second phase of drilling tested interpreted dilational
zones (potential trap sites for mineralisation and the potential
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 low angle to the regional thrust faulted
contact (Norman Cairns Fault) between the Euro Basalt and the
Dalton Suite ultramafics (Figure 1 and 4). In a number of the
drillholes, fuchsite and/or sericite alteration, with pyrite and
arsenopyrite were observed, important indicators for gold
mineralisation.
KRONA PROPSECT
As part of the drilling program, one drill hole was drilled into
the FLEM conductor recently identified below the nickel gossan at
Krona Prospect, (Figure 1 and Figure 4) (AIM: THR 17 June 2022).
This hole has been cased in preparation for a future Downhole
Electromagnetic Survey ("DHEM") survey.
DJC Drilling Pty Ltd completed the drilling program. Drill
samples have been received by the Bureau Veritas laboratory in
Adelaide, with assay results anticipated in August/September.
Sampling Update- High-grade Copper and Gold found at the
Sterling and Kelly's Prospects
In parallel with the recently completed RC drilling at the
Sterling and Krona Prospects (AIM: THR 11 July 2022), three rock
chip and stream sediment sampling programs across the Ragged Range
Project area have been undertaken.
The geological mapping and sampling programs were designed
to:
-- Further develop and validate Thor's geological model by
identifying key mineralising structures and gold distribution at
the Sterling prospect.
-- Sample historic copper working at Kelly's Prospect to gain a
greater understanding of the controlling structures, the tenor of
gold mineralisation associated with the visible copper and /or
geochemical.
-- Lithological boundaries.
-- Review lithological boundaries and potential alteration
signatures using newly-acquired ASTER data.
-- Identify potential outcropping lithium-caesium-tantalum (LCT)
enriched pegmatites.
97 rock chip samples and 24 stream samples were collected in
total (of which 57 rock chips and 12 stream sample results have
been received back from the laboratory to date), highlighting
significant gold and copper mineralisation and assisting with the
structural interpretation of key controlling structures at Sterling
and Kelly's Prospects (Figure 5) (AIM: THR 25 July 2022).
No outcropping LCT-enriched pegmatites have been identified to
date; however, lithium exploration will continue with stream and
soil sampling within the 10km halo (referred to as goldilocks zone)
around the prospective Mondana Monzogranite, part of the Split Rock
Supersuite. Encouraging anomalous pathfinders in some stream
sediment samples warrant further investigation.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 4: Sterling and Krona prospects highlighting completed RC
drilling traverses
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 5: Sampling Location Map showing the high-grade copper
and gold results at Sterling and Kelly's prospects
STERLING PROSPECT
The focus to date at the Sterling Prospect has been on the 13km
gold corridor defined by stream and soil samples along the
north-northwest thrust faulted contact between the Dalton Suite
ultramafics and the Euro Basalt (Norman Cairn Fault). After a
detailed geological and structural review of the complex folding
and faulting within the ultramafics and basalts by consultant
geologist Jennifer Gunter, Virga Consulting Pty Ltd, several
priority areas and potential dilutional zones were highlighted,
warranting ground- truthing, rock chip sampling, and follow up
drill testing. Close to one of these new structural target areas
(R27), a coarse stream sediment sample (ST0002) reported 0.98g/t Au
with one grain of gold noted in the pan. This target was tested
with five drillholes on two sections, while other targets were
tested as part of the recently completed RC drilling program (AIM:
THR 11 July 2022).
The 6g/t Au rock chip sample (R00053) lies within the "Kink
zone": in Central Sterling, an area of complex faulting and
significant dilation. This gold sample was collected within an
outcropping quartz breccia vein associated with an oblique fault
system to the regional Norman Cairn Fault (Figure 5).
KELLY'S PROSPECT
The Kelly's Prospect consists of a few small, high-grade
historic copper workings; these appear to be associated with shear
zones cross-cutting the northwest trending Boobina Porphyry/Euro
Basalt boundary (Figure 1 and 5).
