REG - Thor Mining PLC - Quarterly Report July to September 2022
31/10/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221031:nRSe5799Ea&default-theme=true
RNS Number : 5799E Thor Mining PLC 31 October 2022
31 October 2022
Thor Mining PLC
("Thor" or the "Company")
Quarterly Activities Report
July to September 2022
Highlights Outlook for December Quarter 2022
URANIUM
Wedding Bell Project, Colorado USA
· Commenced drilling to test three priority prospects within the Wedding · Downhole gamma logging of drillholes.
Bell and Radium Mountain projects, including Groundhog, Rim Rock and Section
23. · Assay results from drilling program.
GOLD, LITHIUM, NICKEL
Ragged Range, Pilbara region, WA Australia
· RC drilling program completed at Kelly's Prospect testing beneath · Kelly's Prospect RC drilling assay results.
high-grade rock-chips (15.5g/t Au) and historic drillhole with 1.52m @
22.92g/t Au reported. · Platinum Group Element "PGE" assay results for Krona drillhole.
· 3120m RC drilling program completed in early July 2022 at Sterling and · Prospectivity targeting from airborne magnetics survey.
Krona Prospects.
· Krona Prospect nickel hole intercepted edge of electromagnetic conductor
returning 66m @ 0.2% Ni from 81m (22RRC045).
· An airborne magnetics survey was completed over the eastern portion of
the tenure.
COPPER
Alford East, SA Australia
· Hydrogeology quarterly water characterisation sampling undertaken. · Further metallurgical testing to maximise copper recoveries.
Kapunda, SA Australia (via 30% equity holding in EnviroCopper Ltd)
· Investment from OZ Minerals of A2.5 million over 18 months to support In · Contract detais to be finalised
Situ Recovery (ISR) research at the Kapunda Project.
· Scoping Study with OZ Minerals to commence.
· Final approvals for lixiviant stage of Push Pull test underway
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
· Review of strategic plans for Molyhil. · Divestment updates.
· Commenced divestment discussions.
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"The September quarter has been a period of strong progress for the Company,
with advancements across much of our portfolio.
"At a time when nuclear energy stands as an attractive alternative to fossil
fuels, we were delighted to commence drilling at our Wedding Bell and Radium
Mountain Project targeting the prospective 'Salt Wash' horizon of
sandstone-hosted uranium and vanadium mineralisation. The program focuses on
the particularly encouraging Section 23, Rim Rock and Ground Hog prospects. We
look forward to testing these shallow, high-grade targets, especially Section
23, where Thor will be the first company to access and drill test this highly
prospective area.
"At our 100% owned Ragged Range Project, we now await the assay results from
drilling at the Kelly's Prospect, which completed post-period end, as well as
PGE assay results for the Krona Prospect, where hole 22RRRC045 intercepted the
edge of electromagnetic conductor, returning 66m @ 0.2% Ni from 81m. In
addition to following up on the airborne magnetics survey with prospectivity
targeting, the reception of assay results from these drilling programs will
dictate areas of priority and next steps at the Project.
"The current short to long-term viability for nuclear energy is the best it
has been in over 50 years, with demand increasing due to climate change and
carbon emission initiatives, electrification, responses to the global energy
crisis exacerbated in Europe by the Russian invasion, and advancements in
small modular reactors (SMR). As uranium prices rise and the US looks to
secure domestic uranium supply, Thor is in an excellent position to advance
this promising US asset.
"We look forward to receiving the drill results at both the Kelly's Prospect,
Ragged Range and our US Wedding Bell and Radium Mountain Projects."
Photo 1: Rotary Drilling at Section 23, Wedding Bell Project, Colorado, USA
URANIUM PROJECTS, USA
Thor holds a 100% interest in three uranium projects: Wedding Bell, Radium
Mountain and Vanadium King in Colorado and Utah, USA. These projects host
uranium and vanadium mineralisation in an area known as the Uravan Mineral
Belt, which has a history of high-grade uranium and vanadium production
(Figure 1).
Within probable economically viable transport distance is a processing plant
Energy Fuels White Mesa Mill, which poses a low hurdle processing option for
any production from these projects.
Details of the projects may be found on the Thor website:
www.thormining.com/projects/us-uranium-and-vanadium
(http://www.thormining.com/projects/us-uranium-and-vanadium) .
