REG - Thor Mining PLC - Pilot Mountain Project Sale

Thor EnergyAnnouncement

24/01/2022 12:00

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RNS Number : 3975Z  Thor Mining PLC  24 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

 

24 January 2022

 

 

   Thor Mining PLC

 

Pilot Mountain Project Sale

Tail Benefit Variation and Transaction Completion

 

The directors of Thor Mining Plc ("Thor" or "Thor Mining") (AIM, ASX: THR,
OTCQB: THORF) are pleased to advise that Power Metal Resources Plc ("Power
Metal") (AIM: POW) and Thor have agreed to a Variation of Tail Benefit
("Variation") as part of the Sale Agreement of the Pilot Mountain Tungsten
Project ("Pilot Mountain") in Nevada, USA, as previously announced on 1
November 2021.

 

HIGHLIGHTS

§ In consideration for the Variation,

·   Power Metal will pay Thor Mining £50,000.00 (A$94,126.00) in cash
within 7 days of 24 January 2022 ("Variation Date"); and

·   within 14 days of the Variation Date, Power Metal will issue to Thor
Mining 4,000,000 freely tradable new ordinary shares of Power Metal of 0.1p at
a deemed issue price of 2.5p (total value of £100,000).

§ Original Tail Benefit comprised a US$500,000 milestone payment, payable in
Power Metal Ordinary Shares, if Golden Metal Resources Limited, A subsidiary
of Power Metal, publishes a JORC or 43-101 compliant resource at Pilot
Mountain which increases against current declared levels by 25% across total
indicated and inferred categories within two years.

All other terms of the Sale Agreement remain the same as announced on 1
November 2021 and the announcement can be viewed at the following link:

https://www.londonstockexchange.com/news-article/THR/sale-option-exercised-for-1-8m-at-pilot-mountain/15193842
(https://www.londonstockexchange.com/news-article/THR/sale-option-exercised-for-1-8m-at-pilot-mountain/15193842)

Additionally, Power Metals have confirmed the completion of their due
diligence and therefore the sale of Pilot Mountain completed on 24 January
2022.

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

"Thor are pleased with this tail benefit variation, although the payment is
less, there is no risk to Thor, with THR receiving the cash and share payment
upfront.

This finalises the Pilot Mountain strategic divestment allowing Thor to focus
on our critical minerals, uranium and gold projects."

 

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 and the
Estimation and Reporting Pilot Mountain Mineral Resource Estimation 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.

 

Forward Looking Statements

This document may contain certain forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning Thor Mining
PLC current expectations, estimates and projections about the industry in
which Thor operates, and beliefs and assumptions regarding Thor's future
performance. When used in this document, words such as "anticipate", "could",
"plan", "estimate", "expects", "seeks", "intends", "may", "potential",
"should", and similar expressions are forward-looking statements. Although
Thor believes that its expectations reflected in these forward-looking
statements are reasonable, such statements are subject to known and unknown
risks, uncertainties and other factors, some of which are beyond the control
of Thor and no assurance can be given that actual results will be consistent
with these forward-looking statements

 

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

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