At Kelly's Mine, historic production(1) between 1955-1970,
although small, was of very high grade - 610t of ore averaging
19.47% Cu (Figure 5 and Photo plate 2).
Exploration to date has been sporadic, with no systematic
approach over the area. Thor's sampling program to date has
targeted areas along strike of known mineralisation, zones of
alteration, shears/faults and zones of brecciation, including
sampling along the northwest trending, 1.2km long x 25m wide ridge
between Euro Basalt and Boobina Porphyry (Photo 2). Both anomalous
gold (up to 1.46g/t) and copper (up to 4.28% Cu) have been
identified.
A Heritage Survey with the Nyamal Native Title Claimant Group
was completed over the Kelly's Prospect in early July in
preparation for drill testing.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Photo 2: Kelly's Prospect looking southeast showing ridge
between Boobina Porphyry and Euro Basalt
(1) https://www.mindat.org/loc-122951.html
Next Steps
-- An airborne magnetic survey over the eastern portion of
tenure to commence early August.
-- Await RC drill assays, with results anticipated
August/September.
-- Preparation for follow up drilling of any anomalous
results.
-- Downhole Electromagnetic Survey (DHEM) on Krona
drillhole.
-- Continue regional exploration, focusing on both lithium
priority areas and the copper-gold historic workings in the
northeastern portion of tenure.
-- Continue to review and model historic data over the Kelly's
area in preparation for drill testing.
-- Await the full set of rock chip sample data, especially
covering the Kelly's South ridge where 1.46g/t Au was reported.
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 6).
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 .
Following on from the San Miguel County approvals on 30 March
2022, Thor has now received the Federal Bureau of Land Management
(BLM) and Colorado Division of Reclamation, Mining and Safety
(DRMS) approvals, completing the approval process to undertake the
proposed shallow drilling program at Rim Rock, Groundhog and
Section 23, shown on Figure 7 (AIM: THR 22 June 2022).
DRILLING PROGRAM
High-grade assay results from due diligence work completed by
Thor returned up to 1.25% U(3) O(8) and 3.47% V(2) O(5) ,
confirming uranium and vanadium mineralisation within the Salt Wash
member of the Morrison Formation. This is consistent with and
typical of the historical production in the Wedding Bell, Radium
Mountain area of the Uravan mineral belt (Figure 7).
Following this work, three priority areas within the Colorado
claims were highlighted for drill testing - Section 23, Rim Rock,
and Ground Hog (Figure 7). The initial drill program comprises 15
holes drilled to an average depth of 80-100m to fully test the
prospective horizon. Final drilling preparations are now
underway.
Section 23 (Figure 7) in the southeast corner of the Wedding
Bell claims has been identified by Thor Mining and World Industrial
Minerals LLC (US Consulting team) as the highest priority drill
target in the Colorado Uranium-Vanadium Project. This area
represents the only large area in the claim block with the "Salt
Wash" Member precluded from historic prospecting, drilling and mine
production. Proposed drillholes for this area are designed to
target potential mineralisation in the third sandstone unit
estimated to be within 30-40m of surface, stratigraphically, the
mapped contact with the overlying upper Brushy Basin Member of the
Morrison Formation.
The Rim Rock Mine area (Figure 7) represents a second priority
drill target. The proposed drill holes are designed to straddle the
ESE projection of the sampled Rim Rock Mine, whose adit opening is
located immediately to the west (Photo 3). The Rim Rock Mine was
the largest uranium-vanadium producer in the project area. When the
adit area was rock chip sampled by Thor, a laterally continuous
layer of vanadium mineralisation with assays was sampled:
-- 0.89% U(3) O(8) and 1.68%V(2) O(5) - WR-004
-- 0.14 % U(3) 0(8) and 1.9% V(2) 0(5) - WR-017
-- 0.05% U(3) O(8) and 2.14% V(2) O(5) - WR-018
(AIM announcement 21 July 2020)
It is anticipated that this same layer or a stratigraphically
equivalent layer of mineralisation will be intercepted by the
proposed drill holes. Vanadium layers, such as this one, with
relatively low uranium content (by the standards of historical
uranium mining in the Uravan District), were usually ignored by the
miners.
