TIDMTHR
RNS Number : 5745G
Thor Mining PLC
27 July 2021
27 July 2021
THOR MINING PLC
QUARTERLY ACTIVITY REPORT
APRIL TO JUNE 2021
Highlights Outlook for September Quarter 2021
------------------------------------------------------------ -------------------------------------------------------------
GOLD
Ragged Range, Pilbara region,
WA Australia
* Geochemical soil sampling survey completed * Follow up infill soil program, with regional stream
sediment sampling commencing July
* Tenement application (E46/1393) over historic
copper-gold workings * Permitting for initial 2,000m RC drill program to
test the Sterling prospect.
* Awarded A$160,000 from the Western Australian
Government under the Government EIS Co-funded grants * EM Survey over nickel gossan prior to drill testing
program
------------------------------------------------------------ -------------------------------------------------------------
COPPER
Alford East, SA Australia
* Diamond drilling program in progress * Assay results from diamond drilling program
* New geological model and pXRF results, highlight * Conduct Pump Test - Baseline hydrogeology
zones of potential higher grade copper mineralisation
associated with key controlling structures.
* Initial metallurgical test work
* Initial pXRF results extend copper mineralisation at
depth and along strike.
* Awarded A$300,000 from the South Australia Government
under the Accelerated Discovery Initiative (ADI)
Kapunda, SA Australia (via 30% equity holding in EnviroCopper
Ltd)
* Geotechnical & gold exploration drilling * Gold exploration assay results
* Permitting for Kapunda Site Environmental Lixiviant * Complete permitting for Kapunda
Test (SELT) drilling & copper/gold recovery work.
* Hydrogeological testing
* Commencement of SELT drilling & copper/gold recovery
testing.
------------------------------------------------------------ -------------------------------------------------------------
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
* Significant increase in Tungsten & Molybdenum prices * Permitting for drilling program to test magnetic
during June Quarter - with both metals reaching targets adjacent to deposit.
two-year highs (source Argus Metals)
* Project technical optimisation studies
* 3D Geological & geophysical modelling identifies new
drill targets
* Ongoing discussions with Australian government
agencies mandated to assist Australian critical
* Awarded A$110,000 from the Northern Territory minerals projects, and potential financiers and
Government as part of the Resourcing the Territory, partners.
Geophysics and Drilling Collaborations (GDC) program.
------------------------------------------------------------ -------------------------------------------------------------
URANIUM & VANADIUM USA
* Raptor and environmental surveys completed * Permitting to continue for the Colorado claims.
* Permitting continuing for initial drill testing of * Geological evaluation of the Utah claims
the Colorado claims.
Managing Director's Comments
"Thor is excited about commencing its maiden diamond drilling
program at the Alford East Copper-Gold Project, where our geology
team's new geological model strongly indicates weathering
boundaries opening up copper oxide mineralisation potential at
depth and along strike, and zones of potential higher grades
adjacent to structural controls.
Geological logging and preliminary pXRF results from the initial
drillholes are validating this model and allowing drill targeting
to vector in on potential higher-grade zones associated with
controlling structures. The step out of 21AED002 and confirmation
of a wide indicative higher-grade copper intercept highlights the
potential to increase the current Mineral Resource Estimate. We
look forward to completing the drill program, [which remains] on
time and on budget, with initial assays anticipated to come in over
the next few weeks.
At a time when the copper price is at decade highs, Thor is fast
tracking the exploration and In Situ Recovery ("ISR") development
of the Alford East project, with hydrometallurgical samples being
collected for laboratory testing for copper and gold recovery, as
well as pump testing to characterise the saline ground water
conditions and measure the porosity and permeability of the oxide
weathered zones.
Thor has developed an educational, explanatory video on ISR and
how it will be utilised at our Alford East Project. ISR is an
environmentally sustainable technique which reduces the impact of
mining activities on the land, as well as mining costs associated
with the extraction of ore. Thor is delighted to be at the
forefront of the industry with regards to the implementation of
this innovative technology. The video can be found on the Thor
website via this link:
https://www.youtube.com/watch?v=eG_1ZGD0WIw
At Ragged Range, the latest soil results are very promising with
gold in soil anomalism supporting the stream sediment results, with
gold clusters forming sub parallel trends in the Sterling Prospect
adjacent to the regional mafic-ultramafic thrust faulted contact.
