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Thor Mining PLC (THR)

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Thursday 07 October, 2021

Thor Mining PLC

New Gold Assays Define Drill Ready Targets

RNS Number : 2549O
Thor Mining PLC
07 October 2021
 
 

7 October 2021

 

THOR MINING PLC

New Gold Assays Define Drill Ready Targets

Ragged Range Project, WA

 

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the latest soil results from the Company's 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.


Project highlights:

§ Gold in-soil anomalies define eight high quality drill-ready targets.

§ High gold in soil values, including 348ppb Au (21RRS0777) and 153ppb Au (21RRS437), identified in both the central and southern areas of the Sterling Prospect This is well above background (5ppb).

§ Gold panned 100m down slope of sample 21RRS377 reporting 74.1g/t Au 21RRST016, in pan concentrate.

§ Gold in soil anomalies extend materially, along strike at both the Sterling Central and Sterling South areas, with zones over 1.2km in length and remain open to the north and south.

§ 3,000m maiden reverse circulation ("RC") drilling program scheduled to commence in early October, designed to test these high gold soil and stream anomalies. 

§ 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.

§ Infill soils and geochemical data analyses continuing, with field mapping and regional soil and stream sampling programs to run concurrent with the scheduled RC drilling program over priority targets within the anomalous 13km gold corridor at the Sterling Prospect.

 

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

"The latest results from our surface geochemistry have defined eight new robust drill- ready targets at Sterling Prospect, Ragged Range. 

These results confirm our geological model of shear hosted gold associated with the mafic-ultramafic contact.

The Directors believe that Ragged Range has significant exploration potential, with all the right ingredients to host significant gold deposits and we look forward to commencing our maiden RC Drilling program at the Sterling Prospect next week."

 

A copy of the Tenement and Prospect Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg

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).

 

Sterling Prospect

Thor completed a further 369 infill soil samples in July over two portions of the Sterling Prospect, Sterling Central and Sterling South (Figure 2), as a follow-up to a reconnaissance soil program (THR:ASX announcement 23/06/21) and high-grade gold stream results (up to 2.2g/t Au) reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf  

The infill soil samples were collected at a 25m x 100m spacing over priority areas with anomalous gold results from the initial reconnaissance program.  At each site and consistent with the previous soil program, two samples were collected at each site, 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 second sample 1kg Bulk Leach Extractable Gold (BLEG) sample was assayed by method CN1000 for gold only.

 

Soil and Pan Concentrate Results

The infill soil results returned BLEG soil values up to 348ppb and 153ppb Au (21RRS777 and 21RRS437 respectively), with over 61 samples reporting significantly above a background of approximately 5ppb Au. Five stream sediment samples were collected using a <2mm sieve and panned to check gold anomalism. Samples 21RRST016 (74.1g/t Au) and 21RRST017 (0.35g/t Au) were panned approximately 100m down slope, in a small creek from soil sample 21RRS777. Gold was observed in both samples. Two creeks (21RRST018 and 21RRST019) were sampled, draining the major contact to the south of the Sterling South soil grid. No gold was observed in the pan. One sample was also collected from a high BLEG (111ppb Au) sample from previous stream sediment sampling. One speck of gold was panned with the sample 21RRST020 reporting 3.58g/t Au.


Soil results over Sterling Central prospect may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/21-007-2-Ragged-Range-stirlingcentralsoil.jpg

 

Soil results over Sterling South prospect may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/21-007-1-Ragged-Range-sterlingsouthsoil.jpg

 

Only thin residual soils overlie the Euro Basalt extending westward over the ultramafic Dalton Suite, faulted contact and the tenor and consistency of the BLEG results is considered outstanding.

Significant soil results are summarised in Table A.

Pan concentrate samples are found in Table B.

These latest soil results, combined with the initial soil program earlier in the year, have now identified several continuous anomalous gold zones each warranting drill testing, with some zones extending over 1km long at both the Sterling Central and Sterling South areas. Soil anomalies remain open to the north and south, with follow up infill sampling planned to investigate these areas further.

The gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact and suggests that gold mineralisation is controlled by minor faults and structures, associated with this major structure.

Gold mineralisation appears to be associated with highly foliated basalts with quartz boudinage (quartz-fuchsite veins) and zones of carbonate alteration

Photo Plates showing Quartz boudinage within foliated basalt, and Quartz-fuchsite-iron veins may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/ragged-range-photo-plate_Oct21.jpg

 

Next Steps

A 3,000m maiden RC drilling program is scheduled to commence in early October to drill test up to eight of the priority gold in soil and stream anomalous targets identified at Sterling Central and Sterling South prospects.  The drilling is fully permitted with the drilling contractor about to mobilise.

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 the Sterling Prospect.

Concurrent with the drilling program, infill soil sampling covering anomalous zones open at Sterling Central and Sterling South will be completed. In addition, 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 are being used in conjunction with the geochemical data, to assist with structural and lithological targeting.

