REG - Thor Mining PLC - Gold Exploration Update at Ragged Range

Thor EnergyAnnouncement

25/01/2022 07:00

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RNS Number : 4301Z  Thor Mining PLC  25 January 2022

25 January 2022

 

 

Thor Mining PLC

 
Ragged Range Project, WA
Gold Exploration Update
 

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide an update on drilling at the Company's 100% owned Ragged
Range Project, located in the Eastern Pilbara, Western Australia.

 
Project highlights:

·     Due to mechanical issues, only 50% of the planned maiden Reverse
Circulation (RC) drilling program completed at the Sterling prospect.

·    Significant sulphides (pyrite, chalcopyrite, sphalerite), quartz
veining and sericite-pyrite-fuchsite alteration identified, characteristic of
gold mineralisation in the East Pilbara Craton.

·      Low grade gold in 3m composites and pathfinder elements will
assist to vector in on stream and soil gold source.

·      Thor is targeting Archaean structurally controlled lode gold
mineralisation hosted in basaltic and ultramafic rocks of the Warrawoona
Group, within the 100% held Kelly greenstone belt.

·    Thor plans to complete the planned drilling program at the Sterling prospect whilst undertaking further geophysics, mapping and geochemical sampling over additional gold, nickel and lithium targets in the project area.

 

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

"Due to mechanical issues, only half of the planned drilling program at the
Sterling prospect has been completed, with 50% of the strong gold anomalies
therefore remaining untested. Although no significant gold was intercepted in
the maiden RC program, this is only the start of our gold campaign at the
prospect, with the best ground yet to be tested. Elevated pathfinder elements
and broad zones of alteration are positive indicators that we are in close
proximity to the gold source.

We are currently planning our 2022 field program, with further drilling to
complete the original program and new targets identified at the Sterling
prospect. Geophysics (airborne and ground surveys) and geochemical sampling
programs are planned over our additional gold, nickel and lithium target
areas.

Permitting is progressing well at our Wedding Bell Uranium Project in the US
and we hope to update the market in the coming weeks, along with the assay
results from our recently completed successful diamond drilling at the Molyhil
critical minerals project in the Northern Territory."

 

The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia (Figure 1) 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).

 

Figure 1: 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
(http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg)

 

Sterling Prospect - Gold

Since acquiring the Ragged Range project in late 2019, Thor have completed a
series of systematic stream sediment programs and soils surveys over the
tenure and an airborne magnetic survey, defining a 13km structurally
controlled gold corridor - Sterling Prospect (Figure 2). 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
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf)

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf)

These surface geochemistry surveys defined continuous anomalous gold zones,
with some zones extending over 1km long at both the Sterling Central and
Sterling South areas (Figure 3 and Figure 4).

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.

 

Figure 2: 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
(http://www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg)

 

RC Drilling Program

41 shallow (50-96m) RC drillholes totalling 2,155m were completed at the
Sterling Prospect (Table A). Drill holes were designed to angle-overlap,
orientated at -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 (Figure 3 and Figure 4).

3m composite samples returned no significant gold intercepts (max of 0.1g/t
Au), though intersections of strong broad zones of quartz veining, sericite,
silica alteration, sulphides and fuchsite, characteristic of gold
mineralisation in the Pilbara, are positive indicators of close proximity to
the gold source (Photo Plate 1). In many of the drill holes close to the fault
contact, sericite and silica alteration of the Euro Basalt is strong (Photo
Plate 2). This alteration style forms the distal alteration halo around many
gold deposits. Sulphide veining with chalcopyrite, pyrite and sphalerite was
observed in drill chips. Higher grade gold is associated with sulphide
mineralisation at the Calidus Resources' Warrawoona Project.

This maiden RC program was designed to test eight strong gold anomalies at
Sterling Central and Sterling South prospects, defined from soil and stream
sediment sampling programs.

Due to numerous mechanical drilling issues, only half of the proposed drilling
program was completed, with 50% of the anomalies remaining untested.

