TIDMTHR
RNS Number : 7012Q
Thor Mining PLC
29 October 2021
29 October 2021
Thor Mining plc
("Thor" or the "Company")
Quarterly Activity Report
July to September 2021
Highlights Outlook for December Quarter
2021
------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
GOLD
Ragged Range, Pilbara region,
WA Australia
* Maiden RC drilling program commenced (11 October * Completion of 3,000m RC drilling program at Sterling
2021), Prospect
* Infill soils define eight continuous gold anomalies * Initial assay results for RC drilling
supported by gold in streams
* Infill soil program, with regional mapping and strea
m
sediment sampling concurrent with drilling
------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
COPPER
Alford East, SA Australia
* Broad high-grade copper-gold intercepts from * Assay results from diamond drilling program
completed diamond drilling program.
* Improved 3D geological model
* 72.7m @ 1% Cu and 0.19g/t Au from 6.3m (21AED005)
* Initial metallurgical-lixiviant test results
* New 3D geological model with assay results,
highlighting zones of higher-grade copper
mineralisation associated with key controlling * Commence permitting for push/pull hydrogeological
structures. pump testing
Kapunda, SA Australia (via 30% equity holding in EnviroCopper
Ltd)
* MinEX CRC Coiled Tube drilling completed * Copper-Gold exploration assay results
* Permitting for Kapunda Site Environmental Lixiviant * Permitting approval of SELT drilling & copper/gold
Test (SELT) drilling & copper/gold recovery work. recovery testing.
------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
* Permitting for drilling program to test high-quality * Diamond drilling program to test new magnetic targets
magnetic targets adjacent to deposit. for potential mineralisation within magnetic W-Mo
skarn
* Update Molyhil Feasibility Study
Pilot Mountain, USA
* Thor have entered into a Sale Option Agreement with
Power Metal Resources PLC to divest project for an
agreed value of US1.8M * Completion of Sale
------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
URANIUM & VANADIUM USA
* Permitting continuing for initial drill testing of * Permitting to continue for the Colorado claims. * Permitting to continue for the Colorado claims.
the Colorado claims.
* Geological evaluation of the Utah claims
------------------------------------------------------
------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------
CORPORATE & FINANCE
-- Private placement of UKGBP800,000 ( A$1,504,704) to progress
key projects
-- Board and Management changes:
-- Resignation of Mick Billing Executive Chair
-- Appointment of Mark Potter, Non-Executive Chair
-- Appointment of Paul Wittwer as Exploration Manager
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"The September quarter has been a busy time, with Thor
increasing its on-ground exploration activities to advance projects
to drilling status.
At our Ragged Range Project, after a series of successful and
systematic stream and soil programs, we are excited to have
commenced our maiden RC drilling program at the Sterling Prospect.
Drilling is targeting eight robust geochemical anomalies in the
central portion of the Sterling Prospect, within the highly
prospective 13km structurally controlled gold anomalous corridor
defined by Thor, associated with the regional mafic-ultramafic
thrust faulted contact within the Kelly Greenstone Belt.
During the quarter we completed our first phase of diamond
drilling at the Alford East Copper-Gold Project, with results
reporting significant intercepts and defining a new structurally
controlled, broad zone of high copper and gold grades, from near
surface. With the copper price at an all-time high makes this a
very significant project in the Thor portfolio. The confirmed
uplift in copper and gold grades along the controlling NNE
structure continues to excite and exceed our expectations. For
instance, drillhole 21AED005 reported the widest Cu intercept
>1% Cu at Alford East (72.7m @ 1% Cu and 0.19g/t Au for only
6.3m). We look forward to testing this structure in areas open
along strike, to the north and south.
Initial pump testing was also completed at Alford East in
September, with preliminary results showing favourable water
parameters and permeability for potential In Situ Recovery of
copper and gold. This is positive news as we advance the project
towards an In-Situ Recovery (ISR) assessment, and the development
of a low cost, low carbon emission alternative to conventional open
cut or underground mining.
We are very pleased to enter into a Sale Option Agreement with
Power Metals for the 100% sale of the Pilot Mountain Project in
Nevada, USA. This strategic divestment of this non-core asset is in
line with our focus on the advancement of our copper and gold
projects.
