Pilbara Goldfields - Nickel Assay Results

RNS Number : 0780X

Thor Mining PLC

25 August 2020

 

25 August 2020

THOR MINING PLC

PILBARA GOLDFIELDS - ENCOURAGING NICKEL ASSAY RESULTS

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise assay results from gossan rock chip sampling at the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia. The results indicate the gossan is strongly anomalous for nickel over the entire 900 metres strike length.

Assays for gold in stream sediment samples, also collected in this program, are expected shortly.

HIGHLIGHTS:

· A total of 49 rock chip samples were all anomalous for nickel with peak value of 2,678 parts per million (ppm).

· Averaging of all samples collected of 1,397 ppm.

· Chromium averaged 1,230 ppm across the 49 samples.

· Sampled gossan extends approximately 900m NNE-SSW  and is up to 100 metres wide.

Mick Billing, Executive Chairman of Thor Mining, commented:

"These nickel and chromium assays are very encouraging, and well worth follow up programs".

"We appear to have a nickel bearing system of relatively impressive size, as indicated by the width and strike length, as currently known, and also by the relative consistency of the gossan samples along the gossan, and we look forward to testing this further." 

"Global nickel pricing has recovered strongly recently, with Argus Metals quoting US$14,788/tonne at the time of writing". 

"The next phase of work will be to review existing geophysical data, and potentially additional geophysics, to provide definition of potential drill targets".

"We also look forward eagerly to confirmatory gold assays from the stream sediment samples collected which contained visible gold in 17 of the 32 samples collected."

Sample Program

A total of 32 stream sites and 49 gossan sites were sampled, with gold assays still in progress.

Gold Anomalism

A program of 32 stream sediment trap sites were sampled as part of this program in June 2020. This part of the program and the initial gold panning observations were reported previously  ( www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200731-asx-pilbara-au-ni-follow-up-sample-program.pdf ).   Gold assay results for this component of the program are awaited and currently due.

Nickel Anomalism

The gossan was mapped over unassigned ultramafics by the Geological Survey of Western Australia. It extends for approximately 900 metres NNE - SSW, and is between 70 to 100 metres wide although the full width of anomalous nickel gossan is obscured by steep slopes and scree.

Rock chip composite samples were taken from outcrop and subcrop across an area of 5m x 5m for each of the 49 sites. The sites were distributed predominantly along the strike of the gossan and across strike wherever outcrop permitted. Samples were flown to Nullagine and trucked to Perth. Analysis comprised four acid digest and assay by ICPMS at the Intertek laboratory in Perth.

Observations of the sampled gossan included; colloform textures, spongy leached jarasitic/limonitic rock, massive ironstone, silcrete capping and manganese staining. No preserved primary textures or structures were observed within the gossan. 

