REG - Thor Mining PLC - Ragged Range 3,120m RC Drilling Program Completed

Thor EnergyAnnouncement

11/07/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220711:nRSK9817Ra&default-theme=true

RNS Number : 9817R  Thor Mining PLC  11 July 2022

11 July 2022

 

 

Thor Mining PLC

 

("Thor" or the "Company")

 

Ragged Range Project, WA

RC Drilling Program Completed

 

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

Project highlights:

·      Thor drilled 48 reverse circulation ("RC") holes totalling 3,120m
at Ragged Range over the last three weeks.

·      Drilling tested both structural and geochemical targets along the
Sterling Prospect 13km gold corridor, with 11 drill traverses completed
(Figure 1).

·      Drilling targeted interpreted dilational zones associated with
faulting and folding along the regional thrust faulted contact between the
mafic and ultramafic units (Figure 1).

·      The drilling program also included 1 drillhole at the Krona
Prospect to test the electromagnetic ("EM") conductor recently identified
beneath the nickel gossan (AIM: THR 17 June 2022). This hole has been cased in
preparation for a Downhole Electromagnetic Survey (DHEM).

·      Assays have been expedited to a laboratory in South Australia, with
results anticipated in August - September 2022.

 

Photo Plate1: may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/krona-dhem-casing.jpg
(http://www.thormining.com/sites/thormining/media/maps/krona-dhem-casing.jpg)

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

"Thor has successfully completed its second phase of drilling at the Sterling
prospect, testing several exciting structural targets associated with complex
faulting and folding along the 13km gold corridor. We were pleased to also
drill test the Krona nickel-copper Fixed Loop Electromagnetic target as part
of this drilling program.

We now eagerly await assay results and look forward to updating the market as
results come through."

 Figure 1: Sterling and Krona prospects highlighting completed drilling
traverses may be viewed via the following link:

 http://www.thormining.com/sites/thormining/media/maps/rr_comprc.png
(http://www.thormining.com/sites/thormining/media/maps/rr_comprc.png)

 

 The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia, is 100% owned by Thor Mining and comprises E46/1190,
E46/1262, E46/1355, E46/1340 and the recently granted E46/1393 (Figure 2 and
Figure 3).

 

Figure 2: Tenement & 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)

 

Figure 3: Ragged Range Tenement Location Plan showing Sterling, Krona and
Kelly's prospects may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/20-004-4e-ragged-range-greatland-highlights.jpg
(http://www.thormining.com/sites/thormining/media/maps/20-004-4e-ragged-range-greatland-highlights.jpg)

 

RC Drilling Program

STERLING PROSPECT

48 drillholes totalling 3,120m were drilled along the Sterling Prospect 13km
structural gold corridor, with drill holes generally angled 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 1). Drill depths range from approximately 60-170m.

This second phase of drilling 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 high angle to the regional
thrust faulted contact (Norman Cairns Fault) between the Euro Basalt and the
Dalton Suite ultramafics along the Sterling Prospect 13km gold corridor
(Figure 1 and 3).

 

KRONA PROPSECT

As part of the drilling program, one drill hole was drilled into the Fixed
Loop Electromagnetic ("FLEM") conductor identified below the nickel gossan at
Krona Prospect, Figure 1 (AIM: THR 17 June 2022). This hole has been cased in
preparation for DHEM survey.

DJC Drilling Pty Ltd completed drilling program. Drill samples are being
freighted to Bureau Veritas laboratory in Adelaide, SA, for analysis with
assay results anticipated in August.

 

 

Photo Plate 2: Drilling operation showing DJC rig and sample layout may be
viewed via the following link:

 

http://www.thormining.com/sites/thormining/media/maps/img_1404.jpeg
(http://www.thormining.com/sites/thormining/media/maps/img_1404.jpeg)

Sterling Prospect

Since acquiring the Ragged Range project in late 2019, Thor has completed a
series of systematic stream sediment programs over the tenure and an airborne
magnetic survey, defining a 13km structurally controlled gold corridor - the
Sterling Prospect (Figure 2).  High-grade gold stream results, including up
to 2.2g/t Au, were reported from sampling in 2019 and 2020 (AIM: THR 23 June
2021).

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)

 

As a follow up, two soil programs were completed over Sterling Central and
Sterling South areas with BLEG soil values up to 348ppb and 153ppb Au
(21RRS777 and 21RRS437 respectively), significantly above a background of
approximately 5ppb Au (Figure 3 and Figure 4). To validate these high gold
soil anomalies, a <2mm sieved stream panned concentrate with visible gold,
reported up to 74.1g/t Au (Samples 21RRST016) approximately 100m down slope,
in a small creek from soil sample 21RRS777 (AIM: THR 7 October 2021).

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)

 

The surface gold anomalism generally strikes slightly oblique to the Euro
Basalt and Dalton Suite contact suggesting that gold mineralisation is
controlled by faults and structures that splay off this major structure.

 

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

 

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
 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.

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)
 

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  DRLFIFEEDSILLIF