 

Figure 3: Drill lines overlying Sterling Prospect-Central soil and stream gold
anomalies may be viewed by the following link:

 

 https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/21-008-2-ragged-range-stirlingcentraldrilling.jpg
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/21-008-2-ragged-range-stirlingcentraldrilling.jpg)

 

Figure 4: Drill lines overlying Sterling Prospect-Central soil and stream gold
anomalies may be viewed by the following link:

 

https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/21-008-1-ragged-range-sterlingsouthdrilling.jpg
(https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/21-008-1-ragged-range-sterlingsouthdrilling.jpg)

 

Photo Plate 1 -Fuchsite (chromium rich muscovite) alteration in 21RRRC008 may
be viewed by the following link:

 

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_fuchsite-alteration-21rrrc008.jpg
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_fuchsite-alteration-21rrrc008.jpg)

 

 

Photo Plate 2 -Sericite alteration in 21RRC010 may be viewed by the following
link:

 

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_sericite-alteration-21rrrc010.jpg
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/photo_sericite-alteration-21rrrc010.jpg)

 

Next Steps

Thor is planning follow up drilling at Sterling prospect completing the planned program and targeting the fault contact in the area between Sterling Central and Sterling South.
In addition, an airborne magnetic/radiometric survey will be flown over the eastern portion of the tenure including E46/1340 and E46/1393, ground 'fixed loop' electromagnetics (FLEM) is scheduled over the nickel gossan, whilst geological mapping and geochemical sampling is planned over additional gold, nickel and lithium targets in the project area.

 

 

Table A: Drillhole Collar (MGA94-Z50)

 HOLE ID    EOH DEPTH  EASTING  NORTHING  RL   DIP    AZIMUTH  TENURE
 21RRRC001  51         782425   7583300   395  -61.1  266.3    E46/1262
 21RRRC002  51         782400   7583300   397  -60    268.7    E46/1262
 21RRRC003  51         782375   7583300   398  -59.8  268.8    E46/1262
 21RRRC004  51         782350   7583300   402  -60    268.3    E46/1262
 21RRRC005  51         782327   7583288   406  -60    269      E46/1262
 21RRRC006  51         782300   7583302   409  -60    270      E46/1262
 21RRRC007  51         782725   7583200   393  -60    269.9    E46/1190
 21RRRC008  51         782700   7583200   394  -60    270.8    E46/1190
 21RRRC009  51         782675   7583200   393  -60    270.2    E46/1190
 21RRRC010  51         782650   7583200   394  -60    270.7    E46/1190
 21RRRC011  51         782625   7583200   392  -59.7  270.2    E46/1190
 21RRRC012  51         782600   7583200   394  -60    270      E46/1190
 21RRRC013  51         782575   7583200   394  -60.1  269.8    E46/1190
 21RRRC014  51         782625   7583000   393  -60    270.3    E46/1262
 21RRRC015  51         782475   7583000   394  -60    270      E46/1262
 21RRRC016  51         782600   7583000   394  -60    270      E46/1262
 21RRRC017  51         782575   7583000   394  -60    270      E46/1262
 21RRRC018  51         782550   7583000   394  -60    270      E46/1262
 21RRRC019  51         782525   7583000   395  -60    270      E46/1262
 21RRRC020  51         782500   7583000   395  -60    270      E46/1262
 21RRRC021  51         780275   7586275   381  -60    270      E46/1262
 21RRRC022  51         780250   7586300   377  -60.9  270.8    E46/1262
 21RRRC023  48         780225   7586275   379  -60.6  270.6    E46/1262
 21RRRC024  51         780200   7586260   380  -59.8  269.5    E46/1262
 21RRRC025  51         780175   7586275   381  -59.2  269.6    E46/1262
 21RRRC026  51         780375   7586700   380  -60.3  269.6    E46/1262
 21RRRC027  57         780350   7586700   380  -59.5  270.1    E46/1262
 21RRRC028  51         780325   7586700   379  -60    269.9    E46/1262
 21RRRC029  28         780300   7586700   384  -60.9  269.7    E46/1262
 21RRRC030  51         780275   7586700   384  -59.1  269.9    E46/1262
 21RRRC031  51         780345   7587100   374  -60.2  270.5    E46/1190
 21RRRC032  54         780325   7587100   374  -60    269.7    E46/1190
 21RRRC033  51         780300   7587100   377  -60    270      E46/1190
 21RRRC034  51         780275   7587100   376  -60.   269.8    E46/1190
 21RRRC035  54         780250   7587100   377  -60.1  269.9    E46/1190
 21RRRC036  51         779700   7587300   387  -60.2  270.1    E46/1190
 21RRRC037  51         779675   7587300   386  -60.8  269.3    E46/1190
 21RRRC038  54         779650   7587297   384  -60.3  270.2    E46/1190
 21RRRC039  96         779625   7587295   384  -60    270      E46/1190
 21RRRC040  81         779600   7587295   387  -60    270      E46/1190
 21RRRC041  51         780946   7586550   375  -60.7  270.1    E46/1190

 
 

 

 

This announcement is authorised for release to the market by the Board of
Directors.

 

- 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

 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 (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
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
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)

 

 

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