REG - Thor Mining PLC - Copper and Gold confirmed at Kelly’s NE Prospect
07/12/2022 07:00
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RNS Number : 8807I Thor Mining PLC 07 December 2022
07 December 2022
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
Thor Mining PLC
("Thor" or the "Company")
Ragged Range Project, WA
High-grade Copper and Gold confirmed at Kelly's NE Prospect
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide an exploration update on rock chip sampling at the Kelly's
NE Prospect at the Company's 100% owned Ragged Range Project, located in
Eastern Pilbara, Western Australia.
Project highlights:
§ At the Kelly's NE Prospect, rock chip sampling has identified high-grade gold (up to 7.2g/t) and copper (13.6%) along north-south trending structures, similar to the Kelly's Ridge area (Figure 1).
§ Highest-grade rock chips include:
§ 7.2g/t Au, 11.4% Cu, 102g/t Ag (R00148)
§ 2.6 g/t Au, 13.6 % Cu, 123g/t Ag (R00147)
§ 4.1g/t Au, 0.63 % Cu, 19.2g/t Ag (R00145)
§ 1.0g/t Au, 4.65% Cu, 67.8 g/t Ag (R00146)
§ Geological mapping and geochemical sampling will continue over the project area as the Company validates its structural and mineralising geological models.
§ Remaining Reverse Circulation "RC" drilling results pending, including two holes that targeted this rock chip area.
Photo 1: Rock chip R00147: Malachite & azurite in quartz breccia - 2.6g/t
Au, 13.6% Cu & 123g/t Ag
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"The Kelly's NE area was defined in recent airborne magnetics and a
compilation of previous exploration work. Despite significant soil anomalies
being defined in the area, no drilling has been undertaken at the prospect.
Rock chip sampling has now confirmed high-grade copper with significant gold
and silver. I am looking forward to further exciting results being returned at
this prospect."
Sampling Program
In parallel with the recently completed RC drilling at the Kelly's Prospect
(ASX/AIM: THR 26 October 2022), nine rock chip samples were collected across
the Kelly's NE Prospect area (Figure 1 and 2, Table A).
Thor's sampling program targeted surface copper mineralisation (malachite)
associated with north-south trending quartz breccia veins with
limonite-jarosite alteration after sulphides (Photo 1). High-grade gold (up to
7.2 g/t), copper (up to 13.6%) and silver (up to 123g/t), with anomalous lead
(Pb) and zinc (Zn) have been identified (Table A).
These recent rock chip samples demonstrating gold and copper mineralisation
+Ag-Pb-Zn indicate a very different style of mineralisation to the Archaean
Lode gold, over at the Sterling Prospect. Sampling and mapping will continue
over the area.
Photo 2: Rock chip samples R00147 (left) and R00148 (right)
Table A: Rock Chip Samples
Project - GDA94 Zone 50
SAMPLE Northing Easting Au Cu Ag Pb Zn
Number g/t % g/t ppm(1) ppm
R00145 7587513 798090 4.1 0.63 19.2 1100 44
R00146 7587511 798091 1.0 4.65 67.8 283 172
R00147 7587424 798124 2.6 13.6 123 1060 766
R00148 7587388 798115 7.2 11.4 102 585 154
R00149 7587230 798265 0.0 0.02 40 635 74
R00150 7587555 798573 0.0 0.10 1 9 206
R00151 7587681 798375 0.0 0.13 1.2 93 86
R00152 7585351 795071 0.1 0.13 1 4 146
R00153 7585424 795096 0.0 0.02 1 42 250
(1. ) 1ppm = 0.0001%
Figure 1: Sample location map.
Next Steps
The following activities and results at Ragged Range are anticipated over the
coming weeks:
1. Await final Kelly's RC drilling assay results.
2. Continue to review and model data over the Kelly's area.
3. Continue reconnaissance sampling over ground in the northern portion
of tenure for prospective lithium caesium-tantalum enriched (LCT) pegmatites
.
Figure 2: Ragged Range Tenement Location Map showings priority prospects.
The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia, is 100% owned by Thor Mining (covering E46/1190, E46/1262,
E46/1355, E46/1340 and E46/1393, Figure 2).
This announcement is authorised for release to the market by the Board of
Directors.
For further information, please contact:
THOR MINING PLC
Nicole Galloway Warland, Managing Director
+61 8 7324 1935
nicole@thormining.com
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 (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.
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 gold¹.
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.²³
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. Thor executed a $8m Farm-in and Funding Agreement with
Investigator Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24(th) November 2022.(6)
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 Thor's interest in the Bonya tenement EL29701 is planned to be
divested as part of the Farm-in and Funding agreement with Investigator
Resources Limited.(6)
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)
(6)
https://thormining.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thormining.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)
(
)
( )
1 JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Rock chip sampling was based on geological outcrops, with analysis for Au by
specific specialised industry standard measurement tools appropriate to the 25g fire assay FA001 and multi-element by MA101/2 four acid digest.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Not applicable - no drilling reported
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Not applicable - no drilling reported
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and No logging was undertaken.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. Lithological description recorded for all samples collected
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub- sampling techniques · If core, whether cut or sawn and whether quarter, half or all core Samples were screened in the field as described in "Sampling Techniques"
taken. above.
· If non-core, whether riffled, tube sampled, rotary split, etc and The sample sizes are as per industry standard for stream
whether sampled wet or dry.
· For all sample types, the nature, quality and
and sample preparation appropriateness of the sample preparation technique. sediment geochemistry.
· Quality control procedures adopted for all sub-sampling stages to Field duplicates and blank samples were submitted for assay with the other
maximise representivity of samples. samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and The proposed assay method is appropriate for preliminary exploration.
laboratory procedures used and whether the technique is considered partial or
total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent Not undertaken
or alternative company personnel.
· The use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Hand held GPS - MGA94 zone 50 (GDA)
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Not applicable - no resource is being reported
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Orientational bias is not applicable to stream and rockchip sampling at this
possible structures and the extent to which this is known, considering the stage
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Geochemistry samples were trucked back from
Nullagine to the Bureau Veritas Adelaide, SA
Sample Security levels are considered appropriate for preliminary surface
geochemistry assessment.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. None undertaken
Section 2 Reporting of Exploration Results
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Exploration results are reported on E46/1393 in Western Australia held 100% by
agreements or material issues with third parties such as joint ventures, Pilbara Goldfields Pty Ltd, Thor Mining PLC.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. Sporadic surface geochemistry over tenure carried out by Great Southern Mines
up to 1997.
Geology · Deposit type, geological setting and style of mineralisation. Yet to be determined
Drill hole Information · A summary of all information material to the understanding of the No drilling has been undertaken or reported. Sample locations listed in
exploration results including a tabulation of the following information for Table A
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Only rock chip assays have been reported. There has been no data aggregation.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· assumptions used for any reporting of metal equivalent
· The values should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of No drilling has been undertaken or reported
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of A sample location plan including current 1:100k scale geology has been
intercepts should be included for any significant discovery being reported provided
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not All results have been reported
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be All data has been reported
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral It is anticipated that follow up and reconnaissance geochemistry (rockchip,
extensions or depth extensions or large-scale step- out drilling). soil & stream) and geological mapping will be undertaken over tenure ,
including Sterling and Kelly's prospects. With follow up drilling
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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