Dundas Project Update

RNS Number : 8841O

Thor Mining PLC

18 October 2012

 



THOR MINING PLC

DUNDAS PROJECT UPDATE

MAIDEN NICKEL EXPLORATION - WESTERN AUSTRALIA

Dated: 18 October 2012

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), wish to advise that preliminary nickel exploration activities over a small area will be conducted in conjunction with the ongoing gold exploration program at the Dundas Project in  southern Western Australia.

A 25 square kilometre portion of exploration tenement E63/1102 (THR 60%) overlies part of the Fraser Complex geology which hosts significant recent nickel discoveries.

A small number of soil samples have previously been collected from the target area and assayed for gold.  These will also now be assayed for nickel and associated indicator minerals, following which a more detailed geochemical sampling program is scheduled.

Continuing Gold Exploration

The planned gold focused aircore geochemical drilling program at Dundas to follow up previously described surface calcrete geochemical anomalies, along with deeper reverse circulation drilling targeting gold mineralisation, is also scheduled to commence as soon as practicable.

About the Dundas Project

The Thor Dundas Project is situated in Western Australia within the Albany-Fraser Province.  The project tenements lie on the general strike-extension of the most prolific gold-bearing belt of the Yilgarn Province - the Wiluna-Kalgoorlie-Norseman greenstone belt, in an area where the trend of the Albany-Fraser belt is displaced south-eastwards by about 50km.  The Albany-Fraser belt hosts a number of recent gold discoveries including the +5 million ounce Tropicana gold deposit, and other closer discoveries.  The belt also hosts a number of nickel prospects, including the recently announced Nova project approximately 80 kilometres north, north east of Dundas, and historical nickel intercepts nearby at Gnama Sth and Talbot.

Thor Mining holds 60% equity in the Dundas project along with rights to increase that equity to 100%.  The period in which Thor was required to spend a minimum of A$1million to be eligible to increase its staged equity to 80% expired on 30^th September 2012, and Thor is negotiating an extension to that time period in good faith with the project vendors.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
Gerry Beaney/ David Hignell	[phone]	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	Simple Investments	Broker
Alex Walters/ Lavinia Fiamma	[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.

 

END

 

 

MSCGIBDGISBBGDR