DRILLING PROGRAM
During the quarter, Thor commenced an initial drilling program at the Wedding
Bell and Radium Mountain Projects (comprising 15 drillholes for a total of
2000m drilled to an average depth of 80m (down to ~150m)) to fully test the
highly prospective Salt Wash Sandstone horizon at three priority targets
(ASX/AIM: THR 26 September 2022).
High-grade assay results from due diligence work completed by Thor returned up
to 1.25% U(3)O(8) and 3.47% V(2)O(5), confirming uranium and vanadium
mineralisation within the Brushy Basin Shales and the Salt Wash Sandstone of
the Morrison Formation (Figures 2 and 3). This is consistent with and typical
of the historical production in the Wedding Bell and Radium Mountain area of
the Uravan Mineral Belt (Figure 3).
Following this work, three priority areas within the Wedding Bell and Radium
Mountain claims were highlighted for drill testing: Section 23, Rim Rock and
Ground Hog (Figure 2).
Section 23 (Figure 2) in the southeast corner of the Wedding Bell claims has
been identified by Thor 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 drillholes 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.
The Rim Rock Mine area (Figure 2) represents a second priority drill target.
The proposed drill holes are designed to straddle the ESE projection of the
sampled Rim Rock Mine, whose adit opening is located immediately to the west
(Photo 3). The Rim Rock Mine was the largest uranium-vanadium producer in the
project area. When the adit area was rock chip sampled by Thor, a laterally
continuous layer of vanadium mineralisation with assays was sampled:
§ 0.89% U(3)O(8) and 1.68%V(2)O(5) - WR-003
§ 0.14 % U(3)0(8) and 1.9% V(2)0(5) - WR-017
§ 0.05% U(3)O(8) and 2.14% V(2)O(5) - WR0018
(ASX/AIM:THR Announcement 21 July 2020)
It is anticipated that this same layer or a stratigraphically equivalent layer
of mineralisation will be intercepted by the proposed drill holes. Vanadium
layers, such as this one, with relatively low uranium content (by the
standards of historical uranium mining in the Uravan District), were usually
ignored by the miners.
Drilling proposed at the Groundhog Mine area (Figure 2 and 3) is designed to
test for any lateral continuation of mineralisation parallel to the east-west
mineralisation mined to the south.
Douglas Exploration LLC is undertaking the drilling program, with Jet West
Geophysical Services completing the downhole gamma probe work.
Next Steps:
§ Complete drilling program.
§ Awaiting downhole gamma results.
Figure 1: Location map showing projects, infrastructure and nearby White
Mesa processing plant.
Figure 2: Map of Colorado Wedding Bell Project showing priority areas -
Section 23, Groundhog and Rim Rock.
Figure 3: Section 23 looking west towards Groundhog showing stratigraphic
horizons.
RAGGED RANGE PROJECT
The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia (Figure 1) is 100% owned by Thor Mining and comprises
E46/1190, E46/1262, E46/1355, E46/1340 and E46/1393 (Figure 4).
Since the acquisition, Thor has conducted several programs of stream sediment
and soil sampling to delineate drill targets. Thor has also flown an airborne
magnetics survey over the tenement area to better define the structural
features of the area.
During the September quarter Thor completed an airborne magnetic survey over
the eastern portion of the tenure and two RC drilling programs at Ragged
Range; with the first at Sterling and Krona prospects, and second at Kelly's
Prospect (Figure 4).
Further details of the projects may be found on the Thor website:
www.thormining.com/projects/ragged-range-pilbara-project
(http://www.thormining.com/projects/ragged-range-pilbara-project) .
.
Figure 4: Ragged Range Project location map (left) and tenement map (right)
showing priority prospects
KELLY'S PROSPECT
The Kelly's Prospect consists of a few small, high-grade historic copper
workings; these appear to be associated with shear zones cross-cutting the
northwest trending Boobina Porphyry/Euro Basalt boundary (Figure 4 and 5).
Two historic copper mines were worked on at either end of the Boobina
Porphyry/Euro Basalt contact; Copper Hills (which produced 15,730 t of
cupreous ore with a grade of 13% Cu, mined in 1952-1963)(1) and Kelly's (which
produced 609t of cupreous ore with a grade of 19% Cu, mined in 1955-1970)(2)
(figure 4 and 5).
Exploration to date has been sporadic, focused primarily on copper
mineralisation, with no systematic approach over the area.
