REG - Thor Mining PLC - RC Drilling Program Commences at Ragged Range

Thor EnergyAnnouncement

21/06/2022 07:00

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RNS Number : 6053P  Thor Mining PLC  21 June 2022

21 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
3,000m RC Drilling Program Commences
 

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

Project highlights:

§ Approximately 3,000m reverse circulation ("RC") drilling program commences.

§ Drilling is designed to test both structural and geochemical targets along
the Sterling Prospect 13km gold corridor, defined by robust soil and stream
anomalies, following the first phase of drilling completed in December 2021.

§ Drilling is targeting interpreted dilational zones associated with faulting and folding along the regional thrust faulted contact between the mafic and ultramafic units (Figure 1).
§ Drilling program also includes 1-3 drillholes at the Krona Prospect to test electromagnetic ("EM") conductor recently identified beneath the nickel gossan (AIM:THR 17 June 2022).
§ Concurrent to the drilling program, regional geochemical sampling and mapping will continue over the Kelly's copper-gold area in the northeast of tenure (E46/1393).

 

Photo Plate 1: Drilling rig tramming to site, Sterling prospect, Ragged Range
may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/banners/photo-djc-rig.jpg
(http://www.thormining.com/sites/thormining/media/banners/photo-djc-rig.jpg)

 

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

"It's exciting to be commencing our second phase of RC drilling at the
Sterling Prospect, Ragged Range, including drill testing the recently
identified EM conductor beneath the nickel gossan, at the Krona Prospect.

"These are robust geochemical targets associated with key structural features
defined by Thor, associated with the regional thrust faulted mafic -ultramafic
contact within the Kelly Greenstone Belt.

"We look forward to updating the market as results come through."

Figure 1 : Sterling and Krona prospects highlighting drilling traverses may be
viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/rr_proprc_fig.png
(http://www.thormining.com/sites/thormining/media/maps/rr_proprc_fig.png)

Figure 2: Tenement and 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: 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)

 

RC Drilling Program

A follow up RC drilling program at Sterling Prospect, Ragged Range has
commenced (Figure 2 and Figure 3).

This second phase of drilling is designed to test dilational zones (potential
trap sites for mineralisation and the interpreted 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, 2 and 3).

Approximately 40 drillholes for 3,000m are designed to cover these key
structures and gold anomalies, 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 and Figure 3). Drill depths will range from approximately 60-120m.

Figure 3 shows the planned drill traverses. Two drill traverses (labelled 1
and 5) will test the major thrust contact, mapped by the GSWA as the Norman
Cairns Fault. Traverses 3 and 4 are designed to cross a major anticlinal axis
and intense partly recumbent shearing and faulting in the Euro Basalt, close
to the contact. Photograph 2 shows one of these faults in the field.

 

Photo Plate 2: Fault splay at Sterling North may be viewed via the following
link:

http://www.thormining.com/sites/thormining/media/maps/photo-fault-splay.jpg
(http://www.thormining.com/sites/thormining/media/maps/photo-fault-splay.jpg)

 

Traverses 6 and 7 will test structural contacts of the Euro Basalt. These are
distinctive zones with both quartz veining and iron oxide seen at surface.
Traverse 2 will test a dilation zone located in "the kink" where sinistral
strike slip movement has led to multiple quartz veining, and surficial
magnesite in a highly altered basalt unit. Traverses 8 and 9 target a
significant fault splay that can been traced for many kilometres to the East.
This fault is ironrich with anomalous arsenic (As) up to 1,000ppm. Stream
sediment gold anomalies can be sourced to this area.

As part of the drilling program, one to three drill holes are planned to drill
test the FLEM conductor identified below the nickel gossan at Krona Prospect
(Figure 1 and Figure 2).

DJC Drilling Pty Ltd has been contracted to complete the RC drilling program.
The 3,000m program is anticipated to take four weeks, with samples being
freighted to Bureau Veritas laboratory in Adelaide, SA, for analysis.

 

Next Steps

Concurrent with the drilling program, mapping and geological sampling will be
undertaken around the copper-gold Kelly/Ryan's prospect areas (Figure 2),
focusing along strike of high-grade copper-gold historic workings.

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

 

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 (THR:AIM
announcement 23/06/2021).

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 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)
 

 

 

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