Thor Mining PLC 51 METRES OF MINERALISATION INTERSECTED (6798Y)
March 07 2017 - 2:01AM
UK Regulatory
TIDMTHR
RNS Number : 6798Y
Thor Mining PLC
07 March 2017
7 March 2017
THOR MINING PLC
51 METRES OF MINERALISATION INTERSECTED
PILOT MOUNTAIN - NEVADA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to advise the intersection of 51 metres of
mineralisation from the second drill hole designed to test for
extensions to the Desert Scheelite deposit at the Company's wholly
owned Pilot Mountain tungsten project in Nevada, USA.
Highlights:
-- 51 metres of scheelite mineralisation, including 9 metres of
visible sulphide mineralisation, including visible chalcopyrite,
intersected 25 metres to the east and approximately 50 metres
closer to surface from high grade Desert Scheelite intersection
from DSDD015;
-- Drill hole designed to follow up the 2012 high grade
intersection at DSDD015 (17.5m @ 5.7% Cu equivalent) which
comprised; 13.9 metres (m) @ 0.89% tungsten trioxide (WO(3) ) from
198m, and 17.5m @1.80% copper and 2.2% zinc from 196m (Figure
2);
-- Drill hole sample assays expected within several weeks;
-- Following this very encouraging result, a previously
unplanned third hold hole has commenced targeting a further 25
metre extension of the Desert Scheelite deposit;
-- The first hole at Desert Scheelite terminated without
intersecting any visible mineralisation, due to what appears to be
a fault displacement above the targeted zone of mineralisation.
Mr Mick Billing, Executive Chairman of Thor: "The objective of
testing for potential extension of high grade mineralisation at the
eastern end of the Desert Scheelite resource appears to have
achieved that aim. While we await assays to have an indication of
the grade of mineralisation, and estimation of the true thickness,
extension of the zone with an apparent thickening, is an exciting
development for the project."
"While the initial planning for this program at Desert Scheelite
included plans for only two holes, we are sufficiently encouraged
by this result to immediately conduct a third drill hole to test
for further extensions".
The Desert Scheelite deposit currently comprises 100% of the
Pilot Mountain Resource estimate of 6.7Mt. The objective of the two
holes programmed at this deposit is to test for extensions to the
high grade mineralisation intersected in the last hole drilled into
this deposit in 2012.
Table 1: Pilot Mountain Resource Summary 2014 (JORC 2012),
announced 10 June 2014. 100% owned by Thor Mining Plc
Desert Resource WO(3) Ag Cu
Scheelite
-----------
Tonnes Grade Contained Grade Contained Grade Contained
% metal g/t metal % metal
(t) (t) (t)
----------- --------- ----- ---------- ------ --------- ------ ---------
Indicated 6,090,000 0.31 18,900 24.2 150 0.16 10,000
Inferred 700,000 0.30 2,100 9.1 10 0.24 2,000
----------- --------- ----- ---------- ------ --------- ------ ---------
Total 6,790,000 0.31 21,000 22.8 160 0.17 12,000
----------- --------- ----- ---------- ------ --------- ------ ---------
The two initially planned drill holes targeting Desert Scheelite
mineralisation in the vicinity of previously drilled DSDD15 have
now been completed.
The first of these (Hole 1) was designed to test for
mineralisation 100 metres vertically above DSDD15. This hole failed
to intersect mineralisation due to what appears to be fault
displacement.
Hole 2 targeted mineralisation 75 metres above and 25 metres to
the east of DSDD15 and intersected 51 metres of visible scheelite
mineralisation from 142 metres down hole including 9 metres of
higher sulphide style mineralisation, including visible
chalcopyrite from 172 metres down hole. While this very encouraging
drill intersection appears to be comparable with the intersection
of DSDD15, assay results are required to confirm actual metal
content.
Intersections quoted in this hole, and also for previous
drilling results for DSDD15, are down hole measurements only, as at
this stage there is insufficient data to adequately assess true
width of mineralisation.
A third hole has now commenced targeting mineralisation a
further 25 metres to the east of this second hole, following which
drilling will commence on the Garnet prospect.
Link to Figure 2: Desert Scheelite drill intersections viewed in
long section looking northwards. Proposed drill targets and hole
paths shown at the eastern (right hand) end.
http://www.rns-pdf.londonstockexchange.com/rns/6798Y_-2017-3-6.pdf
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining Executive Chairman
PLC
Ray Ridge +61 (8) 7324 1935 Thor Mining CFO/Company
PLC Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton Nominated Adviser
Daniel Bush/ 5100 UK LLP
Richard Tonthat
Elliot Hance +44 (0) 207 382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Joint Broker
/ Andy Thacker 500
Tim Blythe/ +44 (0) 207 138 Blytheweigh Financial PR
Camilla Horsfall 3222
Competent Person's Report
The information in this report that relates to exploration
results and exploration targets 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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