Drilling proposed at the Groundhog Mine area (Figure 7) is
designed to test for any lateral continuation of mineralisation
parallel to the east-west mineralisation mined to the south.
Next Steps:
-- Complete drilling preparations, including engaging drilling
contractors.
-- Drilling is anticipated to start in September quarter
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Photo 3 : Uranium and Vanadium mineralisation underground at Rim
Rock Prospect
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 6: Location map showing projects, infrastructure and nearby White Mesa processing plant.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 7: Map of Colorado Wedding Bell Project showing priority
areas - Section 23, Groundhog and Rim Rock.
COPPER PROJECTS
Thor holds direct and indirect interests http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
in over 400,000 tonnes of Inferred Figure 8: SA Copper projects
copper resources (Tables A, B, & C) location map.
in South Australia via its 80% farm-in
interest in the Alford East copper
project and 30% interest in EnviroCopper
Ltd.
Each of these projects are considered
by Thor directors to have significant
growth potential. Both are also advancing
towards development via low cost,
environmentally friendly In Situ Recovery
(ISR) techniques.
ALFORD EAST COPPER-GOLD PROJECT - SA
The Alford East Copper-Gold Project is located on EL6529. Thor
is earning up to 80% interest in the project from unlisted
Australian explorer Spencer Metals Pty Ltd, covering portions of
EL6255 and EL6529 (AIM: THR 23 November 2020).
The Project covers the northern extension of the Alford Copper
Belt, located on the Yorke Peninsula, SA (Figure 8). 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 9).
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE), (AIM: THR 26 January
2021), consisting of:
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71, 500oz of contained gold
(AIM announcement 26 Jan 2021)
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 9: Alford East Project showing the eight mineralised
domains (Plan View) (left) and Tenement & Prospect Location
Plan (right).
Phase 2 Diamond Drilling Program
Based on the new geological model, approximately 10 diamond
drill holes have been designed to test potential high-grade zones
(Figure 10):
-- 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 is in
planning to determine aquifer connectivity between holes, with
initial focus in the northern area of the mineralisation.
These drill holes including pump testing have now been approved
by the South Australian Government regulators.
Concurrent to drilling, hydrometallurgical work will continue to
investigate and optimise both copper and gold metal extraction
using environmentally friendly lixiviants.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 10 : Phase two proposed drillholes, targeting potential
higher-grade zones open at depth and along strike
In conjunction with the technical assessment, Thor will continue
ongoing stakeholder and community engagement, as well as 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 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 and has commenced 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 http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
deposit is 100% owned by Thor Mining Figure 11: Molyhil project location
and is located 220km north-east of map
Alice Springs (320km by road) within
the prospective polymetallic province
of the Proterozoic Eastern Arunta
Block in the Northern Territory (Figure
15).
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 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
Three diamond drillholes (21MHDD001 - 21MHDD003) totalling
995.4m completed in late 2021, have successfully tested and
confirmed the newly identified 3D magnetic target located along
strike to the south of the Molyhil Critical Minerals Project. This
magnetic target represents a massive magnetite skarn hosting
disseminated tungsten-molybdenum-copper mineralisation (Figure 12)
(AIM: THR 28 July 2022).
Both 21MHDD002 and 21MHDD003 intercepted disseminated
mineralisation, consisting of scheelite-molybdenite and
chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002
intercepted 46m of disseminated mineralisation, whilst 21MHDD003
intercepted two zones of disseminated mineralisation over 29m of
magnetite skarn . It appears 21MHDD001 intersected the edges of the
magnetite skarn drilling over the top into a granite, with
negligible mineralisation (Table A, B and C).