We look forward to providing further updates on our continued
progress."
RAGGED RANGE GOLD 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) with the recent
additional tenure surrounding the gold anomalous and copper-gold
zones, E46/1393 (application).
Since 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.
Details of the projects may be found on the Thor website via
this link: www.thormining.com/projects/ragged-range-pilbara-project
.
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
A copy of the Regional Sterling prospect may be viewed by the
following link:
www.thormining.com/sites/thormining/media/maps/21-004-1a-ragged-range-soilupdate-202106.jpg
.
Sterling Prospect - Soil results
Thor completed a further 369 infill soil samples in July over
two portions of the Sterling Prospect, Sterling Central and
Sterling South, as a follow-up to a reconnaissance soil program
(THR:ASX announcement 23/06/21) and high-grade gold stream results
(up to 2.2g/t Au), 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
The infill soil samples were collected at a 25m x 100m spacing
over priority areas with anomalous gold results from the initial
reconnaissance program. At each site and consistent with the
previous soil program, two samples were collected at each site, and
both sieved to -2mm. The first sample of approximately 2kg was
crushed at the Intertek lab in Perth and a sub-split assayed for Au
by an aqua regia method AR25 and multi-element assaying by
four-acid digest with MS25 finish. The second sample 1kg Bulk Leach
Extractable Gold (BLEG) sample was assayed by method CN1000 for
gold only.
The infill soil results returned BLEG soil values up to 348ppb
and 153ppb Au (21RRS777 and 21RRS437 respectively), with over 61
samples reporting significantly above a background of approximately
5ppb Au (Figure 2). Five stream sediment samples were collected
using a <2mm sieve and panned to check gold anomalism. Samples
21RRST016 (74.1g/t Au) and 21RRST017 (0.35g/t Au) were panned
approximately 100m down slope, in a small creek from soil sample
21RRS777 (348ppb Au). Gold was observed in both samples. Two creeks
(21RRST018 and 21RRST019) were also sampled, draining the major
contact to the south of the Sterling South soil grid. No gold was
observed in the pan. One pan sample was also collected from a high
BLEG (111ppb Au) sample from previous stream sediment sampling. One
speck of gold was panned with the sample 21RRST020 reporting
3.58g/t Au.
Only thin residual soils overlie the Euro Basalt extending
westward over the ultramafic Dalton Suite, faulted contact and the
tenor and consistency of the BLEG results is considered
outstanding.
These latest soil results, combined with the initial soil
program earlier in the year, have now identified several continuous
anomalous gold zones, each warranting drill testing, with some
zones extending over 1km long at both the Sterling Central and
Sterling South areas. Soil anomalies remain open to the north and
south, with follow up infill sampling planned to investigate these
areas further.
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,
associated with this major structure.
A map showing Sterling Prospect high-grade soil results;
Sterling Central (Right) and Sterling South (Left) may be viewed
via the following link:
https://www.thormining.com/sites/thormining/media/maps/sterling-sth-and-central-soil-anomalies.jpg
Nickel Gossan
Geological mapping of the nickel gossan which was previously
sampled in mid-2020 (THR: ASX announcement 31 July 2020) confirmed
that the gossan extends over 1km and sits at the base of the Dalton
Suite (ultramafic units), adjacent to the older Felsic Volcanics of
the Wyman Formation. This position of the gossan at the base of the
ultramafic contact is significant from a geological nickel-sulphide
model perspective.
Prior to drill testing beneath the gossan, a ground
electromagnetic (EM) survey will be undertaken. Thor is currently
finalising this program.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200826-pilbara-goldfields-encouraging-nickel-assay-results.pdf
E46/1393- Kelly/Ryan Copper- Gold Prospects
A new tenement application E46/1393 in the northeast covers a
recently surrendered mining lease M46/171 (Figure 1). This area
covers several historic copper-gold and copper-base metals mines
and prospects. The copper mineralisation is associated with the
dacite Boolina porphyry, close to the margin of the Corunna
batholith, and intrudes the Kelly greenstone belt.