This confirms the significant exploration potential for a quality
gold discovery at Ragged Range.
An old track into the prospect area is currently being upgraded
to allow for the exploration teams to work independently without
having to rely on helicopter support. This will speed up Thor's
field work and allow follow up current soil sampling to be
completed quickly, as well as allowing access for a drilling
rig.
We look forward to providing further updates on our continued
progress."
Nicole Galloway Warland, Managing Director, Thor Mining Plc
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).
A copy of the Project Map may be view via the following
link:
www.thormining.com/sites/thormining/media/Maps/20-004-1a-ragged-range-location.jpg
Since acquisition, Thor has conducted several programs of stream
sediment sampling and flown an airborne magnetics survey over the
tenement area.
Details of the projects may be found on the Thor website via
this link:
www.thormining.com/projects/ragged-range-pilbara-project
Sterling Prospect - Soil results
As a follow-up to high-grade gold stream results reported from
sampling in 2019 and 2020 (AIM:THR announcement 1/12/2020), Thor
completed a 392-sample soil program, over two areas of the Sterling
Prospect; Sterling Central and Sterling South.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201201-high-grade-gold-in-stream-sediment-ragged-range.pdf
The samples were collected from a thin residual soil overlying
the Euro Basalt and extending westward over the ultramafic Dalton
Suite contact. Samples were spaced at 50m along traverses spaced
200m apart. This spacing was designed as a first pass, with
potential infill around areas of evaluated results.
At each sample site, two samples were collected, 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 digests
with MS25 finish.
The 1kg Bulk Leach Extractable Gold (BLEG) sample was assayed by
method CN1000 for gold only.
One orientation line was completed with an additional -80 mesh
soil sample collected, duplicating one soil line. The -80 mesh
results reported are consistent with the -2mm sampling method along
the same line. Blanks and other representative standards were
inserted for QA/QC. However, the BLEG samples have anomalous
results that are nearly three times higher than both the AR25 and
-80# anomalous samples.
The Au BLEG results report a background around 2- 3ppb Au with
sample values up to a maximum of 114.23ppb Au. This range is very
similar to the previous stream sediment sampling in the area. The
BLEG results are shown for the; Sterling Central and Sterling
South, in Figure 2. In Sterling Central, one zone of gold anomalism
can be traced for 1.2km (over six lines). The strike of this
anomalism is oblique to the Euro Basalt and Dalton Suite contact
and suggests that gold mineralisation is controlled by minor faults
and structures, in this area.
It should be noted that BLEG assaying is a partial digest method
whereby gold is extracted, using cyanide over a 24-hour period.
This is in contrast to a complete digest assaying method such as
fire assaying where all the sample is digested and the total gold
value is reported. BLEG values that report above background are
considered significant and will show trends of surface gold
anomalism. BLEG values that are over five times background (above
15ppb Au) are considered highly significant.
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
A copy of the Sterling Central and Sterling South prospects may
be viewed by the following link:
www.thormining.com/sites/thormining/media/maps/ragged-range-central-and-south-sterling-soils.jpg
Significant soil BLEG results are summarised in Table A.
Table A: Significant Soil Samples (Above 6ppb)
Sample ID Easting Northing Tenement Au ppb (BLEG)
21RRS 7F 783000 7582102 E46/1262 22.32
--------- ---------- ---------- ---------------
21RRS 55F 783400 7582500 E46/1262 55.46
--------- ---------- ---------- ---------------
21RRS 91F 782800 7582695 E46/1262 24.86
--------- ---------- ---------- ---------------
21RRS-181 782650 7583300 E46/1190 8.16
--------- ---------- ---------- ---------------
21RRS-186 782400 7583300 E46/1262 34.19
--------- ---------- ---------- ---------------
21RRS-205 780350 7587200 E46/1190 6.51
--------- ---------- ---------- ---------------
21RRS-226 780250 7587000 E46/1190 8.9
--------- ---------- ---------- ---------------
21RRS-228 780350 7587000 E46/1190 5.48
--------- ---------- ---------- ---------------
21RRS-266 780350 7586650 E46/1262 114.23
--------- ---------- ---------- ---------------
21RRS-280 781050 7586650 E46/1190 6.4
--------- ---------- ---------- ---------------
21RRS-314 780200 7586275 E46/1262 17.44
--------- ---------- ---------- ---------------
21RRS-315 780250 7586275 E46/1262 12.1
--------- ---------- ---------- ---------------
Nickel Gossan
Geological mapping of the nickel gossan which was previously
sampled in mid-2020 (AIM: THR announcement 31/7/20) 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 (Figure 1). 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. This area covers several
historic copper-gold and copper-base metals mines and prospects.
