Exploration Update
September 29 2005 - 3:00AM
UK Regulatory
RNS Number:8882R
Thor Mining PLC
29 September 2005
THOR MINING PLC
Exploration Update
Dated: 29 September 2005
Thor Mining PLC ("Thor") the mineral exploration and development company
focussed on advancing tungsten and molybdenum projects in the Northern Territory
of Australia announces an update on exploration and development activities at
its portfolio of molybdenum and tungsten projects in the Northern Territory of
Australia, including initial results from bulk sampling and the commencement of
a pre-feasibility study at its principle Molyhil Project.
Highlights
* Higher grades reported than in current JORC resource at Molyhil
molybdenum-tungsten Project.
* Extraction of bulk samples from second and third shafts continuing,
with further results expected.
* Key items of Molyhil pre-feasibility study already underway following
excellent bulk sampling results.
* Field exploration underway ahead of schedule at Thring Creek and
Hatches Creek projects following successful negotiations with
traditional owners.
The Directors believe that the results obtained from this first shaft cross-cut
are significant and confirm their view that current JORC resource estimate
understates the true head grade of the deposit.
The average combined grade over the 26.1 metres of the first cross cut is 1.01%,
which is well in excess of the current combined JORC grade.
The Molyhil Project currently has an indicated resource of 1,530,000 tonnes at
0.32% WO3 and 0.19% MoS2 (combined grade 0.51%) and an inferred resource of
500,000 tonnes at 0.25% WO3 and 0.15% MoS2 (combined grade 0.40%).
The results from all three bulk samples will be used to update the JORC
resource. This is expected to be completed in November 2005.
Molyhil Molybdenum-Tungsten Project
The Molyhil Molybdenum-Tungsten Project, which is located 220km north east of
Alice Springs within the prospective polymetallic province of the Proterozoic
Eastern Arunta Block of the Northern Territory in Australia.
Thor commenced a programme of underground bulk sampling at the Molyhil Project
in July 2005 to evaluate the head grade and mineralogical characteristics of the
Molyhil deposit.
The exploration programme includes the sinking of three shafts and cross-cuts at
the base of each shaft to extract bulk samples from the ore body. The samples
from the cross-cut in the first shaft have now been assayed at Australian
Laboratory Services in Perth and results include:
From (m) To (m) WO3 % MoS2 % Combined %
0 2 0.155 0.193 0.35
2 4 0.598 0.300 0.90
4 6 0.109 0.091 0.20
6 8 0.230 0.139 0.37
8 10 0.441 0.178 0.62
10 12 1.043 0.295 1.34
12 14 2.186 0.683 2.87
14 16 2.584 0.736 3.32
16 18 0.119 0.064 0.18
18 20 0.587 0.253 0.84
20 22 1.076 0.235 1.31
22 24 0.317 0.181 0.50
24 26.1 0.247 0.093 0.34
Average 0 26.1 0.746 0.265 1.01
The average combined grade over the 26.1 metres of the cross cut is 1.01%, which
is well in excess of the current combined JORC grade.
The Directors believe that the results obtained from this first shaft cross-cut
are significant and confirm their view that current JORC resource estimate
understates the true head grade of the deposit.
Extraction of bulk samples from the second and third shafts is continuing. Shaft
Three is currently at its full depth of 39 metres and the cross-cut extended to
approximately 34 metres. Crushing and sampling of bulk samples extracted from
this shaft has commenced and results will be available in October 2005.
Shaft Two is currently at a depth of 4 metres and will be sunk to a final depth
of 31 metres, with the planned cross-cut to be developed for 37 metres.
During October, activity on site will wind down with the focus of the Company
shifting to collation of all the bulk sampling results and expediting the
pre-feasibility study on the Molyhil Project.
As a result of the results obtained to date various aspects of the
pre-feasibility study have already commenced including:
1. Metallurgical test work;
2. The issue of tender documents for sections of the study; and
3. Negotiations for an off-take agreement.
During the last four months, Directors and other representatives of Thor have
met with the traditional land owners and representatives of the Central Land
Council to keep them updated on site activities. Once the bulk sampling program
is completed the site will be rehabilitated.
Thring Creek Project
Discussions with traditional land owners and the Central Land Council have now
been concluded in respect to the Thring Creek Project, which is located
approximately 24km east of the Molyhil deposit.
As a result of these meetings, Thor has gained access to the Thring Creek site
and is currently completing a ground magnetic survey over the Thring Creek
magnetic anomalies prior to data interpretation and modelling for drill target
definition.
This exploration activity is being carried out ahead of schedule, due to the
progress of the negotiations with the traditional owners and their
representatives, the Central Land Council.
An Exploration Agreement with the Central Land Council is currently being
executed by all parties which should facilitate the formal grant of title.
Hatches Creek Project
Currently all available data for the Hatches Creek project, which comprises a
group of three mineral tenements covering an area of 815km2 in the central
portion of the Northern Territory, is being digitised and updated maps prepared.
Thor's consultants visited the project recently to undertake ground surveys and
meet with the traditional owners and their representatives, the Central Land
Council.
Permission was received to undertake low level airborne photographic and low
level magnetic surveys which have recently been completed. The interpretation of
this data and a further field trip will enable the Company to submit a 2006
exploration plan for the project.
The exploration plan is the next step to enable native title arrangements to be
finalised.
JORC Compliance
The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Neil Biddle, who
is a Member of The Australasian Institute of Mining and Metallurgy. Neil Biddle
is a consultant of Thor. Neil Biddle 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'.
Neil Biddle consents to the inclusion in this press release of the matters based
on his information in the form and context in which it appears.
Enquiries:
John W Barr +61 418 912 885 Thor Mining PLC Executive Chairman
John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser
Amanda Harris 020 7618 8534 Conduit PR Public Relations
This information is provided by RNS
The company news service from the London Stock Exchange
END
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