Table A: 2020 Gossan rock chip sample summary

SAMPLE ID	Easting	Northing	Ni (ppm)	Co (ppm)	Cr (ppm)	Cu (ppm)	Fe (%)	Mn (ppm)
20PRC01	782593	7581712	1,224.4	77	1,219	105.9	36.81	13,451
20PRC02	782604	7581706	1,577	89.7	923	186.9	41.19	31,817
20PRC03	782614	7581706	1,347.6	93.9	1,059	215.4	35.95	38,837
20PRC04	782609	7581688	1,650.1	198.9	2,204	17.1	15.57	>50,000
20PRC05	782625	7581681	1,697.4	152	2,607	12.1	22.62	10,403
20PRC06	782622	7581674	2,443.1	286.7	1,809	13.9	36.18	>50,000
20PRC07	782630	7581660	1,734	249.9	2,060	10.2	28.19	33,766
20PRC08	782648	7581652	1,302.6	227.6	1,854	8	19.5	>50,000
20PRC09	782647	7581646	1,530.7	265.1	1,291	12	28.02	24,699
20PRC10	782641	7581640	1,632.9	200.3	1,508	11.3	24.59	11,806
20PRC11	782635	7581634	1,702.5	304.3	2,176	20.1	25.05	22,402
20PRC12	782638	7581630	1,647.2	240.5	1,846	19.6	26.18	14,662
20PRC13	782636	7581606	1,743.2	260.4	1,294	17.1	32.18	11,203
20PRC14	782636	7581598	1,509.5	383.7	11,51	11.2	25.83	38,092
20PRC15	782620	7581587	1,260.4	292.3	1,686	12.6	20.58	38,648
20PRC16	782620	7581565	1,400.8	245	1,174	11.8	25.44	23,181
20PRC17	782626	7581383	1,578.7	400.2	1,087	12	26.51	>50,000
20PRC18	782631	7581381	1,332.2	288.1	1,778	10.8	20.87	49,870
20PRC19	782649	7581359	1,349.8	317.7	712	11.5	29.65	>50,000
20PRC20	782649	7581352	1,270.4	290.8	655	10.4	30.77	41,062
20PRC21	782646	7581344	1,442.5	306	1,064	11.5	35.56	31,928
20PRC22	782648	7581340	1,372	262.6	974	15.9	27.85	>50,000
20PRC23	782644	7581331	1,726.1	334.5	983	20.7	28.94	>50,000
20PRC24	782490	7581095	1,189.5	164.1	819	358.6	44.79	9,638
20PRC25	782496	7581095	1,453.6	211.8	766	397.7	48.95	4,893
20PRC26	782481	7581091	1,172.8	110.1	666	383.9	>50.00	2,488
20PRC27	782498	7581084	1,430.5	302.4	627	309.3	>50.00	5,241
20PRC28	782456	7581073	1,597.3	81.8	1641	123.9	>50.00	1,950
20PRC29	782435	7581081	1,148.3	78.7	1,227	169.4	>50.00	888
20PRC30	782436	7581090	1,006.4	64.5	781	195.4	48.83	658
20PRC31	782432	7581101	1,075.9	73.7	441	164.4	49.53	1,014
20PRC32	782425	7581104	1,020	72.3	479	176.2	49.29	803
20PRC33	782436	7581109	1,005.8	79.4	524	158.5	46.84	899
20PRC34	782417	7581111	879.1	66.7	229	142.2	48.99	730
20PRC35	782423	7581005	1,210.3	87.7	783	162.2	43.34	615
20PRC36	782429	7581017	1,346.8	87.3	1,192	149.9	46.56	899
20PRC37	782428	7581027	1,431.5	77.6	1,040	110.1	49.97	1,123
20PRC38	782430	7581037	1,085.4	59.3	602	71.4	46.27	1,006
20PRC39	782435	7581037	1,627	134.1	2,060	66.2	44.84	2,987
20PRC40	782423	7581051	1,149.9	90.7	934	96.7	46.23	827
20PRC41	782426	7581065	934.6	70.3	885	135.5	48.49	893
20PRC42	782433	7581071	1,109.2	67.1	893	160.3	>50.00	793
20PRC43	782400	7580972	806.5	47.8	1,100	88.9	49.11	652
20PRC44	782400	7580967	2,678.9	169.6	1,854	68	37.92	4,656
20PRC45	782396	7580959	1,469.4	67	1,477	134.3	>50.00	633
20PRC46	782390	7580950	1,587.5	110.3	1,967	140.1	>50.00	714
20PRC47	782390	7580945	1,176.5	77.5	1,496	141.9	>50.00	557
20PRC48	782381	7580938	1,194.7	93.9	1,043	330.1	>50.00	571
20PRC49	782375	7580932	1,206	102.2	1,671	450.4	>50.00	900

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 [phone] Thor Mining PLC Executive Chairman Ray Ridge [phone] Thor Mining PLC CFO/Company Secretary Samantha Harrison/Niall McDonald [phone] Grant Thornton UK LLP  Nominated Adviser Nick Emerson [phone] SI Capital Ltd Broker

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 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 Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and 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 holds a 25% interest Australian copper development company EnviroCopper Limited (with rights to increase its interest to 30%).  EnviroCopper Limited holds:

· rights to earn up to a 75% interest in the mineral rights and claims over the resource ⁴ on the portion of the historic Kapunda copper mine in South Australia considered recoverable by way of in situ recovery; and

· rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate ⁵ for several deposits considered recoverable by way of in situ recovery .

