REG - Thor Mining PLC - Interim Drill Results - Bonya Tungsten

Thor EnergyAnnouncement

30/04/2019 08:30

RNS Number : 5328X
Thor Mining PLC
30 April 2019
 


30 April 2019
 
IMPRESSIVE INTERIM DRILL RESULTS - BONYA TUNGSTEN
 
 
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce positive interim results from drilling at the Bonya tungsten deposits, adjacent Molyhil, in the Northern Territory of Australia.
The Bonya project is held in joint venture with Arafura Resources Limited (ASX: "ARU"), with both parties contributing to the cost of the program in proportion to their project equity (THR 40% : ARU 60%).
Interim results for three of the four targets are now available following portable x-ray fluorescence ("XRF") determination, and should be considered preliminary and subject to confirmation in subsequent laboratory assay.  Laboratory assays results may vary from those obtained from XRF.
 
Highlights:
·   27 metres @ 0.32% WO₃ from 71 metres, and 16 metres @ 0.43% Copper from 43 metres, from White Violet hole 19RC020 ;
·   12 metres @ 0.70% WO₃ from 35 metres and 25 metres @ 0.42% WO₃ from 63 metres from White Violet hole 19RC021;
·   29 metres @ 0.75% WO₃ from 81 metres, including 13 metres @ 1.43% WO₃ from 91 metres from White Violet hole 19RC022;
·   2 metres @ 0.43% WO₃ from 16 metres from Tashkent hole 19RC001;
·   2 metres @ 0.52% WO₃ from 31 metres from Jericho hole 19RC008.
 
Mick Billing, Executive Chairman, commented: "These are very exciting interim results, particularly from the White Violet deposit, where results are substantially better than expectations."
"The inclusion of attractive copper interim assays from several holes also elevates the potential of the Bonya area in general, but White Violet especially."
"We look forward to the interim results from the Samarkand drilling, and also to the full laboratory assays expected during May."
 
Investors wishing to review a diagram outlining the deposits at Bonya may view this on the Company's website via the following link:
http://thormining.com/-/thor/lib/images/maps/15-001-1B%20Bonya%20Exploration%20Targets.jpg
 
Further Information
The program comprised 2,184 metres of drilling by Reverse Circulation (RC) method on Samarkand, Jericho, White Violet, and Tashkent deposits, and approximately 200 metres of trench sampling across each of the Marrakesh and Tashkent deposits.
The Jericho deposit, in particular, has been mined historically, with a surface stockpile estimated at several hundred tonnes of scheelite ore at surface adjacent to the deposit.
It is anticipated that assay results will be available within four weeks.




Hole ID


Deposit


Easting

GDA94

zone 53)


Northing

GDA94

zone 53)


Elevation

(m ASL)


Azi -muth


Dip


Hole depth (m)


Intersection


Estimated true width (m)




19RC001


Tashkent


616930


7488325


355


49.9


-59.3


40


2m @ 0.43%WO3 from 16m
2m @ 0.25%WO3 from 20m


1 & 1




19RC002


Tashkent


616913


7488309


360


51.9


-52


66


3m @ 0.11%WO3 from 55m


1.5




19RC003


Tashkent


616868


7488375


366


50.1


-60.7


40


No significant intercept


 




19RC004


Tashkent


616853


7488356


368


42.1


-55.1


60


No significant intercept


 




19RC005


Tashkent


616837


7488392


368


44.2


-59.6


40


3m @ 0.36%WO3 from 18m


1.5




19RC006


Tashkent


616819


7488370


370


43.3


-52.3


60


No significant intercept


 




19RC007


Tashkent


616789


7488425


370


50.9


-55.7


40


1m @ 0.2%WO3 from 17m


1




19RC008


Jericho


614467


7489484


383


68.1


-54.3


40


2m @ 0.52%WO3 from 31m


1




19RC009


Jericho


614466


7489482


383


79.9


-78.4


60


4m @ 0.18%WO3 from 35m
and 2m @ 0.5% Cu from 32m


2




19RC010


Jericho


614489


7489449


380


65.1


-53.2


40


No significant intercept


 




19RC011


Jericho


614488


7489447


380


76.3


-79.4


60


No significant intercept


 




19RC012


Jericho


614509


7489412


379


63.4


-59.4


40


No significant intercept


 




19RC013


Jericho


614507


7489413


379


52.4


-77.4


60


No significant intercept


 




19RC014


White Violet


609754


7486033


409


206.5


-54.6


60


No significant intercept


 




19RC015


White Violet


609764


7486047


410


206


-58.9


60


No significant intercept


 




19RC016


White Violet


609768


7486056


409


209


-63


78


No significant intercept


 