At Kelly's Mine, historic production between 1955-1970, although
small, was of very high-grade - 610t of ore averaging 19.47%
Cu.(1)
Exploration to date has been sporadic, with no systematic
approach over the area. Thor will be targeting areas of
mineralisation, zones of alteration, shears/faults and zones of
brecciation.
(1) https://www.mindat.org/loc-122951.html
Photos of the historic copper working at Kelly's prospect may be
viewed on following link:
www.thormining.com/sites/thormining/media/maps/historic-workings-kelly-prospect.jpg
Next Steps
A 3,000m RC drilling program commenced in October to test eight
priority gold in soil and stream anomalous targets (THR:ASX 12
October 2021).
Thor Mining was awarded A$160,000 from the Western Australia
Government under the EIS Co-funded grants program to drill test
gold anomalies at the Sterling Prospect.
Concurrent with the drilling program, infill soil sampling
covering anomalous zones open at Sterling Central and Sterling
South will be completed. In addition, regional gold targets,
including to the northwest and southeast of Sterling prospect, the
granitoid contact in the north, plus the copper-gold area in the
northeast (Kelly/Ryan Prospects), will be followed up with
reconnaissance stream and soil geochemistry programs. Government
and Company geophysics are being used in conjunction with the
geochemical data, to assist with structural and lithological
targeting.
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.
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg
ALFORD EAST COPPER-GOLD PROJECT - SA
The Alford East Copper-Gold Project is located on EL6529, where
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. 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.
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE), with summaries in Table B
(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
Table B: Alford East Mineral Resource Estimate by JORC (2012)
classification reported 27 January 2021
Domain Tonnes (Mt) Cu % Au g/t Contained Cu Contained Au (oz)
(t)
AE_1 24.6 0.12 0.021 30,000 16,000
------------ ----- ------- ------------- ------------------
AE_2 6.8 0.13 0.004 9,000 1,000
------------ ----- ------- ------------- ------------------
AE_3 34.9 0.09 0.022 33,000 25,000
------------ ----- ------- ------------- ------------------
AE_4 8.0 0.11 0.016 8,000 4,000
------------ ----- ------- ------------- ------------------
AE_5 11.0 0.22 0.030 24,000 11,000
------------ ----- ------- ------------- ------------------
AE-8 (NP) 31.3 0.19 0.008 61,000 8,000
------------ ----- ------- ------------- ------------------
AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000
------------ ----- ------- ------------- ------------------
AE-6 (LW_W) 1.3 0.13 0.011 2,000 500
------------ ----- ------- ------------- ------------------
Total 125.6 0.14 0.018 177,000 71,500
------------ ----- ------- ------------- ------------------
Note:
-- Figures are rounded to reflect appropriate level of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.05% Cu
-- Thor earning up to 80% interest in Alford East Copper-Gold
Project
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged
Diamond Drilling Program
Nine diamond drillholes totalling 878m were completed as part of
Thor's initial diamond drilling program, with assays received for
three drillholes - 21AED001, 21AED002 and 21AED005. This initial
program for Thor, focussed only on the northern portion of the
Alford East copper-gold deposit around the AE-5 mineralised domain,
with drilling targeting areas open at depth and along strike,
whilst validating interpreted controlling mineralised structures.
AE-5 domain is one of eight mineralised domains.
Drillhole assay results with significant copper and gold
intercepts include (THR:ASX Announcement 31 August 2021):
-- 21AED001 : 108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m, including
25.3m @ 0.11% Cu from 6.2m
32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and
5m @ 0.5% Cu and 1.02g/t Au from 102m
-- 21AED002 : 59.9m @ 0.31% Cu from 21.9m
-- 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
Note for In Situ Recovery, Thor is targeting broad copper-gold
oxide intervals above the MRE cut-off grade of 0.05% copper.
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. Copper oxide mineralogy is dominated by malachite and
chalcocite.
Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A'
6,256,360mN), were drilled through the central portion of AE-5 MRE
Domain, designed to validate the geological model and test areas,
open at depth. The high-grade copper and gold intercepts in both
21AED001 and 21AED005 are, significantly above the MRE cut-off and
open up the potential for oxide mineralisation at depth. Drillhole
21AED005 highlights the significant grade uplift along the
interpreted north-south controlling structure. Copper
(predominately malachite) and gold mineralisation in 21AED005 is
hosted within residual friable clays.
