Thor Mining PLC MOLYHIL - APPLICATION FOR EXPLORATION LICENCE AREA (4118V)
January 30 2017 - 2:00AM
UK Regulatory
TIDMTHR
RNS Number : 4118V
Thor Mining PLC
30 January 2017
30 January 2017
THOR MINING PLC
MOLYHIL TUNGSTEN PROJECT
APPLICATION FOR ADDITIONAL EXPLORATION LICENCE AREA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR) is pleased to advise that, on the basis of highly
encouraging 2016 results from the exploration drilling program to
test for additional tungsten mineralisation satellite to the
Company's existing Molyhil tungsten deposit in the Northern
Territory, the Company has applied for an additional Exploration
Licence ("EL") area to secure prospective ground contiguous with
the Gap Track prospect to the south of existing tenements (Figure
1).
http://www.rns-pdf.londonstockexchange.com/rns/4118V_-2017-1-28.pdf
If successfully granted, the new EL area will facilitate
exploration access to a further 68 square kilometres of ground
highly prospective for further Molyhil style skarn hosted tungsten
deposits.
Mr Mick Billing, Executive Chairman, commented:
"The 2016 exploration results were all the encouragement we
required to make an application to pick up this extra ground. Even
moderate exploration success in this new exploration area is likely
to have a dramatically positive effect on the Molyhil NPV. In
addition, there is very good potential to find another one or two
similar prospects to Molyhil beneath the shallow soil cover of this
new ground."
"Should our EL application be approved, the initial exploration
strategy will comprise reprocessing the latest aero-magnetic data
to prioritise targets for testing by way of low cost air-core
drilling."
Link to Figure 1: Molyhil - New Exploration Licence application
area
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton UK Nominated Adviser
Daniel Bush/ 383 5100 LLP
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
/ 413 500
Andy Thacker
Tim Blythe/ +44 (0) 207 Blytheweigh Financial PR
Camilla 138 3222
Horsfall
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.
Competent Person's Report
The information in this report that relates to exploration
results is based on information compiled by Richard Bradey, who
holds a BSc in applied geology and an MSc in natural resource
management and who is a Member of The Australasian Institute of
Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC.
He 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 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Richard Bradey consents to the inclusion in the report
of the matters based on his information in the form and context in
which it appears.
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market
of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the
Northern Territory of Australia, for which an updated feasibility
study in 2015(1) suggested attractive returns. Thor also holds 100%
of the Pilot Mountain tungsten project in Nevada USA which has a
JORC 2012 Indicated Resources Estimate(2) on 1 of the 4 known
deposits.
In February 2016, Thor announced the sale of its Spring Hill
Gold project(3) for A$3.5million, of which A$1.5 remains due for
settlement in February 2017, plus a royalty of:
-- A$6 per ounce of gold produced from the Spring Hill tenements
where the gold produced is sold for up to A$1,500 per ounce;
and
-- A$14 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
Notes
(1) Refer ASX and AIM announcement of 12 January 2015
(2) Refer ASX and AIM announcement of 10 June 2014
(3) Refer ASX and AIM announcement of 29 February 2016
At the date of this announcement gold is trading at
approximately A$1,580/oz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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