REG - Thor Mining PLC - Lithium Field Program Commences, Ragged Range, WA

Thor EnergyAnnouncement

30/03/2022 07:00

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RNS Number : 5571G  Thor Mining PLC  30 March 2022

30 March 2022

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of MAR

 

Thor Mining PLC

 
Ragged Range Project, WA
Lithium-Nickel-Gold Program Update
 

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

Project highlights:

·        Lithium: the Thor team is currently on the ground mapping and
sampling several lithium targets, including potential lithium-caesium-tantalum
(LCT) pegmatites which have been identified within the prospective 10km radius
of the Split Rock Supersuite at Thor's Ragged Range Project (Figure 1).

·        Nickel: a high-powered Fixed Loop Electromagnetics (FLEM)
ground geophysics survey is scheduled for mid-April 2022 over the nickel
gossan located in the western portion of tenure. The survey is designed to
detect any conductive anomalies at depth that may indicate the presence of
nickel sulphide mineralisation. The survey is anticipated to take one week to
complete.

·        Gold: final preparations are in place to commence the second
phase of RC drilling at the Sterling Gold Prospect.

 

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

"Thor is pleased to have the team back on the ground for the 2022 field
season, at our 100% owned Ragged Range Project.  The team will be focused on
priority lithium, nickel and gold targets across the tenure.

The current field program concentrates on mapping and sampling of several
lithium-caesium-tantalum pegmatite targets associated with the highly
prospective Split Rock Supersuite. Whilst at our previously untested nickel
gossan which extends over 1km, the scheduled electromagnetic survey should
identify the most prospective areas at depth to conduct initial drill testing.

The testing of these new targets in conjunction with the continuation of
drilling of further gold exploration targets at the Sterling Prospect, has the
potential for significant exploration discoveries. We look forward to updating
the market as soon as results are available."

 

Photo Plate 1 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/Maps/AOI-11_798246E_7587303N_b.JPG
(http://www.thormining.com/sites/thormining/media/Maps/AOI-11_798246E_7587303N_b.JPG)

 

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 recently granted E46/1393 (Figure 1).

 

Figure 1: Tenement Location Plan overlying GSWA 1:500k geology showing
distribution of Split Rock Supersuite with priority lithium target areas (Red
dash ovals), nickel gossan (purple outline) and Sterling gold prospect (yellow
stripes) may be viewed by the following link:

 

http://www.thormining.com/sites/thormining/media/maps/rr-tenure_prospects.jpg
(http://www.thormining.com/sites/thormining/media/maps/rr-tenure_prospects.jpg)

 

Next Steps

Following on from the current initial lithium mapping and sampling program,
the following activities are proposed at Ragged Range targeting priority
lithium, nickel and gold targets:

1)         Investigation of all small granitic and pegmatitic bodies
in the lithium target area. Samples to be assayed for lithium and key
pathfinder elements including Ce, Rb, Sn, Ta and W.

2)         Reconnaissance soil sampling and prospecting within the
10km halo of the Mondana Monzogranite (E46/1262, E46/1190, E461393 and
E46/1340) (Figure 1),

3)         A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey is scheduled for mid-April over the nickel gossan located in
the western portion of tenure. The survey is designed to detect any conductive
anomalies at depth that may indicate the presence of nickel sulphide
mineralisation. The survey is anticipated to take one week to complete.

4)         Continuation of RC drilling at Sterling prospect following
up on structurally controlled anomalous gold in streams and soils.

5)         Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure including E46/1340 and E46/1393.

Lithium field mapping and sampling

The Pilbara Craton is highly prospective for lithium-caesium-tantalum enriched
(LCT) pegmatites and hosts two large and globally significant spodumene
deposits at Wodgina (Mineral Resources Ltd) and Pilgangoora (Pilbara
Minerals). The Wodgina lithium project is considered the largest hard rock,
spodumene deposit in the world (https://www.carbonart.com.au).

The lithium rich pegmatites in the Pilbara are spatially and, appear to, be
genetically related to the Split Rock Supersuite (2.85 to 2.83Ma) (Sweetapple,
M, 2017). Within Thor's tenure the Mondana Monzogranite part of the Split Rock
Supersuite mapped in the northern portion of tenure is untested for lithium
potential (Figure 1).

Thor's exploration strategy is to ground truth the 10km halo around the
Mondana Monzongranite, considered the most favourable position for the spatial
zonation's of lithium-caesium-tantalum enriched pegmatites.

The current field program utilizing Thor's radiometrics and Aster data has
highlighted several priority areas for mapping and sampling, including

1)      The northeast corner of E46/1262 where small pegmatites and
granitic bodies have been identified and which is considered a potential roof
zone of the Mondana Monzogranite making it the most prospective area for
lithium enriched pegmatites within the tenement package (Figure 1).

2)      The second target area is on E46/1393 where numerous structures
cut the older Euro Basalt providing conduits for pegmatites emanating from the
adjacent Mondana Monzogranite (Figure 1).

3)      The third area of interest is a small enclave of greenstone at
the contact of the Mondana Monzogranite in E46/1340 (Figure 1).

This initial field program is anticipated to take one week with samples to be
submitted to Bureau Veritas laboratory in Adelaide, South Australia to
expedite assay turnaround time.

 

Nickel Gossan

A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey is
scheduled for April over the nickel gossan located in the western portion of
tenure (Figure 2). The gossan was identified by the Western Australian
Geological Survey on the Split Rock 1:100K mapping explanatory notes (Bagas et
al., 2004).

The gossan extends over 1km x 100m and lies on the basal contact of the Dalton
Suite ultramafics, with the older Wyman Formation, felsic volcanics. Sampling
by Thor in 2020 highlighted nickel grades up to 2,678ppm (20PRC444) with
chromium up to 2,607ppm (20PRC05) (ASX: THR 26 August 2020), Photo Plate 2.

The ground geophysics survey is designed to detect any conductive anomalies at
depth that may indicate the presence of nickel sulphide mineralisation, to
conduct initial drill testing. The survey is anticipated to take one week to
complete.

 

Photo Plate 2 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/photo-plate_nickel.jpg
(http://www.thormining.com/sites/thormining/media/maps/photo-plate_nickel.jpg)

 

References

Bagas L, Van Kranendonk J and Pawley M: 2004, Geology of the Split Rock
1:100000 Sheet, GSWA.

Sweetapple M T: 2017, A review of the setting and internal characteristics of
lithium pegmatite systems of the Archaean North Pilbara and Yilgarn Craton.
GSWA.

 

 

 

 

 

 

 

 

 

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/molybdenum 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, with follow up drilling planned for 2022.

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.Drilling in November December 2021 intersected strike extensions to
the main ore zone.

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.

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)
 

 

 

 

 

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