The copper mineralization 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
Infill soil sampling at a closer spacing of 100m x 25m will be
used to finalise drill targets. Further reconnaissance soil
sampling at 200m x 50m spacing will be continued along strike to
cover the 7km strike length of the Sterling Prospect, where stream
sediment sampling has reported anomalous gold values. An existing
station track is currently being upgraded to allow for easier
access.
Concurrent with the drilling program, 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.
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.
Tenement and Prospect Location Map can be viewed with the
following link:
www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg
COPPER PROJECTS
Thor holds direct and indirect interests in over 400,000 tonnes
of Inferred copper resources (Tables A, B, & C) 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 (AIM:THR 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
(AIM:THR 26 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
Diamond Drilling Program
An initial 2000m diamond drilling program focussing on the
northern portion of the Alford East copper gold deposit around the
AE-5 and AE-8 mineralised domains commenced in June 2021, with two
drillholes AED001 and AED002 completed during the quarter (AIM: THR
Announcement 11/6/21 and 30/6/21).
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210630-positive-preliminary-copper-results---alford-east-project.pdf
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:
http://www.thormining.com/sites/thormining/media/banners/ae-5-drillhole-location-plan.jpg
Historic aircore drilling often stopped on blade refusal
(silcrete horizon), with only a number of deeper diamond holes
extending to fresh rock, hence this initial drilling program is
designed to test the depth extent of the oxide mineralisation,
adjacent to and along strike of these mineralised diamond
holes.
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
A new geological model comprising trough and ridge style of
faulting has developed from 3D modelling of geology. This modelling
has identified new weathering boundaries and highlighted key
structures controlling and offsetting mineralisation (figure 5).
Planned holes are hence designed to expand potential weathered
zones where the top of fresh rock has yet to be intersected in
drilling and validate the controlling mineralised structures.
Drilling will also target potential high-grade zones adjacent to
these controlling structures.
The two initial drill holes (completed prior to June 30) and
internal pXRF results have validated the new geological model, with
c opper intercepts including:
-- 21AED001: 106.5m @ 0.14% Cu (pXRF) from 8m, including 33m @
0.40% Cu (pXRF) from 81.5m
-- 21AED002: 55.5m @ 0.28% Cu (pXRF) from 28m
The validation of the geological model is vitally important for
future drill targeting and geological resource modelling. The
geological model predicts that the control on copper-gold
mineralisation is a NE-SW fault that may join AE-5 to AE-8
(previously Netherleigh Park) mineralisation.
A Cross section showing 21AED001 may be viewed via the following
link:
http://www.thormining.com/sites/thormining/media/Maps/aed001.jpg
A Cross section showing 21AED002 with MRE envelope projected to
section may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/pdf/research-reports/aed002_mre.jpg
Core is currently being cut and prepared, with the first two
holes at the laboratory with assays pending.
During the drilling program, groundwater analysis and core
samples will be collected for hydrometallurgical and groundwater
studies. The hydrometallurgical work will be undertaken by Mining
and Process Solutions (MPS) Pty Ltd with water analysis by
Groundwater Science Pty Ltd. The key objective of the initial
metallurgical work is to develop the best lixiviant formulation for
the oxide copper-gold mineralisation of Alford East deposit in the
context of an ISR based approach. Understanding the ground water
characteristics, especially pH and chemical composition is
essential for the lixiviant trials and any potential ISR
development.
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
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
During 2018, the Australian Government Ministry for Science,
Jobs and Innovation announced an offer to ECR for research funding
of A$2,851,303, over a 30-month period (since extended to 30 June
2021), for the Kapunda In-Situ Copper and Gold Recovery Trial.
Funds from this grant are expected to cover the major portion of
costs of the program scheduled for the balance of work in 2021.
