TIDMTHR
RNS Number : 4301Z
Thor Mining PLC
25 January 2022
25 January 2022
Thor Mining PLC
Ragged Range Project, WA
Gold Exploration Update
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide an update on drilling at the
Company's 100% owned Ragged Range Project, located in the Eastern
Pilbara, Western Australia.
Project highlights:
-- Due to mechanical issues, only 50% of the planned maiden
Reverse Circulation (RC) drilling program completed at the Sterling
prospect.
-- Significant sulphides (pyrite, chalcopyrite, sphalerite),
quartz veining and sericite-pyrite-fuchsite alteration identified,
characteristic of gold mineralisation in the East Pilbara
Craton.
-- Low grade gold in 3m composites and pathfinder elements will
assist to vector in on stream and soil gold source .
-- Thor is targeting Archaean structurally controlled lode gold
mineralisation hosted in basaltic and ultramafic rocks of the
Warrawoona Group, within the 100% held Kelly greenstone belt .
-- Thor plans to complete the planned drilling program at the
Sterling prospect whilst undertaking further geophysics, mapping
and geochemical sampling over additional gold, nickel and lithium
targets in the project area.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Due to mechanical issues, only half of the planned drilling
program at the Sterling prospect has been completed, with 50% of
the strong gold anomalies therefore remaining untested. Although no
significant gold was intercepted in the maiden RC program, this is
only the start of our gold campaign at the prospect, with the best
ground yet to be tested. Elevated pathfinder elements and broad
zones of alteration are positive indicators that we are in close
proximity to the gold source.
We are currently planning our 2022 field program, with further
drilling to complete the original program and new targets
identified at the Sterling prospect. Geophysics (airborne and
ground surveys) and geochemical sampling programs are planned over
our additional gold, nickel and lithium target areas.
Permitting is progressing well at our Wedding Bell Uranium
Project in the US and we hope to update the market in the coming
weeks, along with the assay results from our recently completed
successful diamond drilling at the Molyhil critical minerals
project in the Northern Territory. "
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) with the recent
additional tenure surrounding the gold anomalous zones, E46/1393
(application).
Figure 1: 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
Sterling Prospect - Gold
Since acquiring the Ragged Range project in late 2019, Thor have
completed a series of systematic stream sediment programs and soils
surveys over the tenure and an airborne magnetic survey, defining a
13km structurally controlled gold corridor - 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:ASX
announcement 1/12/2020).
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf
These surface geochemistry surveys defined continuous anomalous
gold zones, with some zones extending over 1km long at both the
Sterling Central and Sterling South areas (Figure 3 and Figure
4).
The gold anomalism generally strikes slightly oblique to the
Euro Basalt and Dalton Suite contact suggesting that gold
mineralisation is controlled by minor faults and structures, that
splay off this major structure.
Figure 2: Tenement and Prospective areas including Sterling
Prospect can be viewed with the following link:
www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg
RC Drilling Program
41 shallow (50-96m) RC drillholes totalling 2,155m were
completed at the Sterling Prospect (Table A). Drill holes were
designed to angle-overlap, orientated at -60 degrees toward the
west, near perpendicular to the structural controls of the
dominant, faulted contact between the Euro Basalt and the Dalton
Suite ultramafics (Figure 3 and Figure 4).
3m composite samples returned no significant gold intercepts
(max of 0.1g/t Au), though intersections of strong broad zones of
quartz veining, sericite, silica alteration, sulphides and
fuchsite, characteristic of gold mineralisation in the Pilbara, are
positive indicators of close proximity to the gold source (Photo
Plate 1). In many of the drill holes close to the fault contact,
sericite and silica alteration of the Euro Basalt is strong (Photo
Plate 2). This alteration style forms the distal alteration halo
around many gold deposits. Sulphide veining with chalcopyrite,
pyrite and sphalerite was observed in drill chips. Higher grade
gold is associated with sulphide mineralisation at the Calidus
Resources' Warrawoona Project.
This maiden RC program was designed to test eight strong gold
anomalies at Sterling Central and Sterling South prospects, defined
from soil and stream sediment sampling programs.