Assay results from 21AED001, 21AED002 and 21AED005 confirm
significant copper and gold grade uplift along the north-south
trending controlling structure, validating the new geological model
and structural controls on mineralisation. Validation and
confidence in the geological model are critically important for
future drill targeting, as well as resource modelling.
The continuation of the visual copper mineralisation 100m north
of the MRE AE-5 domain envelope, (21AED002, 21AED006 and 21AED007),
confirms oxide copper mineralisation remains opens along strike and
potentially links AE-5 to the AE-8 domain.
Remaining drill core is currently being prepared for sample
submission to the laboratory, with all assay results anticipated in
the December quarter.
Pump testing for initial hydrogeological baseline work forming
part of the 'proof of concept' for ISR, including water
characteristics, porosity, and permeability testing was completed
in September, with results confirming positive water parameters and
permeability for potential ISR at Alford East Project (THR:ASX 18
October 2021). Preliminary hydrometallurgical studies by Mining and
Process Solutions (MPS) on potential lixiviants for copper and gold
recovery is in progress. 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 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
A plan view showing the Alford East Project's eight mineralised
domains and an a drillhole location plan of AE-5, may be viewed via
the following link:
https://www.thormining.com/sites/thormining/media/Maps/mre_ae_5-drilling.jpg
https://www.thormining.com/sites/thormining/media/Maps/ae-5-location-plan.jpg
Cross section 6256360m N showing 21AED001, 21AED003 and 21AED005
may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/Maps/xs-6256360mn..jpg
Cross section 6256600 N showing 21AED002 and 21AED007 may be
viewed via the following link:
https://www.thormining.com/sites/thormining/media/Maps/2021.08.23-ae5-section-6256600mn-incl-21aed002-assays-and-xrf---assays-shown-as-bar-graph.jpg
A Photo Plate of 21AED005 may be viewed via the following
link:
https://www.thormining.com/sites/thormining/media/Maps/21aed005_core-photo.jpg
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 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
ECL, in collaboration with MinEx CRC, completed an innovative
Coiled Tube ("CT") drilling program at Kapunda during the quarter.
MinEx CRC is the world's largest mineral exploration collaboration,
bringing together the mining industry (including drilling
companies), government and research organisations. The drilling
program was designed to trial technological advancements using a
safer, environmentally friendly mining technology with a low
footprint.
Drilling targeted copper-gold mineralisation approximately 30m
from the planned in-situ recovery ("ISR") push/pull test site to
the south of Kapunda township.
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.
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 via
this link: www.thormining.com/projects/us-uranium-and-vanadium
.
Thor is currently working through the Colorado state and County
permitting processes, with Federal (BLM), environmental including
Raptor surveys completed. In conjunction, a geological evaluation
of the Utah claims is underway.
TUNGSTEN PROJECTS
MOLYHIL TUNGSTEN / MOLYBDENUM PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor
Mining and is located 220 kilometres north-east of Alice Springs (320
km by road) within the prospective polymetallic province of the Proterozoic
Eastern Arunta Block in the Northern Territory.
A copy of the Tenement and Prospect Location Plan may be viewed via
the following link:
https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg
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. 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 .
Following the reporting of the Mineral Resource Estimate
(ASX:THR 8 April 2021), 3D geological modelling identified two
prominent structures - the Yacht Club fault and South Offset fault.
Based on the geological timing of these faults they may have a
significant impact on the location of tungsten and molybdenum
mineralization, hence creating targets for potential extensions or
offsets of the ore body.
Modelling of the 3D magnetics and the position of the South
Offset Fault, strongly implies an offset of the magnetic material
(magnetite skarn), host to the tungsten-molybdenum mineralisation.
This potential off set of mineralisation. Although there are a few
drillholes to the south of the South Offset Fault, these have not
intersected the magnetic body making it an untested target.
An image showing the magnetic drill target may be viewed via the
following link:
http://www.thormining.com/sites/thormining/media/maps/21_molyhil_magnetic-target.jpg
Thor Mining was awarded A$110,000 from the Northern Territory
Government as part of the Resourcing the Territory, Geophysics and
Drilling Collaborations (GDC) program for this drilling
program.
