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Thor Mining PLC (THR)

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Wednesday 23 June, 2021

Thor Mining PLC

Exploration Update: Ragged Range, WA

RNS Number : 7098C
Thor Mining PLC
23 June 2021
 

23 June 2021

THOR MINING PLC

            EXPLORATION UPDATE

            RAGGED RANGE, WA

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an exploration update on the Company's 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia including the first soil results from two reconnaissance soil surveys, at the Sterling Prospect.

 

Project highlights:

§ Gold in soil anomalism defined over 1.2km strike length (6 soil lines) and is open to the south and north in the central area of the Sterling Prospect, close to the Euro Basalt and Dalton Suite ultramafic contact.

§ Up to 114ppb Au in soil samples in the central area of the Sterling Prospect. This is well above background and considered highly significant.

§ Thor Mining awarded A$160,000 from the Western Australia Government under the Government EIS Co-funded grants program, to drill test stream and soil gold anomalies at Sterling Prospect.

§ New tenement application E46/1393 covering recently surrendered mining lease, containing numerous historic copper-gold workings associated with the Boolina porphyry close to the Corunna Down Batholith. Historic production1 between 1955-1970 although small was of very high grade - 610t of ore averaging 19.47% copper.

§ Infill soils and geochemical data analyses continuing, with field mapping and regional soil and stream sampling program scheduled to commence shortly over priority targets within the anomalous 13km gold trend to further delineate coherent gold trends prior to and concurrent with drill testing at the Sterling Prospect.

§ Further geophysics is being assessed across the Ragged Range tenement package to generate additional gold, copper and nickel exploration targets.

 

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"These latest results are very promising for Thor as the gold anomalism in soils supports the stream sediment results, with gold clusters and trends forming in the Sterling Prospect.  This confirms the significant exploration potential for a quality gold discovery at Ragged Range.

An old track into the prospect area is currently being upgraded to allow for the exploration teams to work independently without having to rely on helicopter support. This will speed up Thor's field work and allow follow up soil sampling to be completed quickly and will also allow access for a drilling rig.

We look forward to providing further updates on our continued progress."

 

The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia is 100% owned by Thor Mining - (E46/1190, E46/1262, E46/1355, E46/1340) with the recent additional tenure surrounding the gold anomalous zones, E46/1393 (application).

A copy of the Project Map may be view via the following link:

www.thormining.com/sites/thormining/media/Maps/20-004-1a-ragged-range-location.jpg

Sterling Prospect

As a follow-up to high-grade gold stream results reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020), Thor completed a 392-sample soil program, over two areas of the Sterling Prospect; Sterling Central and Sterling South

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201201-high-grade-gold-in-stream-sediment-ragged-range.pdf

The samples were collected from a thin residual soil overlying the Euro Basalt and extending westward over the ultramafic Dalton Suite contact. Samples were spaced at 50m along traverses spaced 200m apart. This spacing was designed as a first pass, with potential infill around areas of evaluated results.

At each sample site, two samples were collected and both sieved to -2mm. The first sample of approximately 2kg was crushed at the Intertek lab in Perth and a sub-split assayed for Au by an aqua regia method AR25 and multi-element assaying by four acid digest with MS25 finish.

The 1kg Bulk Leach Extractable Gold (BLEG) sample was assayed by method CN1000 for gold only.

One orientation line was completed with an additional -80 mesh soil sample collected, duplicating one soil line. The -80 mesh results reported are consistent with the -2mm sampling method along the same line. Blanks and other representative standards were inserted for QA/QC.

Soil Results

The Au BLEG results report a background around 2- 3ppb Au with sample values up to a maximum of 114.23ppb Au. This range is very similar to the previous stream sediment sampling in the area. The BLEG results are shown for the; Sterling Central and Sterling South, on Figures 4. In Sterling Central one zone of gold anomalism can be traced for 1.2km on six lines. The strike of this anomalism is oblique to the Euro Basalt and Dalton Suite contact and suggests that gold mineralisation is controlled by minor faults and structures, in this area.

It should be noted that BLEG assaying is a partial digest method whereby gold is extracted, using cyanide over a 24-hour period. This is in contrast to a complete digest assaying method such as fire assaying where all the sample is digested and the total gold value is reported. BLEG values that report above background are considered significant and will show trends of surface gold anomalism. BLEG values that are over five times background (above 15ppb Au) are considered highly significant.

A copy of the Regional Sterling prospect may be viewed by the following link:

www.thormining.com/sites/thormining/media/maps/21-004-1a-ragged-range-soilupdate-202106.jpg

A copy of the Sterling Central and Sterling South prospects may be viewed by the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range-central-and-south-sterling-soils.jpg

 

Significant results summaries in Table A.

