Assays Boost Gold Potential at Spring Hill

RNS Number : 6984R

Thor Mining PLC

30 October 2013

 

30 October 2013

THOR MINING PLC

DRILL PROGRAM ASSAYS BOOSTSHALLOW GOLD POTENTIAL OF SPRING HILL

New assay results, including assays of more than 10 grams/tonne gold (Au), have been received from the 2013 Spring Hill Reverse Circulation drill program at Thor Mining PLC's ("Thor") (AIM, ASX: THR) Spring Hill gold project south of Darwin in Australia's Northern Territory.

Highlights include:

·              SHRC238           6metres(m) at 5.6 grams/tonne (g/t) gold from 15m

Including: 3m at 10.9g/t from 15m

·              SHRC250           6m at 6.8g/t from 15m

Including: 4m at 10.1g/t Au from 16m

·              SHRC244           28m at 1.18g/t Au from 3m

Including: 1m at 2.5g/t Au from 10m,

             : 1m at 2.7g/t Au from 12m,

             : 1m at 2.2g/t Au from 15m, and

 : 2m at 2.3g/t Au from 18m

In addition, 11 holes of the 19 hole program, intersected mineralisation within 50 metres of surface at grades consistent with what the Company has come to expect from Spring Hill - suggesting that the planned near-term oxide mining inventory, announced in June 2013, may be extended.

·        Highlighted intersections above show down-hole measurements.  Refer to Table 1 for the full report of significant intersections including estimated true widths.

The program comprised 1,606 metres of RC drilling targeting near surface mineralisation most likely to enhance Thor's proposed initial mining inventory. Holes SHRC238 and SHRC250 demonstrate the potential to further add significant value to the near surface resource at Spring Hill.

Drilling to test up-dip continuation of mineralisation, from SHDD010 in the 2012 drilling program, has shown mineralisation may roll in an easterly direction as a saddle reef rather than extend directly to the surface as previously postulated.

Testing of other targets within the Spring Hill lease area, such as Steve's Gully, was not completed in this round of drilling but remains a high priority due to surface exposures of robust sheeted veining supported by only a preliminary level of drill testing.

Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said: "Not only do the new assay results have the potential to enhance the Spring Hill mining inventory but they also demonstrate the potential for further growth. The Spring Hill mineralising system is not straight forward, however, its potential is growing, and Thor continues to identify additional mineralisation outside previously known boundaries."

Thor holds a 51% equity interest in the Spring Hill project, and is exercising rights to increase that interest to 80% from Western Desert Resources Limited (ASX "WDR").

In June, Thor lodged a mining application with the NT Government to commence gold mining operations at Spring Hill via a near-surface short-term gold extraction operation estimated to yield between 40,000 and 45,000 ounces of gold over a 2-3 year period. The Company hopes to commence mining within 12 months, subject to regulatory approvals, with milling via toll treatment at Crocodile Gold's nearby Union reefs processing plant.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ David Hignell / Jamie Barklem	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson/ Andy Thacker	[phone]	SI Capital Limited	Broker
Alex Walters	[phone] [phone]	Cadogan PR	Financial PR

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.

Competent Persons 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 2004 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.

Table 1: Significant Intersection Summary Report

Hole id	North GDA		East GDA			RL GDA		Azimuth	Dip		Hole Depth (m)	From (m)	Interval (m)	True Width (rounded)	Au g/t
SHRC235	8493950		794225					242	-55		157	131	3		0.3
											and	148	8	6	1.05
											including	154	1		3.37
SHRC236	8493975		794213					242	-55		115	110	3		0.91
SHRC236A	8493974		794213					242	-70		121	31	1		4.56
												75	15	11	1.79
											including	77	1		4.42
											and	81	1		7.98
											and	85	2		5.20
												105	2		0.33
SHRC238	8494041		794221					62	-55		387.1	15	6	4	5.65
								including				15	3	2	10.86
												23	3		0.25
												31	5		0.44
SHRC239	8494038		794220					242	-55		52	11	3		0.42
												33	3		0.29
												46	4		0.25
SHRC240	8494087		794146					242	-55		100	25	1.0		2.61
SHRC241	8494148		794150					242	-55		70	0	13	10	0.64
												17	4		0.41
												23	7		0.80
												39	1		2.25
												48	3		0.35
												54	3		0.39
												62	4		0.57
SHRC242	8494157		794119					242	-60		64	0	2		0.40
SHRC243	8494416		794186					242	-65		124	21	6	4	1.02
											including	23	1		4.17
												57	2		0.27
												70	3		0.31
												77	4		0.52
												87	3		1.00
												97	2		0.41
SHRC244	8493863		794063					242	-60		43	3	28	21	1.18
											including	10	1		2.51
											and	12	1		2.69
											and	15	1		2.19
											and	18	2		2.34
SHRC245	8493912		794051					242	-70		55	0	13	10	0.43
												17	3		0.36
SHRC246	8494001		794055					242	-55		82	1.0	14	10	1.20
										including		5.0	1		3.66
										and		11	1		2.55
												19	19		0.55
												46	6		0.36
SHRC247	8494064		794063					242	-55		73	0	8	6	1.36
											including	4	1		6.07
												11	7		0.59
												21	2		0.42
												28	7	5	1.18
											including	33	1		4.01
												39	15	12	0.80
											including	47	1		3.31
											and	49	1		2.47
												60	2		0.58
SHRC248	8494196		794029					242	-55		55	0	4		0.68
												33	3		0.79
												50	3		0.48
SHRC249	8494345		794237					242	-60		106	0	7		0.32
												71	6		0.87
												89	13	10	1.72
											including	90	2		3.47
											and	93	1		3.90
											and	98	1		3.56
SHRC250	8494406		794323					242	-55		52	8	6		0.92
												15	6	5	6.83
											including	16	4		10.11
												25	3		0.66
												30	4		1.64
											including	31	1		3.73
SHRC251	8494475		794120					125	-60		100	77	2		0.56
												80	5		0.82
											including	82	1		2.61
												87	4		0.57
												94	2		0.63
SHRC252	8494217		794132					125	-60		100	4	15	12	0.50
											including	16	1		2.32
												41	3		1.37
											including	46	2		0.23
												49	3		1.33
												60	3		1.22
												73	3		0.52

Intersection selection criteria:

·      Intersections are calculated using 0.2 g/t gold cutoff with a minimum interval of 1 metre and maximum of 3 metres internal dilution

·      High grade intersections (shown in bold) are calculated using 2 g/t gold cutoff with a maximum of 3 metres internal dilution

·      'Interval' refers to the down-hole length of intersection

·      'True width' is estimated for wider intersections from the interpreted dip of the intersected mineralisation.

 

END

 

 

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