NEXT STEPS
To enhance the Project economics for Molyhil the following
activities were undertaken:
1. Ore sorting review :
X-Ray (XRT) ore sorting was completed using two size fractions,
initially set at -55 mm to +25 mm, and -25 mm to +10 mm; XRT
technology has significantly improved since the Thor Feasibility
Study into Molyhil, allowing improved sorting precision and also
allowing the sorting of finer particles, warranting further
testing. Any improvement in ore sorting outcomes will reduce both
capital and operating costs of the proposed Molyhil operation.
2. Depth Potential - MRE Classification:
The Measured, Indicated and inferred Mineral Resource Estimate
is currently based only on mineralisation above the 200m RL;
drilling at depth in conjunction with pit design and optimisation
has the potential to grow the mineral resource estimate at
depth.
Based on a Feasibility Study completed in 2018, the mineralised
areas below the 200m RL (about 140m below surface) appear economic
for mechanised underground mining techniques however requires
further geotechnical work to determine economic grade cut-offs
below this level.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180115-asx-mh-ore-reserve-clarification.pdf
3. Drilling Targets:
Drill test the modelled magnetic anomaly below the South Offset
Fault to test for mineralised magnetite skarn.
4. Revise Feasibility Study based on the outcomes of the activities listed above.
Since the publication of the Feasibility Study in 2018 the price
of tungsten has recovered and risen from US$290/mtu to
US$313.5/mtu; whilst molybdenum has risen from US$11.85/lb to
US$19.85/lb (Sourced from Argus Media Group ). This will
significantly impact the economics of the Molyhil Project. (ASX:
THR 23 August 2018).
A graph showing the Tungsten and Molybdenum prices (August 2018
- September 2021) may be viewed via the following link:
https://www.thormining.com/sites/thormining/media/maps/graph-w--mo-sept21.jpg
The Company is in discussion with several Australian
Commonwealth government agencies, each of which are mandated to
assist companies with projects to develop and produce critical
minerals, which includes tungsten. These agencies include Export
Finance Australia, Defence Export Facility, Critical Minerals
Facilitation Office and the North Australian Infrastructure
Facility. Further announcements will be made as appropriate.
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. 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 .
An image showing Bonya and Jervois Projects may be viewed via
the following link:
https://cms.thormining.com/sites/thormining/media/Maps/15-001-1d-bonya-resources.jpg
PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA (100% Thor)
Thor's Pilot Mountain Project, acquired in 2014, is located
approximately 200 kilometres south of the city of Reno and 20
kilometres east of the town of Mina, located on US Highway 95.
The Pilot Mountain Project is comprised of four tungsten
deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All of
these deposits are in close proximity (three kilometres) to each
other and have been subjected to small-scale mining activities at
various times during the 20th century.
A full background on the project is available on the Thor Mining
website: www.thormining.com/projects .
In September, Thor advised that they have entered into an Option
Agreement with Power Metal Resources Plc ("Power Metal") (AIM: POW)
to divest the Pilot Mountain Tungsten Project ("Pilot Mountain") in
Nevada, USA for an agreed value of US$1.8 million (THR:ASX 1
September 2021).
Under the terms of the Option Agreement Golden Metal may acquire
a 100% interest in Pilot Mountain, from Thor Mining plc ("Thor
Mining" or the "Vendor").
Option Period
Under this Agreement, Golden Metal will have a 60 calendar day
Option Period (ending 5pm GMT on Friday 29.10.21, the "Option
Expiry Date") during which it may conduct due diligence with regard
to Pilot Mountain.
Power Metal will pay US$25,000 in cash to Thor Mining and issue
to Thor Mining 500,000 new Power Metal Ordinary shares of 0.1p
("Ordinary Shares") at an issue price of 2.5p (GBP12,500 of
Ordinary Shares).
Option Exercise
Subject to written confirmation of the Option Exercise by the
Option Expiry Date, Golden Metal may acquire Pilot Mountain on the
following terms:
Power Metal will pay US$115,000 in cash to Thor Mining and
US$1,650,000 payable through issue to the THR of 48,118,920
Ordinary Shares" at an issue price of 2.5 pence per share ("Initial
Consideration Shares").
