REG - Thor Mining PLC - Exploration Update
07/09/2022 07:00
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RNS Number : 5151Y Thor Mining PLC 07 September 2022
7 September 2022
Thor Mining PLC
("Thor" or the "Company")
Exploration Update
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide an exploration update on the Company's 100% owned Wedding
Bell and Radium Mountain uranium and vanadium projects in the Uravan Mineral
Belt, USA, Ragged Range gold-nickel project in the Pilbara, WA and Molyhil
tungsten-molybdenum project, NT.
Project highlights:
§ Maiden 2000m drilling program to commence in mid-September 2022 at the
priority Rim Rock, Groundhog and Section 23 prospects within the Wedding Bell
and Radium Mountain Projects (Figure 2). Site preparation has commenced.
§ Drilling at Rim Rock and Groundhog Prospects is designed to test extensions
to high-grade uranium and vanadium mineralisation sampled within and around
historic workings of up to 1.25% uranium (U(3)O(8)) and 3.47% vanadium
(V(2)O(5)) (THOR ASX, AIM: 21 July 2020).
§ Section 23 is the highest priority drill target in the Colorado
Uranium-Vanadium Project. This area represents the only large area in the
claim block with the perspective "Salt Wash" Member precluded from historic
prospecting, drilling and mine production.
§ Drill assay results from the recently completed 3000m RC drilling program
at Sterling Prospect, Ragged Range Project are pending due to delays with the
laboratory (THR ASX, AIM; 11 July 2022).
§ Sampling at Kelly's prospect, Ragged Range continues to return high-grade
gold and copper rock chip results including 15.5g/t Au (and 185 g/t Ag) and
0.91g/t Au (and 535 g/t Ag).
§ Airborne Magnetics Survey over the eastern portion of Ragged Range tenure
completed with interpretation underway, with emphasis on Kelly's copper-gold
area and lithium prospective ground associated with the Split Rock super suite
(THOR ASX, AIM 1 August 2022).
§ Downhole Electromagnetic Survey (DHEM) completed on Krona nickel drill hole
with data interpretation underway.
§ Discussions have commenced with potential Joint Venture partners to
progress the Molyhil tungsten-molybdenum project, NT towards development.
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"The Thor team has been busy on the ground at our Ragged Range Project, WA and
in the US, at the Wedding Bell Uranium-Vanadium Project, as such we are keen
to provide a brief exploration update.
"We are seeing an increase in the uranium price as it becomes clear that many
countries, including the UK, USA and Japan, are revisiting nuclear power as a
response to rising energy prices driven by the Ukraine war and as a 'green
baseload energy' source to meet decarbonization goals. Thor is positioned well
as we advance our uranium-vanadium projects and looking forward to the
commencement of our upcoming drilling program."
US Uranium and Vanadium - Wedding Bell and Radium Mountain, Colorado Drilling
Program
Thor's maiden 2000m drilling program is to commence mid-September at the
Company's 100% owned Wedding Bell and Radium Mountain Projects, located in the
historic uranium-vanadium mining district within the Uravan mineral belt,
southwest Colorado, USA (See Figure 1).
Douglas Exploration LLC has been contracted to undertake the drilling program,
with local contractors commencing the site preparation work in readiness.
Based on initial due diligence completed by Thor, confirming uranium and
vanadium mineralisation within the Salt Wash member of the Morrison Formation
within the claim area, drilling will test three priority targets at Groundhog,
Rimrock and Section 23 Prospects (See Figure 1).
Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to
high-grade uranium and vanadium mineralisation sampled within and around
historic workings of up to 1.25% U(3)O(8) and 3.47% V(2)O(5) (THOR ASX, AIM:
21 July 2020).
Section 23 (Figure 2) in the southeast corner of the Wedding Bell claim blocks
has been identified by Thor Mining and World Industrial Minerals LLC (US
Consulting team) as the highest priority drill target in the Colorado
Uranium-Vanadium Project. This area represents the only large area in the
claim block with the "Salt Wash" Member precluded from historic prospecting,
drilling and mine production. Proposed drill holes for this area are
designed to target potential mineralisation in the third sandstone unit
estimated to be within 30-40m of surface, stratigraphically, the mapped
contact with the overlying upper Brushy Basin Member of the Morrison
Formation.
Full details on Thor's US uranium and vanadium projects may be found on Thor's
website https://www.thormining.com/projects/us-uranium-and-vanadium
(https://www.thormining.com/projects/us-uranium-and-vanadium) .
Figure 1: US Uranium and Vanadium Project location map showing Wedding Bell
and Radium Mountain in Colorado and Vanadium King in Utah, USA.
Ragged Range Project, Pilbara WA
Thor has continued to undertake mapping and rock chip sampling at Kelly's
copper-gold prospect, targeting areas along strike of known copper
mineralisation, zones of alteration, shears/faults and zones of brecciation,
including sampling along the northwest trending, 1.2km long x 25m wide ridge
between Euro Basalt and Boobina Porphyry (Figure 2 and Figure 3). In
addition to the previously reported anomalous gold (up to 1.46g/t) and copper
(up to 4.28% Cu) identified (THR ASX: AIM 25 July 2022), new sampling has
returned up to 15.5g/t Au (R0070) and up to 535g/t Ag along strike (Table A,
Figure 3 and Figure 4).