 

Proposed infill soil survey lines may be viewed via the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range--plannedsoilsjpg.jpg

 

Tenement and Prospective Follow up 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

Ray Ridge, CFO / Company Secretary

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/Megan Liddell

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

 

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her 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; 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 second 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 measured, 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 is subject to a sale option agreement.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/20210408-molyhil-mineral-resource-estimate-updated.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/20210901-pilot-mountain-project-us1.8m-sale-option.pdf  

 

 

Table A: Significant Soil Samples (Above 6ppb) - MGA94 Zone 50 (GDA)

 

 

Sample ID

Easting

Northing

Au ppb (AR25)

Au ppb (BLEG)

21RRS401

779650

7587300

45

43.75

21RRS402

779700

7587300

6

6.2

21RRS425

780000

7587100

7

6.87

21RRS433

780275

7587100

136

153.2

21RRS435

780325

7587100

10

6.42

21RRS453

780300

7586700

8

6.53

21RRS454

780325

7586700

6

9.3

21RRS455

780350

7586700

3

11.26

21RRS473

780950

7586700

9

1.72

21RRS475

781000

7586700

7

5.08

21RRS476

781025

7586700

10

6.72

21RRS478

781075

7586700

6

5.47

21RRS481

781150

7586700

6

2.1

21RRS492

780400

7586550

17

3.31

21RRS499

780750

7586550

13

8.89

21RRS501

780825

7586550

7

3.92

21RRS502

780850

7586550

3

10.94

21RRS505

780925

7586550

3

11.76

21RRS509

781025

7586550

6

4.48

21RRS510

781050

7586550

7

5.51

21RRS512

781100

7586550

6

5.7

21RRS517

780200

7586350

4

7.91

21RRS528

780175

7586150

6

3.07

21RRS538

780150

7586000

6

2.47

21RRS543

780275

7586000

6

4.74

21RRS544

780300

7586000

7

4.15

21RRS560

780350

7585800

6

5.47

21RRS595

782775

7583400

21

0.35

21RRS600

782375

7583200

8

6.45

21RRS609

782600

7583200

5

59.14

21RRS614

782700

7583200

6

5.36

21RRS623

782500

7583000

21

16.9

21RRS624

782525

7583000

6

20.28

21RRS626

782575

7583000

9

7.41

21RRS632

782500

7582800

45

4.13

21RRS643

782875

7582800

6

1.08

21RRS644

782900

7582800

23

87.08

21RRS646

783000

7582800

6

0.47

21RRS650

782650

7582600

6

5.08

21RRS651

782700

7582600

6

2.59

21RRS655

782800

7582600

11

3.7

21RRS656

782825

7582600

6

4.89

21RRS657

782850

7582600

4

11.83

21RRS679

782725

7582400

10

4.74

21RRS709

782825

7582000

6

3.94

21RRS710

782850

7582000

7

2.23

21RRS714

782950

7582000

8

6.1

21RRS717

783025

7582000

8

1.92

21RRS720

783100

7582000

3

6.36

21RRS725

782800

7581800

6

4.63

21RRS726

782825

7581800

6

5.93

21RRS736

783050

7581800

6

5.05

21RRS747

780900

7586350

3

16.58

21RRS758

780850

7586150

6

5.41

21RRS764

781000

7586150

8

6.68

21RRS775

782350

7583300

17

18.12

21RRS777

782400

7583300

39

347.53

 

Table B: Pan Concentrate Results - MGA94 Zone 50 (GDA)

 

 

Sample ID

Easting

Northing

Au ppm (FA001)

Gold specks observed

21RRST016

782528

7583239

74.1

3

21RRST017

782535

7583250

0.35

2

21RRST018

783852

7581029

0.04

0

21RRST019

783835

7581065

<0.01

0

21RRST020

783758

7582481

3.58

1

 

 

JORC Code, 2012 Edition - Table 1 report template

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 pulverising) and multi-element MS25 analysis. One orientation line of -80 mesh sieved samples was also collected and assayed by AR25.

Fifteen BLEG stream sediment samples were also collected and assayed for Au by the 1kg BLEG method

Five pan concentrates were collected from panned -2mm sieved stream sediment samples.  Pan concentrates were assay for gold using fire assay FA001

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.

Soil and stream samples were trucked back from

Nullagine to the Intertek assay laboratory in Perth. Pan concentrates flown from site to Bureau Veritas Adelaide, SA

 

Sample Security levels are considered appropriate for preliminary surface geochemistry 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 Pilbara Goldfields Pty Ltd, 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 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

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.

It is anticipated that follow up and reconnaissance surface geochemistry (soil & stream) and geological mapping will be undertaken along the Sterling structural corridor. An RC program is planned over soil anomalies at Sterling Central and Sterling South.

 

 

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