TIDMTHR
RNS Number : 5798O
Thor Mining PLC
11 October 2021
11 October 2021
THOR MINING PLC
("Thor" or the "Company")
Ragged Range Project, WA - 3,000m RC Drilling Program
Commences
The directors of Thor Mining plc (AIM, ASX: THR, OTCQB: THORF)
are pleased to announce the commencement of the maiden drilling
program at the Company's 100% owned Ragged Range Project, located
in Eastern Pilbara, Western Australia.
Project highlights:
-- 3,000m reverse circulation ("RC") drilling program
underway
-- First ever drilling in the Ragged Range Project area to test
robust gold anomalies
-- Up to 10 soil targets to be drill tested at the Sterling
Prospect
-- Targeting Archaean shear hosted gold adjacent to significant
regional structures
-- Thor Mining awarded A$160,000 from the Western Australia
Government under the Government EIS Co-funded grants program to
drill test stream and soil gold anomalies at the Sterling
Prospect.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"After a series of successful and systematic stream and soil
programs it is exciting to be commencing our maiden RC drilling
program at the Sterling Prospect, Ragged Range.
These are robust geochemical targets in the central portion of
the Sterling Prospect, within the highly prospective 13km
structurally controlled gold anomalous corridor, defined by Thor
associated with the mafic -ultramafic contact within the Kelly
Greenstone Belt. With the program anticipated to take 4 to 6 weeks,
drill results are expected from early November 2021."
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia, is 100% owned by Thor Mining -
(E46/1190, E46/1262, E46/1355, E46/1340) with the recent additional
tenure surrounding the gold anomalous zones, E46/1393
(application).
Sterling Prospect
Since acquiring the Ragged Range project in late 2019, Thor have
completed a series of systematic stream sediment programs over the
tenure and an airborne magnetic survey, defining a 13km
structurally controlled gold corridor - Sterling Prospect.
High-grade gold stream results, including up to 2.2g/t Au were
reported from sampling in 2019 and 2020 (THR:ASX announcement
1/12/2020).
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf
As a follow up, two soil programs were completed over Sterling
Central and Sterling South areas with BLEG soil values up to 348ppb
and 153ppb Au (21RRS777 and 21RRS437 respectively), significantly
above a background of approximately 5ppb Au. To validate these high
gold soil anomalies a <2mm sieved stream panned concentrate with
visible gold, reported up to 74.1g/t Au (Samples 21RRST016) in a
pan concentrate- approximately 100m down slope, in a small creek
from soil sample 21RRS777. (THR:AIM 7 October 2021).
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf
These surface geochemistry surveys defined eight 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 (concurrent with drilling program).
The gold anomalism generally strikes slightly oblique to the
Euro Basalt and Dalton Suite contact suggesting that gold
mineralisation is controlled by minor faults and structures, that
splay off this major structure.
Tenement and Prospective areas including Sterling Prospect can
be viewed with the following link:
www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg
RC Drilling Program
Thor's maiden RC drilling program at Sterling Prospect, Ragged
Range has commenced. The program is designed to test eight strong
gold anomalies at Sterling Central and Sterling South prospects,
defined from soil and stream sediment sampling programs.
Approximately 10-12 drilling lines are designed to cover the
anomalies, with drill holes angled -60 degrees toward the west,
near perpendicular to the structural controls of the dominant
faulted contact between the Euro Basalt and the Dalton Suite
ultramafics. Drill depths will range from approximately
50-120m.
Western Australia based DDSR Australia Pty Ltd has been
contracted to complete the RC drilling program. The 3,000m program
is anticipated to take 4 to 6 weeks, with samples being freighted
to Bureau Veritas laboratory in Adelaide SA for analysis.
Soil results over Sterling Central prospect showing proposed
drill lines may be viewed by the following link:
http://www.thormining.com/sites/thormining/media/maps/21-007-2-Ragged-Range-stirlingcentralsoil.jpg
Soil results over Sterling South prospect showing proposed drill
lines may be viewed by the following link:
http://www.thormining.com/sites/thormining/media/maps/21-007-1-Ragged-Range-sterlingsouthsoil.jpg
Next Steps
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.
- 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 Persons Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early stage gold
and nickel results in the Pilbara region of Western Australia, for
which drilling is 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
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