REG - Thor Mining PLC - Ragged Range Project Update
17/06/2022 07:00
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RNS Number : 2671P Thor Mining PLC 17 June 2022
17 June 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
("Thor" or the "Company")
Ragged Range Project, WA
Electromagnetic Conductor identified beneath Nickel Gossan
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to announce that the recently completed electromagnetic geophysics
survey over the nickel gossan at the Krona Prospect identified a conductive
anomaly at the Company's 100% owned Ragged Range Project, located in the
Eastern Pilbara, Western Australia.
Project highlights:
· A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey has identified a shallow conductor beneath the nickel gossan
at the Krona Prospect (Figure 1 and Figure 2).
· The conductor is consistent with sulphides and warrants drill
testing to validate.
· The nickel gossan is located at the basal contact of the Dalton
Suite ultramafic unit (altered Archean Komatiite) in the classic location for
nickel-copper sulphide mineralisation.
· The shallow conductor will be drill tested including downhole EM,
as part of the upcoming reverse circulation (RC) drilling program scheduled to
commence next week at the Sterling Gold Prospect.
Photo of the FLEM crew carry out survey may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/Maps/flem-crew.jpg
(http://www.thormining.com/sites/thormining/media/Maps/flem-crew.jpg)
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"I am encouraged that the first ground geophysics survey at Ragged Range has
identified a shallow electromagnetic conductor. The target is modelled at
around 100m below the surface, establishing it a clear drill target for the
upcoming RC drilling program.
"We look forward to drill testing this anomaly as part of our RC drilling
program, scheduled to commence at Sterling Prospect next week."
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 the
gossan position, Krona Prospect adjacent to the Sterling prospect 13km gold
trend may be viewed by the following link:
http://www.thormining.com/sites/thormining/media/maps/tenure_krona-prospect.jpg
(http://www.thormining.com/sites/thormining/media/maps/tenure_krona-prospect.jpg)
Krona Prospect - Nickel Gossan
A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey was
completed over the Krona Prospect, covering the full extent of the nickel
gossan, located in the western portion of the tenure (Figures 1 and 2). This
is the first ground geophysics survey on the Ragged Range Project. The survey
over the gossan was designed to detect conductive anomalies at depth that may
indicate the presence of massive nickel-copper sulphide mineralisation to
constrain initial drill testing.
A single loop FLEM survey over the Krona prospect identified a conductor at
the southern end of the gossan (Figure 2). The conductor was modelled as a
shallow flat lying feature approximately 100m deep (Figure 3) and is
consistent with sulphides. The shallow (100m) conductor gives Thor a clear
drill target, that will be drill tested as part of the upcoming RC program at
the adjacent Sterling Prospect (Figure 3).
The gossan was initially 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.
Figure 2: FLEM survey showing EM conductor overlain on the 100K GSWA Geology
may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/kronaem_fig.png
(http://www.thormining.com/sites/thormining/media/maps/kronaem_fig.png)
Figure 3: 3D modelled conductor may be viweded via the following link:
http://www.thormining.com/sites/thormining/media/maps/3d-modelled-conductor.jpg
(http://www.thormining.com/sites/thormining/media/maps/3d-modelled-conductor.jpg)
Next Steps
§ Commence RC drilling program at Sterling Prospect following up on
structurally controlled anomalous gold in streams and soils.
§ Drill test EM conductor at Krona Prospect as part of RC drilling program,
with downhole EM.
§ An Airborne magnetic/radiometric survey, scheduled to be flown over the
eastern portion of the tenure (including E46/1340 and E46/1393) in the near
future.
§ Continue regional exploration, focusing on both lithium priority areas and
the copper-gold historic workings in the northeastern portion of tenure.
References:
· Bagas et al., 2004. Geology of the Spilt Roc 1:100,000 Sheet.
1:00,000 Geological Series. Geological Survey of Western Australia
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 Geophysical Exploration Results is based on information compiled by Kim Frankcombe, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr Frankcombe is employed as a Consultant to the Company through geophysical consultancy. Mr Frankcombe has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Frankcombe consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.
The information in this report that relates to Geological interpretation and
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.
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 the 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)
1. 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or No new drilling or surface sampling in this release.