Sample ID

Easting

Northing

Tenement

Au ppb (BLEG)

21RRS 7F

783000

7582102

E46/1262

22.32

21RRS 55F

783400

7582500

E46/1262

55.46

21RRS 91F

782800

7582695

E46/1262

24.86

21RRS-181

782650

7583300

E46/1190

8.16

21RRS-186

782400

7583300

E46/1262

34.19

21RRS-205

780350

7587200

E46/1190

6.51

21RRS-226

780250

7587000

E46/1190

8.9

21RRS-228

780350

7587000

E46/1190

5.48

21RRS-266

780350

7586650

E46/1262

114.23

21RRS-280

781050

7586650

E46/1190

6.4

21RRS-314

780200

7586275

E46/1262

17.44

21RRS-315

780250

7586275

E46/1262

12.1

MGA94 Zone 50 (GDA)

Nickel Gossan

Geological mapping of the nickel gossan which was previously sampled in mid-2020 (THR: ASX announcement 31/7/20) confirmed that the gossan extends over 1km and sits at the base of the Dalton Suite (ultramafic units) adjacent to the older Felsic Volcanics of the Wyman Formation. This position of the gossan at the base of the ultramafic contact is significant from a geological nickel-sulphide model perspective.

Prior to drill testing beneath the gossan, a ground electromagnetic (EM) survey will be undertaken.  Thor is currently finalising this program.

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200826-pilbara-goldfields-encouraging-nickel-assay-results.pdf

E46/1393- Kelly/Ryan Copper- Gold Prospects

A new tenement application E46/1393 in the northeast covers recently surrender mining lease M46/171. This area covers several history copper-gold and copper-base metals mines and prospects.  The copper mineralization is associated with the dacite Boolina porphyry, close to the margin of the Corunna batholith, and intrudes the Kelly greenstone belt.

At Kelly's Mine, historic production1 between 1955-1970 although small was of very high grade - 610t of ore averaging 19.47%Cu.

Exploration to date has been sporadic, with no systematic approach over the area.  Thor will be targeting areas of mineralisation, zones of alteration, shears/faults and zones of brecciation.

1   https://www.mindat.org/loc-122951.html

Photos of the historic copper working at Kelly's prospect may be viewed on following link:

www.thormining.com/sites/thormining/media/maps/historic-workings-kelly-prospect.jpg

Next Steps

Infill soil sampling at a closer spacing of 100m x 25m will be used to finalise drill targets. Further reconnaissance soil sampling at 200m x 50m spacing will be continued along strike to cover the 7km strike length of the Sterling Prospect where stream sediment sampling has reported anomalous gold values. An existing station track is being upgraded to allow for easier access.

Concurrent with drilling program, regional gold targets including to the northwest and southeast of Sterling prospect, the granitoid contact in the north, plus the copper-gold area in the northeast (Kelly/Ryan Prospects) will be followed up with reconnaissance stream and soil geochemistry programs. Government and company geophysics is being used in conjunction with the geochemical data, to assist with structural and lithological targeting.

Thor Mining was awarded A$160,000 from the Western Australia Government under the EIS Co-funded grants program to drill test gold anomalies at Sterling Prospect.

Tenement and Prospect Location Map can be viewed with the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range---prospect-location-map.jpg

- Ends -

For further information on the Company, please visit  www.thormining.com  or contact the following: 

Thor Mining PLC

 

Nicole Galloway Warland, Managing Director

Mick Billing, Executive Chairman

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

 

 

WH Ireland Limited (Nominated Adviser and Joint Broker)

Tel: +44 (0) 207 220 1666

Jessica Cave / Darshan Patel

Jasper Berry (Corporate Broking)

 

 

 

SI Capital Limited (Joint Broker)

Tel: +44 (0) 1483 413 500

Nick Emerson

 

 

 

Yellow Jersey (Financial PR)

[email protected]

Sarah Hollins / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

 

 

 

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; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the first half of 2021.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹. 

Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia and both considered amenable to recovery by way of ISR.²

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵

Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.⁶

Notes

1   www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf  

2 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf    

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

 4 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf  

5 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf  

  www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf  

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf  
 

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.

The programme comprised soil sampling collecting a -2mm fraction for geochemical analysis for Au by 1kg BLEG and Au by aqua regia AR25 (after crushing and pulversing) and multi-element MS25 analysis. One orientation line of -80 mesh sieved samples was also collected and assayed by AR25.

Each rock chip sample comprised 2- 5kg of rock assayed for Au (FA 50) and multi-element 4 acid digestion. Two BLEG stream sediment samples were also collected and assayed for Au by the 1kg BLEG method

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

· 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

Samples were screened in the field as described in "Sampling Techniques" above.

The sample sizes are as per industry standard for stream

Criteria

JORC Code explanation

Commentary

and sample preparation

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.

sediment geochemistry.

Field duplicates and blank samples were submitted for assay with the other samples.

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.

The proposed assay method is appropriate for preliminary exploration.

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 (GDA)

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.

Orientational bias is not applicable to soil sampling at this stage but samples were collected along East -West lines that are orientated approximately perpendicular to the assumed strike of gold mineralisation.

Sample security

· The measures taken to ensure samplesecurity.

Samples were trucked back from

Marble Bar to the Intertek assay laboratory in Perth.

 

Criteria

JORC Code explanation

Commentary

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:

easting and northing of the drill holecollar

elevation or RL (Reduced Level - elevation abovesea level in metres) of the drill holecollar

dip and azimuth of thehole

down hole length and interceptiondepth

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 aggregatio n 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

Only field observations have been reported. There has been no data aggregation.

 

 

Criteria

JORC Code explanation

Commentary

values should be clearly stated.

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.

Subject to assay results, it is anticipated that follow up stream sediment geochemistry (soil) and geological mapping will be undertaken to locate the source of gold mineralisation.

 

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