REG - Thor Mining PLC - Lithium Targets Identified at Ragged Range

Thor EnergyAnnouncement

27/01/2022 07:00

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RNS Number : 7777Z  Thor Mining PLC  27 January 2022

27 January 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 targets and exploration program
 

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

Project highlights:

§ Several lithium exploration targets have been identified at Thor's Ragged
Range Project.

§ The Pilbara Craton is highly prospective for lithium-caesium-tantalum (LCT)
enriched pegmatites and hosts two "World Class" deposits at Wodgina and
Pilgangoora that formed close to the Split Rock Supersuite (2.85 to 2.83Ma).

§ Prospective LCT ground adjacent to the Split Rock Supersuite (2.85 to
2.83Ma) is identified in three areas covering the northern portion of Thor's
tenure.

§ The lithium potential on the Ragged Range Project area has not been
previously considered.

§ E46/1393 tenement located in the northeast over the Kelly copper-gold workings has now been granted (Figure 1), with this structurally complex region favourable for lithium enriched pegmatites.
§ With E46/1393 granted, Thor plans to complete airborne magnetics and radiometrics over the north-eastern portion of the tenement package, with detailed geological mapping, pXRF analysis and rock chip sampling over the lithium targets, to determine pegmatite mineralogy and identify any lithium-caesium-tantalum minerals.
 

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

"Thor's recent geological review of the Ragged Range project, triggered by the
granting of E46/1393, has identified exciting lithium-caesium-tantalum targets
associated with the highly prospective Split Rock Supersuite. These new
targets will be advanced as soon as possible and have the potential for
significant exploration discoveries, while we continue drill testing further
gold exploration targets at the Sterling Prospect.

The Pilbara Craton already hosts two "world class"  lithium deposits, and
ground with battery metals prospectivity at our 100% owned Ragged Range
project is an exciting new development, and has the potential to create
substantial value for Thor shareholders."

 

 

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) may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/rr_tenure-and-li-prospective-areas.jpg
(https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/rr_tenure-and-li-prospective-areas.jpg)

 

Regional Pilbara Lithium Prospectivity

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), which are
post-tectonic (Sweetapple, M, 2017). These are mapped as highly fractionated,
biotite, quartz and K Feldspar rich, monzogranites (Figure 2).

Pegmatites are located within 10 km of cogenetic peraluminous granites and
leucogranites. The roof zones of large plutons are considered to be one of the
most favourable positions for lithium enrichment  (London, 2018
(http://www.dmp.wa.gov.au/msa/rare-element-pegmatite-886.aspx#toc_962) ). An
idealized concentric pegmatite swarm is shown in Figure 3, showing the spatial
zonation of pegmatites around a common granitic source, which is a fundamental
starting point for exploration models (London, 2018
(http://www.dmp.wa.gov.au/msa/rare-element-pegmatite-886.aspx#toc_962) ).
Using this as a model, the Ragged Range area fits all these conditions.

Commercial lithium is found in the mineral spodumene LiAl(Si(2)O(6)), that can
grow into very large crystals within pegmatite bodies. It is normally
associated with minerals such as cassiterite (Sn), columbite-tantalite
(Nb-Ta), lepidolite (lithium rich mica), beryl (Be) and garnets. These
elements  can be used as pathfinders in stream sediment sampling programs.

 

Ragged Range Lithium Potential Targets

At the southern end of the Corunna Downs Batholith (Figure 2), crescent shaped
post-tectonic granitic pluton is found (now termed the Mondana Monzogranite
part of the Split Rock Supersuite).  The Mondana Monzogranite is porphyritic
and is largely unfoliated. Small units of the Mondana Monzogranite are mapped
in the NE corner of E46/1262, E46/1340 and E46/1393 and three target areas
have been defined ( Figure 1):

1)    This NE corner of E46/1262 is potentially a roof zone of the Mondana
Monzogranite, making it the most prospective area for lithium in the tenements
(Figure 1 and 4).

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.

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

There is negligible sampling to date along the Mondana Monozogranite contact,
with a few samples taken as part Thor's 2019 and 2020 stream sediment sampling
programs (THR:AIM announcement 1/12/2020).  No assays are available for Li
however elevated Sn, Be, Nb and Ta routinely assayed, warrant  further
investigation.

Figure 2: Geological map of the units and terranes comprising the North
Pilbara Craton (adapted from Sweetapple and Collins, 2002 and Hickman, 2016),
highlighting the distribution of the Split Rock Supersuite (~2.85-2.83 Ga) and
pegmatite fields and groups of LCT (Li-Cs-Ta), NYF (Nb-Y>F) and mixed
(LCT-NYF) petrogenetic families of Cerny and Ercit (2005). Ragged Range tenure
is shown covering the southern portion of the Split Rock Supersuite and
Corunna Downs Batholith (after Sweetapple., 2017).

https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/split-rock-supersuite.jpg
(https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/split-rock-supersuite.jpg)

Figure 3: Idealised concentric, regional zoning pattern in a pegmatite swarm
from USGS 2010 publication (not to scale). Characteristic rare-element suites
of the most enriched pegmatites in each zone are indicated.  The most
enriched pegmatites tend to occur distally with respect to the parental
granite.

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/idealised-pegmatite-swarm.jpg
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/idealised-pegmatite-swarm.jpg)

In the Thor aeromagnetic data, radiometrics, (the uranium channel is shown on
Figure 4) thorium and uranium are moderately anomalous over mapped small
bodies of unknown derivation in the NE corner of E46/1262, confirming the
presence of pegmatites or monzogranite within the low response signal of the
Euro Basalt. Interestingly, the prominent dyke that runs NNE/SSW across this
area is both magnetic and has a moderate uranium and thorium response. It is
therefore unlikely that this dyke is a simple dolerite body, as currently
mapped.

 

Figure 4: Uranium channel radiometrics overlain on 1:100K Geology (GSWA)
highlighting potential pegmatites and lithium targets in the north-easern
corner of E46/1262 may be viewed via the following link:

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/radiometrics-in-ne-e46-1262.jpg
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/radiometrics-in-ne-e46-1262.jpg)

 

Next Steps

In parallel to the gold exploration activities at the Sterling Prospect, the
following lithium work program is planned:

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

2)      A detailed review of all available high-resolution imagery and
aster data, to see if the presence of pegmatites can be visually detected.

3)      Reconnaissance stream sediment sampling and prospecting along the
contact of the Mondana Monzogranite (E46/1262, E46/1190, E461393 and
E46/1340), with detailed sampling (Figure 1),

a.    in the higher ranked ground in the northern corner of E46/1262

b.    the structurally more complex area of E46/1393

c.     the small slice of greenstone within the Mondana Monzogranite on
E46/1340,

4)      Investigation of all small granitic and pegmatitic bodies in the
target area. Lithium is detectable on XRF and will fluoresce in UV light.
Positive samples can then be assayed for lithium and key pathfinder elements
including Ce, Rb, Sn, Ta and W.

 

References

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

Bradley D C, McCauley A D, and Stillings L M: 2010, Mineral-Deposit Model for
Lithium-Cesium-Tantalum Pegmatites. USGS.

London D: 2018, Ore forming processes within granitic pegmatites, Ore Geology
Reviews 101.

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.

Sweetapple MT and Collins P L F: 2002, Genetic Framework for the
Classification and Distribution of Archean Rare Metal Pegmatites in the North
Pilbara Craton, Western Australia. Economic Geology Vol 87.

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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