The MRE for Kapunda, excluding any potential gold credits is
summarised in Table C.
During the June 2019 quarter the Company advised of successful
gold recovery from Kapunda core, in addition to copper recovery,
using a CSIRO developed thiosulphate product, instead of, the more
normal, cyanide. As reported (
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20190403-isr-gold-recovery---proof-of-concept-kapunda-copper-project.pdf
), gold has been intersected in a number of holes at Kapunda,
within the existing copper resource .
Table C: Kapunda Resource Summary 2018 (Reported 12 February
2018)
Resource Copper
Mineralisation Classification MT Grade Contained Cu
% (t)
------------------- ------ ------- --------------
Copper Oxide Inferred 30.3 0.24 73,000
------------------- ------ ------- --------------
Secondary copper sulphide Inferred 17.1 0.27 46,000
------------------- ------ ------- --------------
Total 47.4 0.25 119,000
------------------------------------------------ ------ ------- --------------
Notes:
-- EnviroCopper are earning a 75% interest in this resource, and
Thor hold 30% equity in EnviroCopper.
-- All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.05% Cu.
-- 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.
Project testwork
Testwork to date has demonstrated that both copper and gold are
recoverable, using a range of lixiviants, from historical drill
samples, and that the ground conditions will allow the flow of
fluids necessary for ISR production.
The 2021 field program is dual purpose:
-- Additional drill testing, along with assay of historical
samples, aimed at the confirmation and extension of the known gold
mineralisation to allow inclusion of gold in the mineral resource
estimate.
-- Site Environment Lixiviant Recovery (SELT) trials. This work
(funded by the Australian Government grant) is aimed to be the
final technical feasibility demonstration of ISR technology at
Kapunda for copper and gold recovery, prior to commencement of
commercial feasibility study processes.
ALFORD WEST
Based on substantial historic drilling, a Mineral Resource
Estimate (MRE) was completed in 2019 (ASX: THR15 August 2019) on
several of the deposits at Alford West, totalling 66 .1 million
tonnes (MT) grading 0.17% copper (Cu), containing 114,000 tonnes of
contained copper, using a cut-off grade of 0.05%Cu (Table D) .
Table D: Alford West Copper Mineral Resource Estimate (Reported
15 August 2019)
Resource COG Deposit Volume Tonnes Cu (%) Cu metal Au (g/t) Au (Oz)
Classification (Cu (Mm3) (Mt) (tonnes)
%)
Inferred 0.05 Wombat 20.91 46.5 0.17 80,000
----- -------- ------- ------- ------- ---------- --------- --------
Bruce 5.51 11.8 0.19 22,000
----- -------- ------- ------- ------- ---------- --------- --------
Larwood 3.48 7.8 0.15 12,000 0.04 10,000
----- -------- ------- ------- ------- ---------- --------- --------
Total 29.9 66.1 0.17 114,000
------- ------- ------- ---------- --------- --------
Notes:
-- EnviroCopper are earning a 75% interest in this resource, and
Thor hold 30% equity in EnviroCopper.
-- Figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off grade used of 0.05% Cu.
-- 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.
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
.
The uranium-vanadium deposits within the Uravan Mineral Belt,
hosted mainly in the Salt Wash member of the Morrison Formation on
the Colorado Plateau are classified by the International Atomic
Energy Agency (IAEA) as "Saltwash type" sandstone hosted uranium
deposits. They are considered unique amongst the sandstone-hosted
type of deposits in that they are predominantly vanadium (V(2) O(5)
) with accessory uranium (U(3) O(8) ). They occur as tabular bodies
in reduced sequences of highly oxidised, feldspar-rich sandstones
that have substantial fossilised plant material. High-grade uranium
and vanadium occur together although vanadium has a much larger
halo. Based on production figures the vanadium exceeds uranium in
ratios ranging from 3:1 to 10:1 with the ratio increasing
southward; averaging 5:1 in the Wedding Bell/Groundhog Project
area.
Larger deposits are found in paleochannels (braided streams in
the Jurassic period) where accumulations of plant material led to
more reduced conditions being retained over time. The Salt Wash
member consists of interbedded fluvial sandstone and
floodplain-type mudstone. The Salt Wash member is gently folded
into a shallow dome meaning it is often close to surface or
exposed. The sandstone beds form cliffs or rims with the mudstone
units forming slopes. The upper most sandstone contains the
majority of the ore deposits.
