Exploration Update

RNS Number : 2640F

Thor Mining PLC

08 October 2008

 

THOR MINING PLC

URANIUM UPDATE - BUNDEY RIVER

Dated: 8 October 2008

Thor Mining PLC ('the Company' or 'Thor'), AIM, ASX: 'THR' the specialist metals company focused on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, today announces that it has received all assay results from the partially completed aircore drilling program recently undertaken on the Bundey River tenement. 

The airborne EM survey completed earlier in 2008 over the eastern half of the Bundey River tenement successfully identified numerous basement anomalies, together with numerous potential 'roll front' trap sites within conductive sediments in palaeo-channels associated with the Plenty River drainage system. Only half of the 1,255 square kilometres of the Bundey River tenement was covered by the airborne EM with the western half of the tenement remaining untested.

Approximately two-thirds of the planned air core drilling was able to be completed due to unseasonal thunderstorms. The program closed with 27 holes completed for 1,685m. A total of 567 3m composite samples were sent to Amdel in Adelaide for multi element analysis. All assay results have now been received for the drilling completed in the south eastern corner of the Bundey River tenement. Locally anomalous results were received from prospective carbonaceous horizons including a significant coal intersection in hole 08BRAC012. Some of the coal intersected appears to be high quality anthracite and has been re sampled for further analysis. Several basement samples also returned anomalous uranium assays. The results are regarded as encouraging at this early stage of exploration. A best assay of 14.5ppm U was returned from the base of hole 08BRAC021 in a quartz biotite feldspar garnet gneiss. 

The area marginal to the deep pocket of coal intersected in hole 08BRAC012 is a favourable reducing environment and is regarded as highly prospective for uranium mineralisation. Current surface depressions in the immediate area appear to be associated with the presence of coal below and may be slumping features caused by compaction and dewatering of the carbonaceous sediments within and at the base of the palaeo-channel.

The area is worthy of further reconnaissance drilling as it is the most prospective setting encountered to date in the Hale Energy tenement package along the Plenty River palaeo-channel system. The remainder of the EM anomalies on the tenement also require first pass reconnaissance air core drilling. Further exploration drilling will be planned as part of the 2009 field season.

Jorc Compliance

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by John Young, who is a Member of The Australasian Institute of Mining and Metallurgy. John Young is a director of Thor Mining PLC. John Young 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'. John Young consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Enquiries:

John Young	+ 61 (0)419 954 020	Thor Mining PLC	Executive         Director
Damian Delaney	[phone]	Thor Mining PLC	Company Secretary
John Simpson	020 7489 4500	Blomfield Corporate Finance Ltd	Nominated Adviser

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.

 

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