Thor Mining will hold the Initial Consideration Shares in full
for a minimum of 6 months after the Option Exercise date, and
thereafter the Initial Consideration Shares will become freely
tradable in 25% instalments (25% tradable 6 months after Option
Exercise date, 50% after 9 months, 75% after 12 months and 100%
after 15 months.) This trading restriction period may be varied by
both parties with written agreement.
In addition, Power Metal will issue to Thor Mining 12.5 million
warrants to subscribe for Ordinary Shares with an exercise price of
4p per Ordinary Share and life to expiry of 3 years from the Option
Exercise date ("Initial Consideration Warrants"). Should the volume
weighted average price ("VWAP") of Power Metal shares meet or
exceed 10.0 (ten) pence for 5 consecutive trading days Power Metal
may serve notice on Thor Mining providing 14 calendar days to
exercise and pay for the Initial Consideration Warrants or the
Initial Consideration Warrants would be cancelled.
Should Thor Mining exercise the Initial Consideration Warrants
above within 12 months from the Option Exercise date, Thor Mining
will receive one for one replacement warrants to subscribe for
Ordinary Shares at a fixed price of 8p per Ordinary Share, and life
to expiry ending 3 years from the date of Option Exercise ("Super
Warrants"). Should the Power Metal volume weighted average share
price meet or exceed 20p for five consecutive trading days Power
Metal may at any time issue Thor Mining with a written notice
providing 14 days to exercise and pay for the Super Warrants or the
Super Warrant would be cancelled.
Tail Benefit
POW will issue Thor Mining with a further US$500,000 of Ordinary
Shares, if Golden Metal publishes a JORC or 43-101 compliant
resource at Pilot Mountain which increases against current declared
levels by 25% across total indicated and inferred categories within
two years after the Agreement date. The number of Ordinary Shares
to be issued will be calculated based on the volume weighted
average Power Metal share price in the ten trading days immediately
preceding the announcement by Golden Metal of the JORC or 43-101
compliant increase.
CORPORATE, FINANCE, and CASH MOVEMENTS
During the September Quarter Mick Billing, Executive Chair
resigned from the Board with immediate effect (ASX:THR 3 September
2021), with Mark Potter appointed Non-Executive Chair (ASX:THR 13
September 2021).
A private placement financing of UKGBP800,000 (approximately
A$1,504,704), was completed during the quarter, with funds raised
to be utilised for exploration activities at Ragged Range gold and
nickel prospects in the Pilbara, Western Australia (THR:ASX 12
August 2021), plus the Molyhil diamond drilling program.
For the Quarter, the Company had:
-- Net cash outflows from Operating and Investing activities for
the quarter of $1,369,000, with the majority of this being directly
related to exploration activities ($1,021,000);
-- Net cash from Financing activities for the quarter $1,559,000;
-- Providing an ending cash balance of $1,648,000.
Cashflows for the Quarter include related party payments of
$282,000 to Directors, comprising the Managing Director's salary,
fees paid to the Executive Chairman and Non-Executive Directors'
fees. For this Quarter, the amount included $143,000 paid to the
Executive Chairman, to settle past fees outstanding, upon his
retirement in September 2021.
Yours faithfully,
THOR MINING PLC
Nicole Galloway Warland
Managing Director
- 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 Tel: +44 (0) 207 220 1666
and Joint Broker)
Jessica Cave / Darshan Patel / Megan
Liddell
Jasper Berry (Corporate Broking)
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 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 .
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.
Thor holds 100% of the Pilot Mountain tungsten project in
Nevada, USA which is subject to a sale option agreement.(6)
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
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf
T ENEMENT SCHEDULE
At 30 September 2021 , the consolidated entity holds an interest
in the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders 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%
---------- ----------- -------- -------------------- ---------
At 30 September 2021 , 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 September 2021, 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%
-------------- ------------------ ------------------ ------------------ ---------
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
MSCFELSIUEFSEIS
(END) Dow Jones Newswires
October 29, 2021 02:02 ET (06:02 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