19RC017


White Violet


609734


7486034


422


211.4


-60


66


1m @ 0.2%WO3 from 45m


1




19RC018


White Violet


609736


7486044


421


208.9


-60.3


108


1m @ 0.14%WO3 from 71m
3m @ 0.17%WO3 from 80m
10m @0.15% WO3 & 0.39% Cu from 87m


10




19RC019


White Violet


609739


7486056


420


198.6


-58.1


108


3m @ 0.16%WO3 from 79m


2




19RC020


White Violet


609684


7486043


403


204.1


-56.7


90


27m @ 0.32%WO3 from 35m including 16m @0.43% Cu from 43m
7m @ 0.21%WO3 from 67m


20
12
4




19RC021


White Violet


609690


7486054


403


206.9


-57.7


108


12m @ 0.70%WO3 from 46m
25m @ 0.42%WO3 from 63m


30




19RC022


White Violet


609697


7486063


403


202.8


-57.7


120


29m @ 0.75%WO3 from 81m
including 13m at 1.43%WO3 from 91m


20 (10)




19RC023


White Violet


609712


7485992


401


5.8


-56.4


60


No significant intercept


-




 


 


Table A: Bonya drilling significant XRF intercepts with estimated true widths


 




A plan showing White Violet deposit drill collars is on the Company's website and can be viewed via the following link:
http://thormining.com/-/thor/lib/images/maps/White%20Violet%20Drill%20Plan%20cropped.jpg
 
 
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
 
Enquiries:




Mick Billing


+61 (8) 7324 1935


Thor Mining PLC


Executive Chairman




Ray Ridge


+61 (8) 7324 1935


Thor Mining PLC


CFO/Company
Secretary




Colin Aaronson/
Richard Tonthat/ Ben Roberts


+44 (0) 207 383 5100
 


Grant Thornton UK LLP
 


Nominated Adviser




Nick Emerson


+44 (0) 1483 413 500


SI Capital Ltd


Joint Broker




David Hignell / Rob Rees 


+44 (0) 20 3470 0470


SP Angel Corporate Finance LLP


Joint Broker




Tim Blythe/ Camilla Horsfall


+44 (0) 207 138 3222


Blytheweigh


Financial PR




 
Competent Person's Report
The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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'.  Richard Bradey consents to the inclusion in the report of the matters based on his 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, 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) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery. 
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁵ of:
•  A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
•  A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
 
Notes
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
 
 
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data




Criteria


JORC Code explanation


Commentary






Sampling techniques


·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
·    Aspects of the determination of mineralisation that are Material to the Public Report.
·    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m 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 is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.


Reverse Circulation drilling with face sampling hammer was used to obtain one metre interval samples. Subsamples of approximately 2-3kg were taken from each interval using rotary splitter for indicative portable XRF analysis and follow up laboratory analysis where appropriate. Chip tray samples were collected, logged and photographed.
 
Industry standard QAQC protocol was adopted with reference material inserted at approximately 20%.
 
 




Drilling techniques


·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).


Reverse circulation drilling with face sampling hammer.




Drill sample recovery


·    Method of recording and assessing core and chip sample recoveries and results assessed.
·    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.


Samples were weighed from a random selection of holes and compared with estimated sample weights to gauge overall sample recoveries. Reasonable sample recovery was obtained after the initial collar sample. Sample recoveries were consistent across different rock units.




Logging


·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
·    The total length and percentage of the relevant intersections logged.


Hole cuttings were logged geologically and photographed for the entire length of each hole.
Mineralised and unmineralised zones were easily determined from geological observations.




Sub-sampling techniques and sample preparation


·    If core, whether cut or sawn and whether quarter, half or all core taken.
·    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.


Subsamples for independent laboratory analyses were taken as follow;
Rotary splitter - all samples were dry. As per industry standard QAQC protocol, field duplicates made up 30% of the quality control samples.
Sample size of 2-3kg is appropriate for RC samples with a maximum particle size of 6mm.
 
For preliminary XRF determination not to be used for resource estimation - a further subsample of 30g was taken which is not considered representative.




Quality of assay data and laboratory tests


·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.


Laboratory assay results are not being reported rather preliminary indicative analyses by field portable XRF.
An Olympus Vanta XRF was utilised with read time total of 30 seconds. Blanks and certified reference standards were inserted every 20 to 30 analyses along with manufacturers routine calibration check.
Quality control results were checked before sample analyses.




Verification of sampling and assaying


·    The verification of significant intersections by either independent or alternative company personnel.
·    The use of twinned holes.
·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
·    Discuss any adjustment to assay data.


Significant intersections reported correspond with visual indications in samples. No further independent verification has been undertaken.




Location of data points


·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
·    Specification of the grid system used.
·    Quality and adequacy of topographic control.


Hand held GPS




Data spacing and distribution


·    Data spacing for reporting of Exploration Results.
·    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.


Drilling has been undertaken on 40 metre spaced sections with 25 metre spaced hole intercepts.
Reported intersection details are based on averaging XRF determinations from 1 metre sample intervals.
Samples have not been composited.




Orientation of data in relation to geological structure


·    Whether the orientation of sampling achieves unbiased sampling of 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.


Hole orientations are appropriately for the orientation of target mineralised zones. Estimated true widths are stated.




Sample security


·    The measures taken to ensure sample security.


None




Audits or reviews


·    The results of any audits or reviews of sampling techniques and data.


None




 




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