Quarterly Report
October 25 2010 - 5:55AM
UK Regulatory
TIDMTHR
RNS Number : 9419U
Thor Mining PLC
25 October 2010
THOR MINING PLC
SEPTEMBER 2010 QUARTERLY REPORT
Dated: 25 October 2010
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the
resources company focused on gold and base metals projects and advancing
tungsten-molybdenum projects in the Northern Territory of Australia releases its
activities report for the quarter ended 30 September 2010.
EXPLORATION PROJECTS
GOLD EXPLORATION
Dundas Gold Project (WA) ("Dundas")
Final assays from the initial calcrete sampling survey identified clusters of
elevated gold values and include five previously unknown areas of gold anomaly
in addition to previously known targets. The best of these contain the greatest
concentration of high gold values encountered in the project to date.
A heritage clearance of the most preferred drilling locations was conducted in
conjunction with Traditional Owners, in preparation for a drilling program
during the December 2010 quarter.
During the quarter, the Company increased its equity interest in the Dundas
project from 51% to 60%, via the issue of 45 million CDI's to the project
vendors and their Agents.
That interest can be further increased to 80% and then 100% at Thor's option
following successful exploration results.
The Dundas project tenements lie on the general strike-extension of the most
prolific gold-bearing belt of the Yilgarn Province - the 700km
Wiluna-Kalgoorlie-Norseman greenstone belt, in an area where the trend of the
Albany-Fraser belt is displaced south-eastwards by about 50km. The
Albany-Fraser belt hosts a number of recent gold discoveries including the +5
million ounce Tropicana gold deposit, and other discoveries including
Beachcomber, Socrates, Corvette, and Corona.
Geochemical Survey Results
Full survey assay results from a calcrete sampling program on EL 63/872 and EL
63/1102 completed during the previous quarter show clusters of elevated gold
values which identify five previously unknown areas of gold anomaly in addition
to the target area identified by previous exploration. Each of these warrants
systematic follow-up sampling.
Drilling Program
Preparation for a RAB drilling program is proceeding, including in conjunction
with Traditional Owners, a heritage clearance of the most preferred drilling
location.
It is expected that initial drilling at Dundas will be conducted during the
December 2010 quarter.
RARE EARTHS EXPLORATION
In recognition of increasing market prices of rare earth commodities, the
Company has commenced a re-evaluation of its Daicos rare earth prospect in EL
24736 in the Harts Range area of the Northern Territory.
Previous reconnaissance sampling returned high uranium and rare earth element
values from very radioactive samples, with a best assay of 19.37%U (Uranium),
26.52%Nb (Niobium), 6.25% Ta, (Tantalum) and 2.68%Y (Yttrium).
BASE METAL EXPLORATION
Harts Range Project (NT)
No exploration activities were conducted during the period.
TUNGSTEN AND MOLYBDENUM EXPLORATION
Hatches Creek Project (NT)
No exploration activities were conducted during the period.
DEVELOPMENT PROJECT
Molyhil tungsten-molybdenum development project ("Molyhil")
The selling price of Tungsten APT has continued to increase to between
US$265/mtu and US$270/mtu, while the price of Molybdenum Roasted Concentrates
has tracked sideways at around US$15.00/lb.
The improvement in the tungsten price is particularly encouraging and Directors
continue to believe that the fundamental drivers of the project are sound and
that prices will in time recover to economic levels leading to the development
of Molyhil. The recent strengthening of the Australian dollar has, however had
a negative impact on project economics.
In anticipation of price recovery, the Company has identified operating and
capital cost reductions for the development of the operation. It is expected
that these efforts will considerably enhance the project outcomes once
development can proceed.
CORPORATE AND FINANCE
Issue of capital
During the quarter, the Company raised additional funds via the issue of
93,336,149 new ordinary shares by way of a placing and an open offer to Security
Holders. The issue raised AUD$1.143 million, before costs associated with the
issue.
Subsequent to the end of the quarter, the Company has raised additional funds by
way of a placing of 57 million new ordinary shares to sophisticated investors in
Australia. The issue raised AUD$912,000, before costs associated with the
issue.
Competent Persons Statement
The information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Stuart Till, who
is a Member of The Australasian Institute of Mining and Metallurgy. The services
of Mr Till are engaged by Thor on a contractual basis. Stuart Till 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'. Stuart Till consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
Enquiries:
+---------+-----------+-------------+-------------+
| Mick | +61 | Thor Mining | Executive |
| Billing | (0)414 | PLC | Chairman |
| | 741 007 | | |
+---------+-----------+-------------+-------------+
| Laurie | +61 (0) | Thor Mining | CFO/Company |
| Ackroyd | 8177 8800 | PLC | Secretary |
| | | | |
+---------+-----------+-------------+-------------+
| John | +44 (0)20 | Daniel | Nominated |
| Simpson | 7776 6550 | Stewart & | Adviser |
| | | Co. plc | |
+---------+-----------+-------------+-------------+
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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