At the end of the Quarter a small, 10-hole RC drilling program was completed
at the Kelly's Prospect, testing the Kelly's Ridge, Kelly's Copper and Kelly's
NE areas (ASX/AIM: THR 26 October 2022).
Drilling at Kelly's Ridge was designed to test below the high-grade rock chips
returning up to 15g/t Au and 535g/t Ag along the 1 km silicified ridge at the
contact between the Boobina Porphyry and Euro Basalt and to also test below
and along strike of the historic drill hole (DDHK2)(3), that intersected 1.5m
@ 22.97g/t gold located at the porphyry-basalt contact (Figure 5, 6 and 7).
The north-north-west trending mineralisation at Kelly's Copper Mine, extending
over 600 metres, is developed in quartz veins along shears, cutting the
Boobina Porphyry. The oxidised zone contains malachite, azurite, cuprite,
chrysocolla, with bornite and chalcocite in the supergene zone, and pyrite and
chalcopyrite in quartz- sericite-chlorite alteration at depth.
Two drillholes were positioned to drill beneath these historic high-grade
workings to provide a representative sample of mineralisation, rock types, and
alteration. The holes extended through the volcanic porphyries into the
basalt, testing the contact at depth for primary sulphide copper
mineralisation (chalcopyrite).
Figure 5: Kelly's Prospect, highlighting drill collars and gold in rock chips.
Figure 6: Kelly's Ridge cross section, showing drill collars, historic drill
intercept and high-grade rock chip
Figure 7: Kelly's Prospect looking southeast showing ridge between Boobina
Porphyry and Euro Basalt
KRONA PROPSECT - Nickel Gossan
As part of the drilling program, one drill hole was drilled at Krona prospect,
testing a shallow (100m) conductor identified by the high-powered Fixed Loop
Electromagnetics (FLEM) ground geophysics survey (ASX/AIM: THR 17 June 2022).
An intersection of 66m @ 0.19% Nickel from 81m was returned in 22RRRC045.
Unfortunately, the drill hole appears to have only just touched the edge of
the EM conductor, with follow up downhole electromagnetics (DHEM) confirming a
conductor to the side of the drillhole, Figure 8 (ASX/AIM: THR 20 September
2022).
Sample from 22RRRC045 have been submitted for Platinum Group
Elements "PGE"s analysis, often associated with nickel sulphide systems.
Figure 8: FLEM survey showing EM conductor and location of RC drill hole
overlain on the 100K GSWA Geology.
STERLING PROSPECT
In July 2022, 48 drillholes totalling 3,120m were drilled along the Sterling
Prospect 13km structural gold corridor, (ASX/AIM: THR 11 July 2022).
This second phase of drilling at Sterling Prospect tested interpreted
dilational zones (potential trap sites for mineralisation and the potential
source of the gold anomalies found in stream and soil samples). Surface
anomalism is associated with a series of faults and folds, subparallel or at a
low angle to the regional thrust faulted contact (Norman Cairns Fault) between
the Euro Basalt and the Dalton Suite ultramafics (Figure 4 and 9).
Drilling intercepted key zones of sericite-sulphide-quartz alteration, with
anomalous gold up to 6m @ 0.16 g/t Au at the southern end of the prospect
(Figures 4 - 6). Although the tenor of the gold result is low these results
demonstrate gold is present in the system and warrant following up with
detailed structural and geochemical mapping (ASX/AIM: THR 26 October 2022).
NEXT STEPS
§ Await Kelly's Prospect RC drill assays.
§ Detailed geological interpretation from recently flown airborne magnetic
survey over the eastern portion of tenure.
§ Preparation for follow up drilling of any anomalous results including Krona
nickel hole.
§ Continue regional exploration, focusing on lithium priority areas.
Figure 9: Sterling and Krona prospects highlighting completed RC drilling
traverses
COPPER PROJECTS
Thor holds direct and indirect interests in over 400,000 tonnes of Inferred Figure 10 SA Copper projects location map.
copper resources in South Australia via its 80% farm-in interest in the Alford
East copper project and 30% interest in EnviroCopper Ltd (Figure 10).
Each of these projects are considered by Thor directors to have significant
growth potential. Both are also advancing towards development via low cost,
environmentally friendly In Situ Recovery (ISR) techniques.
ALFORD EAST COPPER-GOLD PROJECT - SA
The Alford East Copper-Gold Project is located on EL6529. Thor is earning up
to 80% interest in the project from unlisted Australian explorer Spencer
Metals Pty Ltd, covering portions of EL6255 and EL6529 (THR: RNS 23 November
2020).