High grade assay results from due diligence work completed by
Thor (ASX:THR 10 September 2020), returning up to 1.25% U(3) O(8)
and 3.47% V(2) O(5) , confirm uranium and vanadium mineralisation
within the Salt Wash member of the Morrison Formation, which is
consistent and typical of the historical production in the Wedding
Bell, Radium Mountain area of the Uravan mineral belt.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200910-us-uranium-and-vanadium-completion-of-acquisition.pdf
Thor is currently working through the Colorado state and federal
permitting process, with environmental including Raptor surveys
completed. In conjunction, a geological evaluation of the Utah
claims is underway.
TUNGSTEN PROJECTS
Tungsten & Molybdenum Price Trends
Tungsten and Molybdenum prices have started to rally over the
last 3-6 months, with an increase in demand due to global economic
stimulus and geopolitics impacting the supply chain. These price
increases will have a significant flow through on the Molyhil
project economics, with Thor monitoring this situation closely.
Tungsten - currently at US$292.5/mtu up from US$272.5 /mtu at
the start of June quarter (US$205/mtu 12 months ago) (Graph 1)
Molybdenum - currently at US$18.5/lb up from US$11.1/lb at start
of June quarter (US$7/lb 12 months ago) (Graph 1)
To view Graph 1: Tungsten & Molybdenum Prices from 1 April
(Source Argus Metals) please follow link via:
http://www.thormining.com/sites/thormining/media/miscellaneous/graph-_wmo_july-2021.jpg
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
(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 .
In April 2021, (AIM:THR announcement 8 April 2021) a revised
Mineral Resource Estimate (MRE) was completed comprising Measured,
Indicated, and Inferred Mineral Resources, totalling 4.4 million
tonnes at 0.27% WO(3) (Tungsten trioxide), 0.10% Mo (Molybdenum),
and 0.05% Cu (Copper) using a 0.07% WO(3) cut-off (Table E). The
estimation of WO(3) and Mo using Mixed Support Kriging was
undertaken by Golder Associates ("Golder"), with the estimation of
Fe and Cu by Ordinary Kriging was undertaken by Resource Evaluation
Services ("RES")
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
Table E: Molyhil Mineral Resource Estimate by JORC (2012)
classification as at March 31 2021.
Classification '000 WO(3) Mo Cu Fe
Tonnes
Grade Tonnes Grade Tonnes Grade Tonnes Grade %
% % %
----- ------ ----- ------- ----- ------ --------
Measured 464 0.28 1,300 0.13 600 0.06 280 19.12
-------- ----- ------ ----- ------- ----- ------ --------
Indicated 2,932 0.27 7,920 0.09 2,630 0.05 1,470 18.48
-------- ----- ------ ----- ------- ----- ------ --------
Inferred 990 0.26 2,580 0.12 1,170 0.03 300 14.93
-------- ----- ------ ----- ------- ----- ------ --------
Total 4,386 0.27 11,800 0.10 4,400 0.05 2,190 17.75
-------- ----- ------ ----- ------- ----- ------ --------
Note:
-- Figures are rounded to reflect appropriate level of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.07% WO(3 .)
-- 100% owned by Thor Mining Plc.
-- To satisfy the criteria of reasonable prospects for eventual
economic extraction, the Mineral Resources have been reported down
to 200 m RL which defines material that could be potentially
extracted using open pit mining methods.
In conjunction with the Mineral Resource Estimate, 3D geological
modelling identified two prominent structures - Yacht Club fault
and South Offset fault. Based on the geological timing of these
faults they may have a significant impact on mineralization, hence
creating targets for potential extensions.
Modelling of the 3D magnetics and the position of the modelled
South Offset Fault, strongly implies an offset of the magnetic
material (magnetite skarn) host to the tungsten-molybdenum
mineralisation, identifying a strong magnetic anomaly, south of the
fault. Although there are a few drillholes to the south of the
South Offset Fault, these have not intersected the magnetic body.