N ot es

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴  Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018

⁵ Refer ASX and AIM announcement of 15 August 2019

1  JORC Code, 2012 Edition - Table 1 report template

1.1  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 examplesshould not be taken as limiting the broad meaning ofsampling. · Include reference to measures taken to ensuresample representivity and the appropriate calibration of any measurement tools or systemsused. · Aspects of the determination of mineralisation thatare Material to the PublicReport. · 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 (egsubmarine nodules) may warrant disclosure of detailedinformation.	Each gossan sample comprised 8 - 10kg of rock taken from a 5m x 5m area of outcrop. Samples were flown to Nullagine and trucked to Perth. Analysis comprised four acid digest and assay by ICPMS at the Intertek laboratory in Perth.
Drilling techniques	· Drill type (eg core, reverse circulation, open-holehammer, 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).	Not applicable
Drill sample recovery	· Method of recording and assessing core and chipsample recoveries and resultsassessed. · Measures taken to maximise sample recovery andensure representative nature of thesamples. · Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarsematerial.	Not applicable
Logging	· Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgicalstudies. · Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc)photography. · The total length and percentage of therelevant intersectionslogged.	No logging was undertaken
Sub- sampling techniques and sample preparation	· If core, whether cut or sawn and whether quarter, half orall coretaken. · If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet ordry. · For all sample types, the nature, qualityand appropriateness of the sample preparation technique. · Quality control procedures adopted for all sub-sampling stages to maximise representivity ofsamples. · Measures taken to ensure that the sampling is representative of the in situ material collected, includingfor instance results for field duplicate/second-halfsampling. · Whether sample sizes are appropriate to the grain sizeof the material beingsampled.	8 - 10kg of rock taken from a 5m x 5m area of outcrop. No further subsampling was undertaken. The samples are for exploratory purposes and not considered representative but rather indicative of potential mineralisation.
Quality of assay data and laboratory tests	· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether thetechnique is considered partial ortotal. · 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 (egstandards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have beenestablished.	4 Acid digest with ICPMS determination was the assay method used. This is considered appropriate for preliminary exploration. Standard QAQC protocol was used by the assay laboratory.
Verification of sampling and assaying	· The verification of significant intersections byeither independent or alternative companypersonnel. · The use of twinnedholes. · Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assaydata.	Not 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 Resourceestimation. · Specification of the grid systemused. · Quality and adequacy of topographiccontrol.	Hand held GPS - MGA94 zone 50
Data spacing and distribution	· Data spacing for reporting of ExplorationResults. · Whether the data spacing and distribution is sufficientto establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classificationsapplied. · Whether sample compositing has beenapplied.	Not applicable - no resource is being reported
Orientation of data in relation to geological structure	· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to whichthis is known, considering the deposittype. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should beassessed and reported ifmaterial.	Due to outcrop and topographic constraints, sample sites are distributed more along strike than across. This is not the preferred orientation, however, it is adequate to determine if the target warrants follow up evaluation.
Sample security	· The measures taken to ensure samplesecurity.	Samples were flown back to Nullagine and trucked to the Intertek assay laboratory in Perth. Sample security levels are considered appropriate for a preliminary reconnaissance assessment.
Audits or reviews	· The results of any audits or reviews of samplingtechniques and data.	None undertaken

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation			Commentary
Mineral tenement and land tenure status	· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness ornational park and environmentalsettings. · The security of the tenure held at the time of reportingalong with any known impediments to obtaining a licence to operate in thearea.			Exploration results are reported on E46/1190 and E46/1262 in Western Australia held 100% by Thor Mining PLC.
Exploration done by other parties	· Acknowledgment and appraisal of exploration byother parties.			Not applicable
Geology	· Deposit type, geological setting and style ofmineralisation.			Yet to be determined
Drill hole Information	· A summary of all information material to theunderstanding of the exploration results including a tabulation of the following information for all Material drillholes: o  easting and northing of the drill holecollar o  elevation or RL (Reduced Level - elevation abovesea level in metres) of the drill holecollar o  dip and azimuth of thehole o  down hole length and interceptiondepth o  holelength. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusiondoes not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.			No drilling has been undertaken or reported
Data aggregation methods	· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum gradetruncations (eg cutting of high grades) and cut-off grades are usually Material and should bestated. · 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 shouldbe shown indetail. · The assumptions used for any reporting of metalequivalent values should be clearly stated			There has been no data aggregation.
Relationship between mineralisation widths and intercept lengths			· These relationships are particularly important inthe reporting of ExplorationResults. · If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should bereported. · If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect(eg 'down hole length, true width notknown').		No drilling has been undertaken or reported
Diagrams			· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collarlocations and appropriate sectionalviews.		A sample location plan including current 1:100k scale geology has been provided
Balanced reporting			· Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.		All results have been reported
Other substantive exploration data			· Other exploration data, if meaningful and material,should be 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 contaminatingsubstances.		All data have been reported
Further work		· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- outdrilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geologicalinterpretations and future drilling areas, provided this information is not commerciallysensitive.		It is anticipated that follow up mapping and geophysical survey will be undertaken to locate drill targets.

 

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