21MHDD002:
-- 46m @ 0.06% WO(3) , 0.05% Mo & 0.04% Cu from 249m,
-- including 11m @ 0.05% WO(3) , 0.13% Mo & 0.06 % Cu from
272m
21MHDD003:
-- 4m @ 0.13% WO(3) , 0.08% Mo & 0.06% Cu from 255m
Visible grade estimations were significantly higher than
compared with assays, thus resulting in the samples being
resubmitted for analysis using two different analytical techniques
(Lithium Borate Fusion with ICP-MS finish and XRF Fusion), with
further follow up using the coarse reject material (Photos 4 and
5). Analytical analysis of the tungsten and molybdenum is
significantly impacted by the coarse nature of the scheelite
crystals in half core, combined with the malleable nature of the
molybdenite when pulverised; hence sample size is critical to the
representivity of assay grades (bulk sampling is optimal for
scheelite).
The Directors believe further work on the tungsten - molybdenum
- copper relationship and grade distribution is warranted.
The drilling program is co-funded by the Geophysics and Drilling
Collaborations (GDC) program as part of the 'Resourcing the
Territory' initiative, with Thor Mining granted A$110,000 (AIM: THR
03 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 potential follow up
resource drilling.
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Photo 4: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO(3) , 0.23%
Mo & 0.07% Cu - coarse grained visible molybdenite in magnetite
skarn
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Photo 5: 21MHDD002: 293-294m (293.8m) - 1m @ 0.03% WO(3) , 0.04%
Mo and 0.06% Cu - significant visible molybdenite and chalcopyrite
visible throughout intercept, contrasting to assays
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 12 (left): 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.
Figure 12 (right): 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.
Table A: Drill Hole Collar Summary
End of
DRILLHOLE EASTING NORTHING ELEVATION AZIMUTH DIP Hole
21MHDD001 577207 7482773 409 262 60 324.5
-------- --------- ---------- -------- ---- -------
21MHDD002 577220 7482774 409 278 60 334.2
-------- --------- ---------- -------- ---- -------
21MHDD003 577069 7482780 412 082 87 336.7
-------- --------- ---------- -------- ---- -------
Coordinates in GDA 94 Zone 53
Table B: Geology
DRILLHOLE GEOLOGY FROM (M) TO (M) DOWNHOLE INTERCEPT
(M)
21MHDD001 Calc-Silicate 159.1 255.8 96.7
----------------- --------- ------- -------------------
21MHDD002 Magnetite Skarn 249 297 48
----------------- --------- ------- -------------------
21MHDD003 Magnetite Skarn 255 259 4
----------------- --------- ------- -------------------
21MHDD003 Magnetite Skarn 274.5 283.5 9
----------------- --------- ------- -------------------
Table C: Drill Intercepts - 21MHDD002 and MHDD03
DRILLHOLE FROM TO Intercept
(M) (M) (M)
-----
Lithium Borate XRF Fusion
Fusion with ICP-AES/MS
----- ----- ----------
(LB102/ MA101/102) (XF300)
----- ----- ---------- ---------------------------- --------------------
WO(3) Mo % Cu % WO(3) Mo % Cu %
% %
----- ----- ---------- ---------- ------- ------- ------ ----- -----
21MHDD002 249 295 46 0.06 0.05 0.04 0.06 0.04 0.04
----- ----- ---------- ---------- ------- ------- ------ ----- -----
Including 272 283 11 0.05 0.13 0.06 0.05 0.12 0.05
----- ----- ---------- ---------- ------- ------- ------ ----- -----
21MHDD003 255 259 4 0.13 0.08 0.06 0.13 0.10 0.05
----- ----- ---------- ---------- ------- ------- ------ ----- -----
NEXT STEP:
The newly discovered extension of the
tungsten-molybdenum-chalcopyrite mineralisation to the south of the
Molyhil deposit, has validated the successful 3D modelling of the
geology, magnetics and mineralisation.
This 3D modelling has identified further high priority targets
for drill testing along strike (Figure 13).
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 13: 3D modelling of magnetics (transparent red)
highlights Molyhil deposit and the recently drilled southeast
plunging extension, plus drill targets along strike.