The GDC funding will be used to drill test this magnetic
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 in June 2021 from the Northern
Territory Government as part of the Resourcing the Territory,
Geophysics and Drilling Collaborations (GDC) program. Th ese funds
will go towards drill testing these recently identified magnetic
targets adjacent to the mineralisation at the Molyhil
tungsten-molybdenum deposit.
Full details of the Geophysics and Drilling Collaboration
including successful applications and their project titles can be
found on the NTGS website:
https://resourcingtheterritory.nt.gov.au/about/gdc
NEXT STEPS
To enhance the Project economics the following activities are to
be undertaken:
1. Geotechnical drilling for pit slope optimisation:
The pit walls are mostly within competent granite, and Thor have
identified the potential via targeted geotechnical drilling to
increase the pit slope angles from 48 degrees which, if successful,
would ultimately reduce the waste to ore ratio and hence operating
costs. This would reduce mining costs in the existing ore reserve
model, and also allow economic mining, deeper in the open pit, plus
reduce the footprint of the waste storage dump.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20180823-asx-molyhil-dfs.pdf
2. Ore sorting review:
X-Ray (XRT) ore sorting was at two sizes, initially set at -55
mm to +25 mm, and -25 mm to +10 mm; this technology has since been
improved, allowing sorting with improved precision and also
allowing sorting of finer particles, warranting further testing.
Any improvement in ore sorting outcomes should reduce both capital
and operating costs of the proposed Molyhil operation.
3. Depth Potential - MRE Classification:
The Measured, Indicated and inferred Mineral Resource Estimate
is currently based only on mineralisation above 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 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
4. Drilling Targets:
Drill test geological and magnetic anomalies identified within
the area of mineralisation.
5. Regional Exploration:
Follow up the priority regional magnetic targets with
geochemical analysis.
6. Revise Feasibility Study based on the outcomes of the activities listed above.
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, Vanadium) (40% Thor)
During the March 2020 quarter, the Joint Venture reported a
maiden resource estimate for the White Violet and Samarkand
deposits (Figure 12).
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
The Mineral Resource Inventory for Bonya licence to date is
shown in Table F and Table G.
JERVOIS VANADIUM PROJECT
Thor and Arafura Resources, released, in July 2019 details of a
study outlining the potential of the Jervois Vanadium Project,
along with a proposed development plan. The study details can be
accessed via the following link:
www.thormining.com/sites/thormining/media/pdf/asx-releases/20190703-jervois-vanadium-project.pdf
Table F: Bonya Tungsten Mineral Resources (announced 29 January
2020)
Oxidation Tonnes WO(3) Cu
% Tonnes % Tonnes
---------- ----------- -------- ----- ------- ----- -------
White Violet Inferred Oxide 25,000 0.41 90 0.16 40
---------- ----------- -------- ----- ------- ----- -------
Fresh 470,000 0.21 980 0.06 260
------------------------------------- -------- ----- ------- ----- -------
Sub Total 495,000 0.22 1,070 0.06 300
----------- -------- ----- ------- ----- -------
Samarkand Inferred Oxide 25,000 0.11 30 0.07 20
---------- ----------- -------- ----- ------- ----- -------
Fresh 220,000 0.20 430 0.13 290
------------------------------------- -------- ----- ------- ----- -------
Sub Total 245,000 0.19 460 0.13 310
----------- -------- ----- ------- ----- -------
Combined Inferred Oxide 50,000 0.26 120 0.14 60
---------- ----------- -------- ----- ------- ----- -------
Fresh 690,000 0.21 1,410 0.08 550
------------------------------------- -------- ----- ------- ----- -------
Total 740,000 0.21 1,530 0.09 610
----------- -------- ----- ------- ----- -------
Notes:
-- 0.05% WO(3) cut-off grade.
-- Totals may differ from the addition of columns due to rounding.
-- Thor Mining PLC holds 40% equity interest in this 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.
Table G: Bonya Copper Mineral Resources (announced 26 November
2018)
Oxidation Tonnes Cu
% Tonnes
----------- -------- ---- -------
Inferred Oxide 25,000 1.0 200
----------- -------- ---- -------
Fresh 210,000 2.0 4,400
---------------------- -------- ---- -------
Total 230,000 2.0 4,600
-------- ---- -------
Notes:
-- 0.2% Cu cut-off grade.