The Project covers the northern extension of the Alford Copper Belt, located
on the Yorke Peninsula, SA (Figure 10). The Alford Copper Belt is a semi
coherent zone of copper-gold oxide mineralisation within a structurally
controlled, north-south corridor consisting of deeply kaolinized and oxidised
troughs within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA (Figure 11).
Utilising historic drill hole information, Thor completed an inferred Mineral
Resource Estimate (MRE) (ASX/AIM: THR 26 January 2021), consisting of:
§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper.
§ 71, 500oz of contained gold.
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)
Figure 11: Alford East Project showing the eight mineralised domains (Plan
View) (left) and Tenement & Prospect Location Plan (right).
In conjunction with the technical assessment, Thor will continue ongoing
stakeholder and community engagement, as well as regulatory activities.
Based on the nature of the oxide mineralisation, the deposit is considered
amenable to In Situ Recovery (ISR) techniques. For further information on ISR
please refer to Thor's website via this link for an informative video:
www.youtube.com/watch?v=eG_1ZGD0WIw
(http://www.youtube.com/watch?v=eG_1ZGD0WIw)
KAPUNDA and ALFORD WEST COPPER PROJECTS - SA
Thor holds a 30% equity interest in private Australian company EnviroCopper
Limited ("ECL"). In turn, ECL has entered into an agreement to earn, in two
stages, up to 75% of the rights over metals which may be recovered via In-Situ
Recovery ("ISR") contained in the Kapunda deposit from Australian listed
company Terramin Australia Limited ("Terramin" ASX: "TZN"), and the rights to
75% of the Alford West copper project, comprising the northern portion of
exploration licence EL5984 held by Andromeda Metals Limited (ASX: ADN).
Information about EnviroCopper Limited and its projects can be found on the
EnviroCopper website:
www.envirocopper.com.au (http://www.envirocopper.com.au/)
KAPUNDA
OZL's Think & Act Differently innovation team, through OZ Exploration Pty
Ltd, a subsidiary of OZL, has committed AUD$2.5 million over 18 months into
investigating the potential economic extraction of copper via ISR at the
Kapunda Project (the "Research Agreement"). This funding expands on previous
work by ECL in cooperation with CSIRO and University of Adelaide under a CRC-P
grant (Commonwealth Research Centre Project). Any resulting IP from the
Research Agreement will be owned by ECL, and a license will be granted to OZL
which will be worldwide, perpetual, assignable, irrevocable and royalty free
(ASX/AIM: THR 9 August 2022).
The Kapunda ISR Copper-Gold Project is located approximately 90 kilometres
north north-east of Adelaide in South Australia (Figure 10). ECL manage the
Kapunda project under a Joint Venture with tenement holder Terramin Ltd
(ASX:TZN) ("Terramin") to earn 75% interest in the mineral rights over metals
which may be recovered via ISR with Thor owning 30% equity in ECL. Terramin
and ECR have estimated a combined Resource of 47.4 million tonnes at 0.25%
copper containing 119,000 tonnes of copper using a 0.05% copper cut off. This
Resource estimate is only in respect of that part of the Kapunda
mineralisation that is considered amendable to ISR (copper oxides and
secondary copper sulphides) and only reports mineralisation that is within 100
metres of the surface (ASX: TZN 12 February 2018).
ECL is now working to developing Kapunda into an operational Copper ISR mine.
Funding is non - dilutive to Thor's 30% interest in ECL.
TUNGSTEN PROJECTS
MOLYHIL TUNGSTEN - MOLYBDENUM - COPPER PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor Mining Figure 12: Molyhil project location map
and is located 220km north-east of Alice Springs (320km by road) within the
prospective polymetallic province of the Proterozoic Eastern Arunta Block in
the Northern Territory (Figure 12).
The deposit consists of two adjacent outcropping iron-rich skarn bodies: the
northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to
a granite intrusion; both lodes contain scheelite (CaWO(4)) and molybdenite
(MoS(2)) mineralisation. Both the outlines of the lodes and the banding within
the lodes strike approximately north and dip steeply to the east.
A full background on the project is available on the Thor Mining website:
www.thormining.com/projects (http://www.thormining.com/projects) .
