REG - Thor Mining PLC - AGM Statement

Thor EnergyAnnouncement

10/11/2021 10:00

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RNS Number : 9362R  Thor Mining PLC  10 November 2021

 

10 November 2021

 

 

Thor Mining PLC

AGM Statement

 

Thor Mining PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) announces that at the
Company's Annual General Meeting ("AGM"), to be held at 10 a.m. (GMT) today,
Thor's Managing Director, Nicole Galloway Warland, will make the following
statement to shareholders:

"For the first time as Managing Director, I am delighted provide an update on
progress across Thor's project portfolio at this year's AGM. 2021 has seen
Thor make excellent strides in the development of its projects and brought us
to an exciting moment where we have multiple drill programmes underway
simulataneously.

At the Ragged Range gold project, located in Eastern Pilbara, a maiden 3,000m
Reverse Circulation (RC) drilling campaign recently commenced, targeting eight
high-quality gold anomalies in the central portion of the Sterling Prospect,
along a structurally controlled 13km gold corridor. In May 2021, Thor was
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.

At the Alford East Copper-Gold ISR project in South Australia, we reported a
number of high grade copper and gold intersections including 72.7m @ 1% Cu and
0.19g/t Au from 6.3m. Recently pump testing showed favourable water
characterisation and permeability for the potential of In-Situ Recovery (ISR)
of copper-gold mineralisation. Thor's use of the low-impact and sustainable
ISR technique at Alford East is a testament to the Company's innovative vision
and ESG values, and these pump test results will allow the Thor to progress
the project towards ISR assessment and development.

Drilling has also commenced at the Molyhil tungsten-molybdenum-copper Project,
in the Northern Territory. This is to test a newly identified, large magnetic
target adjacent to the known tungsten-molybdenum-copper mineralisation. The
target is interpreted to be an offset of this mineralisation.  In June 2021,
Thor was awarded A$110,000 for Molyhil from the Northern Territory Government
as part of the Resourcing the Territory, Geophysics and Drilling
Collaborations (GDC) program.

At our Wedding Bell uranium vanadium Project in Colorado, USA we are
diligently working through the permitting process, to drill test three high
quality 'saltwash' style prospects, including Section 23 previously untested.

We are also pleased to report the recent completion of due diligence enabling
the divestment of the Company's Pilot Mountain project to Power Metal
Resources Plc for US$1.8m. This divestment will allow Thor to focus on its
copper and gold projects and provide further capital to accelerate exploration
activities.

At Kapunda,  EnviroCopper Limited, are progressing their studies into
extracting copper and gold via ISR from the Kapunda deposit. We now await
permitting approval for Site Environmental Lixiviant Trials  (SELT), the
final phase for assessment of copper-gold recovery, which we hope to receive
in the coming month.

With exciting advancement expected across our portfolios during the remainder
of 2021 and into 2022, we thank our shareholders for their continued support
and look forward to updating them on our progress in due course."

- Ends -

 

For further information on the Company, please visit www.thormining.com
(http://www.thormining.com)  or contact the following:

 Thor Mining PLC
 Nicole Galloway Warland, Managing Director               Tel: +61 (8) 7324 1935

 Ray Ridge, CFO / Company Secretary                       Tel: +61 (8) 7324 1935

 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 207 220 1666
 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 / Matthew McHale         Tel: +44 (0) 20 3004 9512

 

Updates on the Company's activities are regularly posted on Thor's website
www.thormining.com (http://www.thormining.com/) , which includes a facility to
register to receive these updates by email, and on the Company's twitter page
@ThorMining.

 

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource
company quoted on the AIM Market of the London Stock Exchange, ASX in
Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy
and strategic metal projects across USA and Australia. Its focus is on
progressing its copper, gold, uranium and vanadium projects, while seeking
investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia, for which drilling is currently underway.

At Alford East in South Australia, Thor is earning an 80% interest in
copper-gold deposits considered amenable to extraction via In Situ Recovery
techniques (ISR). In January 2021, Thor has announced an Inferred Mineral
Resource Estimate of 177,000 tonnes contained copper & 71,000 oz
gold.¹

Thor also holds a 30% interest in Australian copper development company
EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest
in the mineral rights and claims over the resource on the portion of the
historic Kapunda copper mine and the Alford West copper project, both situated
in South Australia, and both considered amenable to recovery by way of ISR.²
³

Thor holds 100% interest in two private companies with mineral claims in the
US states of Colorado and Utah with historical high-grade uranium and vanadium
drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, 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.⁵

Notes

(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(http://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
(http://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
(http://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
(http://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
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
 

(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf)

 

 

 

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