Drill assay results from the recently completed 3000m RC drilling program at
Sterling gold prospect, remain pending due to delays with the laboratory (THR
ASX, AIM; 11 July 2022) (Figure 2).
A close-spaced high-resolution airborne magnetics survey over the eastern
portion of Ragged Range tenure has been flown, with interpretation underway
(Figure 2). Key areas of interest include Kelly's copper-gold prospect and
lithium prospective ground associated with the Split Rock Super Suite (THOR
ASX, AIM 1 August 2022).
One drill hole was drilled beneath the nickel gossan at Krona Prospect testing
a modelled conductor identified from the Fixed Loop Electromagnetic survey.
A downhole electromagnetic survey (DHEM) was subsequently completed with data
interpretation underway.
Thor will update the market as soon as assays have been processed, along with
interpretations from the two geophysics surveys.
Figure 2: Key Prospects within the Ragged Range Project TenureTable A:
Significant samples above 0.1g/t Au and 0.6% Cu (Projection: GDA94 Zone 50)
PROSPECT SAMPLE ID EASTING NORTHING g/t Au g/t Ag % COPPER Sample Type
Kelly's R00013 797776 7586901 1.46 31.8 NS Rock Chip
Kelly's R00014 794733 7588377 NS NS 0.87 Rock Chip
Kelly's R00015 797143 7587790 0.1 2.4 0.69 Rock Chip
Kelly's R00016 797131 7587762 NS NS 4.48 Rock Chip
Kelly's R00017 797234 7587632 0.2 5.6 2.75 Rock Chip
Kelly's R00042 794076 7586684 0.36 28.8 1.22 Rock Chip
Kelly's R00070 797778 7586904 15.5 185 NS Rock Chip
Kelly's R00076 797618 7587105 0.91 535 NS Rock Chip
Kelly's R00075 797646 7587065 0.66 33 NS Rock Chip
Kelly's R00069 797792 7586889 0.63 10.6 NS Rock Chip
Kelly's R00071 797770 7586902 0.37 40.4 NS Rock Chip
Kelly's R00077 797608 7587116 0.33 87.8 NS Rock Chip
Kelly's R00074 797646 7587052 0.2 41.8 NS Rock Chip
Kelly's R00072 797733 7586951 0.17 9 NS Rock Chip
Kelly's R00078 797601 7587123 0.17 133 NS Rock Chip
Kelly's R00086 797376 7587411 0.16 29 NS Rock Chip
NS - Not Significant
Figure 3: Kelly's Sampling Location Map
Figure 4: Kelly's Prospect - prospective ridge looking southeast between Euro
Basalt and Boobina Porphyry
(1. https: (https://www.mindat.org/loc-122951.html)
//www.mindat.org/loc-122951.html (https://www.mindat.org/loc-122951.html) )
Molyhil Tungsten-Molybdenum Project, NT
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor and is
located 220km north-east of Alice Springs within the prospective polymetallic
province of the Proterozoic Eastern Arunta Block in the Northern Territory
(Figure 5).
The Molyhil Project is Thor's most advanced project with significant work
having been undertaken including a feasibility study completed in 2018,
showing the project to be profitable production with low operating costs and
early payback of capex (THR ASX, AIM 23 August 2018).
As part of Thor's corporate strategy to add value to projects through
discovery or partnerships, the Company has commenced discussions with
potential Joint Venture/Earn-in partners to progress Molyhil towards
development.
A full background on the project is available on the Thor Mining website:
www.thormining.com/projects (http://www.thormining.com/projects) .
Figure 5: Molyhil Project
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 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
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
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.
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.
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)
1 JORC Code, 2012 Edition - Table 1 report template
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or The programme comprised
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF rock chip sampling based on geological outcrops, with analysis for Au by 25g
instruments, etc). These examples should not be taken as limiting the broad fire assay FA001 and multi-element by mixed acid digest - ICP-AES MA101 and
meaning of sampling. ICP-MS MA102 at Bureau Veritas Minerals Laboratory in Adelaide SA
· 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
Criteria JORC Code explanation Commentary
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
1.1 Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Exploration results are reported on E46/1190, E46/1262, E46/1393 in Western
agreements or material issues with third parties such as joint ventures, Australia held 100% by 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. No previous lithium exploration.
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
exploration results including a tabulation of the following information for
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 and stream assays have been reported. There has been no data
maximum and/or minimum grade truncations (eg cutting of high grades) and aggregation.
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 have 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.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Criteria JORC Code explanation Commentary
Other substantive exploration data · Other exploration data, if meaningful and material, should be All data have 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 tuenure ,
including Sterling and Kellys prospects.
· 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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