The newly discovered extension of the tungsten-molybdenum-chalcopyrite
mineralisation to the south of the Molyhil deposit has validated the
successful 3D modelling of the geology, magnetics and mineralisation. The
newly acquired data will be used to enhance the 3D model prior to potential
follow up resource drilling.
Thor is currently looking to divest project, seeking Joint Venture partner or
sale of the Project.
BONYA (TUNGSTEN, COPPER) AND JERVOIS VANADIUM PROJECTS (40% THOR)
The Bonya tungsten, copper and vanadium deposits are located approximately
30km to the north-east of Molyhil (Figure 14). Thor, in joint venture with
Arafura, holds a 40% equity interest in the resources.
A full background on the project is available on the Thor Mining website:
www.thormining.com/projects (http://www.thormining.com/projects) .
Figure 13: Molyhil Project location showing adjacent Bonya tenement
CORPORATE, FINANCE, AND CASH MOVEMENTS
The Company reports net cash outflows from operating and investing activities
for the quarter of $840,000, comprising inflows of AUD$350,000 from the sale
of Power Metal Resources Plc (POW) Shares and $293,000 from the receipt of
government grants and total outflows of AUD$1,483,000. AUD$1,313,000 of the
outflows related directly to exploration activities.
Providing an ending cash balance of AUD$1,175,000. In addition, Thor holds a
further 35,118,920 POW Shares with a mark to market value of £474,000
(approximately $846,000) based on the closing price of £0.0135 for POW
Shares, as traded on the London Stock Exchange on 27 October 2022.
Approximately one third of these POW Shares are freely tradeable, with the
other third being released from escrow on 31 October 2022 and the remaining
third being released from escrow on 31 January 2023.
Cashflows for the quarter include related party payments of $98,000 to
Directors, comprising the Managing Director's salary, and Non-Executive
Directors' fees.
References:
1. DDHk2, drilled by Hawkstone 1969, Open File Annual Report
2. Kelly's: produced 609t of cupreous ore with a grade of 19% Cu, mined
1955-1970. https://www.mindat.org/loc-122951.html
(https://www.mindat.org/loc-122951.html)
3. Copper Hill: produced 15,730 t of cupreous ore with a grade of 13% Cu,
mined 1952-1963
https://www.mindat.org/loc-122950.html
(https://www.mindat.org/loc-122950.html)
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
Antonio Bossi / 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
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)
TENEMENT SCHEDULE
At 31 June 2022, the consolidated entity holds an interest in the following
Australian tenements:
Project Tenement Area kms(2) Area ha. Holders Company Interest
Molyhil EL22349 228.10 Molyhil Mining Pty Ltd 100%
Molyhil EL31130 9.51 Molyhil Mining Pty Ltd 100%
Molyhil ML23825 95.92 Molyhil Mining Pty Ltd 100%
Molyhil ML24429 91.12 Molyhil Mining Pty Ltd 100%
Molyhil ML25721 56.2 Molyhil Mining Pty Ltd 100%
Molyhil AA29732 38.6 Molyhil Mining Pty Ltd 100%
Molyhil MLS77 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS78 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS79 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS80 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS81 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS82 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS83 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS84 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS85 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS86 8.05 Molyhil Mining Pty Ltd 100%
Bonya EL29701 204.5 Molyhil Mining Pty Ltd 40%
Bonya EL32167 74.54 Molyhil Mining Pty Ltd 40%
Panorama E46/1190 35.03 Pilbara Goldfields Pty Ltd 100%
Ragged Range E46/1262 57.3 Pilbara Goldfields Pty Ltd 100%
Corunna Downs E46/1340 48 Pilbara Goldfields Pty Ltd 100%
Bonney Downs E46/1355 38 Pilbara Goldfields Pty Ltd 100%
Hamersley Range E46/1393 11 Pilbara Goldfields Pty Ltd 100%
At 31 March 2022, the consolidated entity holds an interest in the following
tenements in the US State of Nevada:
Claim Group Prospect Claim Name Area Holders Company Interest
Platoro Desert Scheelite NT #55 - 64 45 blocks (611ha or 1,510 acres) 100%
Garnet NT #9 - 18
Pilot Metals Inc
Gunmetal NT #19 - 22, 6, 7
Good Hope NT #1 - 5, 41 - 54
BFM 1 Black Fire Claims BFM1 - BFM109 109 blocks (1,481ha or 3,660 acres) BFM Resources Inc 100%
BFM 2 Des Scheel East BFM109 - BFM131 22blocks (299ha or 739Acre) BFM Resources Inc 100%
Dunham Mill Dunham Mill MS1 - MS4 4 blocks BFM Resources Inc 100%
On 31 March 2022, the consolidated entity holds 100% interest in a Uranium and
Vanadium projects in US States of Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company Interest
Vanadium King (Utah) UMC445103 to UMC445202 VK-001 to VK-100 100 blocks (2,066 acres) Cisco Minerals Inc 100%
Radium Mountain (Colorado) CMC292259 to CMC292357 Radium-001 to Radium-099 99 blocks (2,045 acres) Standard Minerals Inc 100%
Groundhog (Colorado) CMC292159 to CMC292258 Groundhog-001 to Groundhog-100 100 blocks (2,066 acres) Standard Minerals Inc 100%
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
THOR MINING PLC
ABN Quarter ended ("current quarter")
121 117 673 30 SEPTEMBER 2022
