REG - Thor Mining PLC - Commencement of Drilling at Molyhil Project

Thor EnergyAnnouncement

08/11/2021 07:05

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RNS Number : 5743R  Thor Mining PLC  08 November 2021

8 November 2021

 

 

Thor Mining PLC

Commencement of Drilling

Molyhil Tungsten-Molybdenum Project, Northern Territory

 

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to announce that diamond drilling has commenced at the Molyhil
tungsten-molybdenum Project, in the Northern Territory.

HIGHLIGHTS
§ 1000m diamond program has commenced at Molyhil tungsten-molybdenum copper Project, NT.
§ Drilling to test a newly identified magnetic target adjacent to the Molyhil magnetite skarn, host to the tungsten-molybdenum-copper mineralisation.
§ Thor Mining awarded A$110,000 from the Northern Territory Government as part of the Resourcing the Territory, Geophysics and Drilling Collaborations (GDC) program.

 

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"We are excited to be starting this exploration drilling at our Molyhil
Project in the Northern Territory, where we are testing a newly identified,
large magnetic target adjacent to the known tungsten-molybdenum-copper
mineralisation. The Molyhil resource is highly magnetic (high percentage of
magnetite) and this newly identified target is interpreted to be an off-set of
this mineralisation.

The depth to target of only 270m from surface and the location underneath the
current pit design has the potential to be a game changer for the Project."

 

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
(https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg)

Project Background

The Molyhil deposit 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 (Figure 1).
In April 2021 (THOR:ASX Announcement 8 April 2021) a revised Mineral Resource estimate 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.

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf (https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf)

 
Diamond Drilling Program
The 1000m diamond drilling program, comprising 2-3 drillholes, is designed to test potential extensions to the known Molyhil tungsten-molybdenum-copper mineralisation, defined by a large magnetic target interpreted in recent 3D geological modelling.
The 3D geological modelling of the Molyhil deposit identified two prominent structures - Yacht Club fault and South Offset fault (Figure 2). Based on the geological timing of these faults, they appear to have had a significant impact on mineralisation, such as offsetting the Yacht Club mineralisation from the Southern Lode, hence creating targets for potential extensions. Modelling of the South Offset Fault, relative to the magnetics, strongly implies an offset of the magnetic material (interpreted to be magnetite skarn) host to the tungsten-molybdenum-copper mineralisation, south of the South Offset fault.
Previous drilling in this area, to the south of the South Offset Fault, did not target the magnetic body. The drilling was designed to drill down dip of the Southern Lode without a fault offset. No mineralisation or magnetic material was intersected in this drilling.

Diamond drilling is being carried out by Durock Drilling Pty Ltd and is
anticipated to take approximately 2-3 weeks. Drill results are expected in
four to five weeks.

The drilling program is co-funded by the Geophysics and Drilling
Collaborations (GDC) program as part of the Resourcing the Territory
initiative, with Thor Mining granted A$110,000 (ASX: THR 4 June 2021). Full
details can be found on the NTGS website:
www.resourcingtheterritory.nt.gov.au/about/gdc
(http://www.resourcingtheterritory.nt.gov.au/about/gdc) .

An image showing a plan view of the magnetic drill target looking down on the
conceptual pit shell may be viewed via the following link:

 

https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-plan-view_drilling.jpg
(https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-plan-view_drilling.jpg)

An image showing a long section view of the magnetic drill target looking
west-northwest, showing the planned drillholes may be viewed via the following
link:

 

https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-section_drilling.jpg
(https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-section_drilling.jpg)

 

- 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                          Tel: +44 (0) 20 3004 9512

 

 

Competent Persons Report

The information in this report that relates to Exploration Results and the
Estimation and Reporting Molyhil Mineral Resource Estimation 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 (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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