Thor Mining PLC Dundas Gold Project- Commencement of Drill Program (0689I)

TIDMTHR

RNS Number : 0689I

Thor Mining PLC

14 June 2017

THOR MINING PLC

DUNDAS GOLD PROJECT - WESTERN AUSTRALIA

COMMENCEMENT OF BEDROCK GEOCHEMISTRY DRILL PROGRAM

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), are pleased to advise that bedrock geochemistry drilling has commenced at the Dundas Project in southern Western Australia.

Mr Mick Billing, Executive Chairman of Thor: "The Albany-Fraser belt in Western Australia hosts a number of gold deposits, including the >8million ounce Tropicana deposit north of Dundas, which was discovered after drilling weakly elevated gold anomalism. The alluvial cover at Dundas can be 30 metres thick, thereby masking or diluting any potential surface anomalism. By drilling into the top of bedrock, we hope to intersect stronger values of gold and other indicator minerals which would significantly elevate this project."

Figure 1: Albany Fraser Belt Showing Dundas Location

http://www.rns-pdf.londonstockexchange.com/rns/0689I_-2017-6-14.pdf

Gold Targets

The program is designed to test two northwest - southeast trending zones of elevated gold in calcrete identified from a BHP geochemistry survey conducted in the 1990's. The two zones, named Algron and Bifrost (Figure 2), extend over five kilometres trend parallel to the regional aeromagnetic response.

Figure 2: Calcrete Geochemistry Results

http://www.rns-pdf.londonstockexchange.com/rns/0689I_1-2017-6-14.pdf

Drill Program

The drill program will comprise 50 air-core holes to test the bedrock geochemistry beneath the six best surface calcrete geochemistry results to determine if the elevated gold values at the ground surface represent mineralisation in the underlying bedrock.

The program is a second exploratory phase where a successful outcome would be the intersection of elevated indicator elements such as arsenic, copper or possibly gold measured in parts per billion. A direct hit on potentially economic grades of mineralisation is possible but not expected for a successful program outcome. If successful, follow up deeper reverse circulation drilling will be scheduled to test for potentially economic grades.

The program should take approximately 10 days with assays results within four weeks.

About the Dundas Project

The Thor Dundas Project is situated in Western Australia within the Albany-Fraser Province. The project tenement is situated in the prospective Albany-Fraser belt (Figure. 3) where the trend of the belt is displaced south-eastwards by about 50km co-incident with the general strike-extension of the most prolific gold-bearing belt of the Yilgarn Province - the Wiluna-Kalgoorlie-Norseman greenstone belt. The Albany-Fraser belt hosts a number of gold discoveries including the +8 million ounce Tropicana gold deposit, and other closer discoveries.

Thor Mining holds 60% equity in the Dundas project along with rights to increase that equity to 100%.

Enquiries:

 
       Mick Billing              +61 (8) 7324            Thor Mining                 Executive 
                                  1935                    PLC                         Chairman 
       Ray Ridge                 +61 (8) 7324            Thor Mining                 CFO/Company 
                                  1935                    PLC                         Secretary 
       Colin Aaronson/           +44 (0) 207 383         Grant Thornton              Nominated 
        Daniel Bush/              5100                    UK LLP                      Adviser 
        Richard Tonthat 
       Elliot Hance               +44 (0) 207382         Beaufort Securities         Joint Broker 
                                   8300                   Limited 
       Nick Emerson              +44 (0) 1483            SI Capital Ltd              Joint Broker 
        / Andy Thacker            413 500 
       Tim Blythe/               +44 (0) 207 138         Blytheweigh                 Financial 
        Camilla Horsfall          3222                                                PR

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 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

DRLKZLBFDQFEBBQ

(END) Dow Jones Newswires

June 14, 2017 06:03 ET (10:03 GMT)

Thor Energy (LSE:THR)
Historical Stock Chart
From Jun 2024 to Jul 2024