Due to numerous mechanical drilling issues, only half of the
proposed drilling program was completed, with 50% of the anomalies
remaining untested.
Figure 3: Drill lines overlying Sterling Prospect-Central soil
and stream gold anomalies may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/21-008-2-ragged-range-stirlingcentraldrilling.jpg
Figure 4: Drill lines overlying Sterling Prospect-Central soil
and stream gold anomalies may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/21-008-1-ragged-range-sterlingsouthdrilling.jpg
Photo Plate 1 -Fuchsite (chromium rich muscovite) alteration in
21RRRC008 may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_fuchsite-alteration-21rrrc008.jpg
Photo Plate 2 -Sericite alteration in 21RRC010 may be viewed by
the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_sericite-alteration-21rrrc010.jpg
Next Steps
Thor is planning follow up drilling at Sterling prospect
completing the planned program and targeting the fault contact in
the area between Sterling Central and Sterling South.
In addition, an airborne magnetic/radiometric survey will be
flown over the eastern portion of the tenure including E46/1340 and
E46/1393, ground 'fixed loop' electromagnetics (FLEM) is scheduled
over the nickel gossan, whilst geological mapping and geochemical
sampling is planned over additional gold, nickel and lithium
targets in the project area.
Table A: Drillhole Collar (MGA94-Z50)
HOLE ID EOH DEPTH EASTING NORTHING RL DIP AZIMUTH TENURE
21RRRC001 51 782425 7583300 395 -61.1 266.3 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC002 51 782400 7583300 397 -60 268.7 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC003 51 782375 7583300 398 -59.8 268.8 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC004 51 782350 7583300 402 -60 268.3 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC005 51 782327 7583288 406 -60 269 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC006 51 782300 7583302 409 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC007 51 782725 7583200 393 -60 269.9 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC008 51 782700 7583200 394 -60 270.8 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC009 51 782675 7583200 393 -60 270.2 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC010 51 782650 7583200 394 -60 270.7 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC011 51 782625 7583200 392 -59.7 270.2 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC012 51 782600 7583200 394 -60 270 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC013 51 782575 7583200 394 -60.1 269.8 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC014 51 782625 7583000 393 -60 270.3 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC015 51 782475 7583000 394 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC016 51 782600 7583000 394 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC017 51 782575 7583000 394 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC018 51 782550 7583000 394 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC019 51 782525 7583000 395 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC020 51 782500 7583000 395 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC021 51 780275 7586275 381 -60 270 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC022 51 780250 7586300 377 -60.9 270.8 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC023 48 780225 7586275 379 -60.6 270.6 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC024 51 780200 7586260 380 -59.8 269.5 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC025 51 780175 7586275 381 -59.2 269.6 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC026 51 780375 7586700 380 -60.3 269.6 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC027 57 780350 7586700 380 -59.5 270.1 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC028 51 780325 7586700 379 -60 269.9 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC029 28 780300 7586700 384 -60.9 269.7 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC030 51 780275 7586700 384 -59.1 269.9 E46/1262
---------- -------- --------- ---- ------ -------- ---------
21RRRC031 51 780345 7587100 374 -60.2 270.5 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC032 54 780325 7587100 374 -60 269.7 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC033 51 780300 7587100 377 -60 270 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC034 51 780275 7587100 376 -60. 269.8 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC035 54 780250 7587100 377 -60.1 269.9 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC036 51 779700 7587300 387 -60.2 270.1 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC037 51 779675 7587300 386 -60.8 269.3 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC038 54 779650 7587297 384 -60.3 270.2 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC039 96 779625 7587295 384 -60 270 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC040 81 779600 7587295 387 -60 270 E46/1190
---------- -------- --------- ---- ------ -------- ---------
21RRRC041 51 780946 7586550 375 -60.7 270.1 E46/1190
---------- -------- --------- ---- ------ -------- ---------
This announcement is authorised for release to the market by the
Board of Directors.
- Ends -
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207 220 1666
Joint Broker)
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004 9512
Competent Persons Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten 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 currently underway.
At Alford East in South Australia, Thor is earning an 80%
interest in copper-gold deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor has
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
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