-- Totals may differ from the addition of columns due to rounding.
-- Thor Mining PLC holds 40% equity interest in this 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.
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 .
The Pilot Mountain resource is substantial on a global scale,
and has potential for significant growth, in particular from the
discovery in the August 2017 drilling program of an additional
parallel zone of scheelite mineralisation at the Desert Scheelite
deposit.
The Desert Scheelite resource, which outcrops at surface at the
western end for more than 400 metres, has potential to develop into
a long-term open pit mining operation which, when supplemented by
higher grade mineralisation from the other deposits at Pilot
Mountain, has the potential for a longer-term profitable
operation.
This significant tungsten resource is strategically located in
the USA and tungsten was confirmed by the US Department of the
Interior as a critical mineral in early 2018.
Locked cycle testwork on material from the Desert Scheelite
deposit, was completed during the June 2019 quarter, resulting in
production of a high grade scheelite concentrate grading 68% WO
with recovery of 73.6%.
SPRING HILL GOLD PROJECT ROYALTY
During the September quarter (2020), the Company announced the
A$1.0million sale of its royalty entitlement from the Spring Hill
gold project in the Northern Territory. The sale agreement provides
for receipt of A$400,000 on completion (received), followed by
two production milestone payments of A$300,000 each.
www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20200715-a1.0-million-sale-of-spring-hill-roya
lty.pdf
CORPORATE, FINANCE, and CASH MOVEMENTS
For the Quarter, the Company had:
-- Net cash outflows from Operating and Investing activities for
the quarter of $621,000, with the majority of this being directly
related to exploration activities ($384,000);
-- Net cash outflows from Financing activities $3,000, including
an inflow of $10,000 from Options exercised by the Executive
Chairman, Mick Billing;
-- Providing total net cash outflows of $624,000, and an ending cash balance of $1,442,000.
Cashflows for the Quarter include related party payments of
$126,000 to Directors, comprising the Managing Director's salary,
fees paid to the Executive Chairman and Non-Executive Directors'
fees.
Yours faithfully,
THOR MINING PLC
Nicole Galloway Warland
Managing Director
Competent Person's Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
Ab o u t T hor M i n i ng 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 first half of 2021.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
Insitu 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 has a JORC 2012 Indicated and Inferred Resources
Estimate on 2 of the 4 known 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
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf
T ENEMENT SCHEDULE
At 30 June 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 June2021 , 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 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%
-------------- ------------------ ------------------ ------------------ ---------
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 2021
----------------------------------
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 (1) (144)
(b) development
(c) production
(d) staff costs (16) (142)
(e) administration and corporate
costs (221) (1,148)
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
Government grants and tax
1.7 incentives 4 76
1.8 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (234) (1,360)
----- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (3) (14)
(d) exploration & evaluation (384) (1,252)
(e) equity accounted investments - (300)
(f) other non-current assets
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments
(e) other non-current assets - 400
2.3 Cash flows from loans to other
entities
2.4 Dividends received (see note
3)
Other (R&D grant - offsets
2.5 exploration exp) - 173
---------------- -------------
Net cash from / (used in)
2.6 investing activities (387) (993)
----- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 10 3,602
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities - (180)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) (13) (55)
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 (3) 3,367
----- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 2,058 416
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (234) (1,360)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (387) (993)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (3) 3,367
Effect of movement in exchange
4.5 rates on cash held 8 12
---------------- -------------
Cash and cash equivalents
4.6 at end of period 1,442 1,442
----- ----------------------------------- ---------------- -------------
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 1,442 2,058
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) 1,442 2,058
---- ----------------------------------- ---------------- -----------------
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 84
-----------------
6.2 Aggregate amount of payments to related 42
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 amounts at items 6.1 and 6.2 above comprise fees paid to
Non-Executive Directors, and remuneration paid to the Managing
Director and Executive Chairman.
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) (234)
8.2 (Payments for exploration & evaluation classified (384)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (618)
8.2)
8.4 Cash and cash equivalents at quarter end 1,442
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 1,442
8.5)
-------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 2.3
-------
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: ..27 July 2021...........................................................
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.
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END
MSCRRMATMTTTMIB
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July 27, 2021 02:00 ET (06:00 GMT)
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Thor Energy (LSE:THR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