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, handheld XRF · THR is reporting the results of a ground electromagnetic survey conducted
instruments, etc). These examples should not be taken as limiting the broad by Vortex geophysics PTY LTD which commenced on the 10 May 2022 and finished
meaning of sampling. on the 26 May 2022
· Include reference to measures taken to ensure sample representivity and · The electromagnetic data was acquired using a Emit SmarTEM 24, 16 channel
the appropriate calibration of any measurement tools or systems used. receiver with 3 component smart fluxgate.
· Aspects of the determination of mineralisation that are Material to the · 1 Vortex VTX-100 transmitter and associated generator.
Public Report.
· The FLEM system specifications are as follows:
· In cases where 'industry standard' work has been done, this would be
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m o Senor configuration: 3 component smart fluxgate magnetometer.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases, more explanation may be required, such as where there o Receiver=SmartTEM-24 o Transmitter=Vortex VTX-100
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of · Tx Current = is 50-60A for 400x 600m loops. 80A for the 300x200m loop o
detailed information. Base Frequency = 2.5 Hz o Off time = 100 msec o GPS control = handheld GPS.
Drilling techniques · Drill type (e.g.core, reverse circulation, open-hole hammer, rotary air Not applicable -
blast, auger, Bangka, sonic, etc.) and details (e.g.core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, No drilling reported
whether core is oriented and if so, by what method, etc.).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Not applicable-
results assessed.
No drilling reported
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and geotechnically Not applicable-
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. No drilling reported
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub- sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Not applicable-
taken.
No drilling reported
· If non-core, whether riffled, tube sampled, rotary split, etc. and
whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample
preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and laboratory No drilling reported
procedures used and whether the technique is considered partial or total.
Vortex Geophysics conducted the FLEM survey.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and · The electromagnetic data was acquired using a Emit SmarTEM 24, 16 channel
model, reading times, calibrations factors applied and their derivation, etc. receiver with 3 component smart fluxgate.
· Nature of quality control procedures adopted (e.g.standards, blanks, · 1 Vortex VTX-100 transmitter and associated generator.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · The FLEM system specifications are as follows:
o Sensor configuration: 3 component smart fluxgate magnetometer.
o Receiver=SmartTEM-24
o Transmitter=Vortex VTX-100
· Tx Current = 50A for 100-200m/50 line/station spacing. o Base Frequency =
0.5 Hz
o Off time = 500 msec
§ 9 lines/134 stations
§ Distanced surveyed 6.3km
Verification of sampling and assaying · The verification of significant intersections by either independent or FLEM - Data received is preliminary in nature and has been reviewed by Kim
alternative company personnel. Frankcombe ExploreGeo pty Ltd geophysical consultant.
· The use of twinned holes. FLEM conductors have been selected by Kim Frankcombe ExploreGeo pty Ltd
geophysical Consulting.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar and No drilling reported
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. FLEM - Data using a handheld GPS
· Specification of the grid system used. § GDA94 Zone 50.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. FLEM line spacing is appropri ate for exploration purposes.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Fix loop Electromagnetics lines were oriented perpendicular to gossan trend.
possible structures and the extent to which this is known, considering the
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. No sampling reported.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. None undertaken.
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Exploration results are reported on E46/1262 in Western Australia held 100% by
agreements or material issues with third parties such as joint ventures, Pilbara Minerals Pty Ltd (100% subsidiary of Thor Mining PLC).
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. The tenement is secure under WA legislation and is in good standing.
· The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. Geological mapping and stream sediment sampling by Great Southern Mines and
Thor Mining. Open File Report A050141-Surrender Report.
Geology · Deposit type, geological setting and style of mineralisation. Yet to be determined.
Drill hole Information · A summary of all information material to the understanding of the No drilling has been undertaken or reported.
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregate n methods · In reporting Exploration Results, weighting averaging techniques, Only field observations have been reported. There has been no data
maximum and/or minimum grade truncations (e.g.cutting of high grades) and aggregation.
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated
Relationship between mineralisaton widths and intercept lengths · These relationships are particularly important in the reporting of No drilling has been undertaken or reported.
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g.'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of See body of report.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not FLEM data is reported for Krona Prospect.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported All data have been reported.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g.tests for lateral It is anticipated that the EM conductor identified from the FLEM survey will
extensions or depth extensions or large-scale step- out drilling). be drill tested to validate - diagram included in report showing potential
drillhole location,
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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