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, 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 .
http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
Figure 14 : Molyhil Project location showing adjacent Bonya
tenement
CORPORATE, FINANCE, AND CASH MOVEMENTS
Mark Potter, Non-Executive Chair, resigned from the Board on 30
June 2022, with Alastair Clayton taking on the position of interim
Non-Executive Chair.
Net cash outflows from Operating and Investing activities for
the quarter were $718,000 which included expenditure of $556,000
directly related to exploration activities.
Providing an ending cash balance of $2,069,000.
In addition, Thor continues to hold 48,118,920 Power Metal
Resources plc (AIM: POW) Shares which are released from a trading
restriction at the rate of 25% each quarter, with the second
release on 31 July 2022. The market value of the POW shares
currently held is GBP445,000 (approximately $774,000) based on the
closing price of the POW Shares as traded on the London Stock
Exchange on 27 July 2022.
Cashflows for the quarter include related party payments of
$111,000 to Directors, comprising the Managing Director's salary,
and Non-Executive Directors' fees.
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
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.
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 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.
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
TENEMENT SCHEDULE
At 30 June 2022 , the consolidated entity holds an interest in
the following Australian tenements:
Area
Project Tenement 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%
---------- ------- -------- -------------------- ----------------
Pilbara Goldfields
Corunna Downs E46/1340 48 Pty Ltd 100%
---------- ------- -------- -------------------- ----------------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ------- -------- -------------------- ----------------
Pilbara Goldfields
Hamersley Range E46/1393 11 Pty Ltd 100%
---------- ------- -------- -------------------- ----------------
At 30 June 2022 , 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 30 June 2022, 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%
-------------- ------------------ ------------------ ------------------ ---------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
--------------------------------------------------
THOR MINING PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
121 117 673 30 JUNE 2022
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (12 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation - (48)
(b) development
(c) production
(d) staff costs (43) (152)
(e) administration and corporate
costs (117) (1,017)
1.3 Dividends received (see note
3)
1.4 Interest received
Interest and other costs of
1.5 finance paid - (2)
1.6 Income taxes paid
1.7 Government grants and tax
incentives
1.8 Other 51 110
---------------- -------------
Net cash from / (used in)
1.9 operating activities (109) (1,109)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (88) (104)
(d) exploration & evaluation (556) (3,164)
(e) equity accounted investments
(f) other non-current assets
(bonds) (43) (43)
2.2 Proceeds from the disposal
of:
(a) entities - 246
(b) tenements
(c) property, plant and equipment
(d) investments - 102
(e) other non-current assets
2.3 Cash flows from loans to other
entities
2.4 Dividends received (see note
3)
2.5 Other (Government grants) 78 406
---------------- -------------
Net cash from / (used in)
2.6 investing activities (609) (2,557)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - 4,261
3.2 Proceeds from issue of convertible
debt securities
Proceeds from exercise of
3.3 options - 223
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities - (120)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) - (19)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance
of a placement)
---------------- -------------
Net cash from / (used in)
3.10 financing activities - 4,345
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 2,780 1,442
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (109) (1,109)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (609) (2,557)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) - 4,345
Effect of movement in exchange
4.5 rates on cash held 7 (52)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 2,069 2,069
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 2,069 2,780
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 2,069 2,780
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 111
----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
The amount at item 6.1 above represents fees paid to Non-Executive
Directors, and remuneration paid to the Managing Director.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities
------------------- ----------------
7.2 Credit standby arrangements
------------------- ----------------
7.3 Other (please specify)
------------------- ----------------
7.4 Total financing facilities
------------------- ----------------
7.5 Unused financing facilities available at
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (109)
8.2 (Payments for exploration & evaluation classified (556)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (665)
8.2)
8.4 Cash and cash equivalents at quarter end 2,069
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 2,069
8.5)
-------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 3.1
-------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- -------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: ..29 July 2022...........................................................
Authorised by: .....the
Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUWVORUAUBUUR
(END) Dow Jones Newswires
July 29, 2022 02:00 ET (06:00 GMT)
Thor Energy (LSE:THR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Thor Energy (LSE:THR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