Consolidated statement of cash flows Current quarter Year to date (3 months)
$A'000
$A'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (9) (9)
(e) administration and corporate costs (161) (161)
1.3 Dividends received (see note 3)
1.4 Interest received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other 2 2
1.9 Net cash from / (used in) operating activities (168) (168)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (2) (2)
(d) exploration & evaluation (1,239) (1,239)
(e) equity accounted investments
(f) other non-current assets (bonds) (74) (74)
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 350 350
(e) other non-current assets
2.3 Cash flows from loans to other entities
2.4 Dividends received (see note 3)
2.5 Other (Government grants) 293 293
2.6 Net cash from / (used in) investing activities (672) (672)
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings (lease liability)
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance of a placement)
3.10 Net cash from / (used in) financing activities - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,069 2,069
4.2 Net cash from / (used in) operating activities (item 1.9 above) (168) (168)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (672) (672)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held (54) (54)
4.6 Cash and cash equivalents at end of period 1,175 1,175
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 1,175 2,069
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,175 2,069
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 98
in item 1
6.2 Aggregate amount of payments to related parties and their associates included
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
The amount at item 6.1 above represents fees paid to Non-Executive Directors,
and remuneration paid to the Managing Director.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
7.5 Unused financing facilities available at quarter end
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (168)
8.2 (Payments for exploration & evaluation classified as investing activities) (1,239)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,407)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,175
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,175
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 0.8
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the
current level of net operating cash flows for the time being and, if not, why
not?
Answer: No. The current quarter included $1.2m for exploration expenditure
which is expected to be less in the next quarter. The majority of this
quarterly expenditure is discretionary and is subject to available funding.
8.8.2 Has the entity taken any steps, or does it propose to take
any steps, to raise further cash to fund its operations and, if so, what are
those steps and how likely does it believe that they will be successful?
Answer: As at 30 September 2022, the Company holds cash of $1.2m together with
35,118,920 Power Metal Resources Plc Shares with a market value of $0.85
million (based on the LSE closing price on 27 October 2022 of 1.35 pence).
In addition, the Company regularly monitors cashflow needs against available
cash and seeks to raise capital through equity placements as and when
needed. The Company has a history of successful capital raising.
8.8.3 Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what basis?
Answer: Yes, on the basis of available cash of $1.2m and $0.85m market value
of POW Shares, together with capital raising alternatives (refer 8.8.2).
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: ..31 October
2022...........................................................
Authorised by: .....the
Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the
accompanying activity report provide a basis for informing the market about
the entity's activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes to
disclose additional information over and above the minimum required under the
Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been
prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this report. If this
quarterly cash flow report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as
cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release
to the market by your board of directors, you can insert here: "By the board".
If it has been authorised for release to the market by a committee of your
board of directors, you can insert here: "By the [name of board committee - eg
Audit and Risk Committee]". If it has been authorised for release to the
market by a disclosure committee, you can insert here: "By the Disclosure
Committee".
5. If this report has been authorised for release
to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLFFFFVIALIVIFRecent news on Thor Energy
See all newsREG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
AnnouncementREG - Thor Energy PLC - Completion of Stage 1 Earn-In Commitment - Molyhil
AnnouncementREG - Thor Energy PLC - 3D Model Shows Alford East Copper Mineralisation
AnnouncementREG - Thor Energy PLC - Half-year Report
AnnouncementREG - Thor Energy PLC - High Grade Uranium and Vanadium Assays Results
Announcement