Thor Mining PLC US LITHIUM OPTION - PROGRESS UPDATE (5386M)
July 31 2017 - 2:01AM
UK Regulatory
TIDMTHR
RNS Number : 5386M
Thor Mining PLC
31 July 2017
31 July 2017
THOR MINING PLC
US LITHIUM OPTION - PROGRESS UPDATE
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX:THR) is pleased to provide an update on due diligence
activities in respect of the option to acquire the remaining 75% of
US Lithium Pty Limited ("USL"), a private Australian company with
interests in lithium focused projects in Arizona and New Mexico, in
the United States of America.
Key Highlights:
-- Thor representatives visited each of the Arizona project
sites in late July 2017 to undertake site due diligence and meet
with members of the USL ground operations team;
-- Thor team were able to inspect the Lithium mineralisation
which extends to the surface of the clays and to collect
independent samples, in particular from the Big Sandy project;
-- Assay testing of samples collected is now underway along with
mineralogy testwork and the due diligence option period will now
not expire until the receipt and review of these findings;
-- Additional areas of potential Lithium mineralisation have
been identified in the local area, and Thor and USL have agreed to
apply for additional mineral claims to cover these new areas
identified. Both parties agree there is significant potential to
expand the potential Lithium deposit from the new additional
claims;
-- Discussions were held with the US Bureau of Land Management
("BLM") who are responsible for title and permitting.
Mick Billing, Chairman of Thor Mining plc: "We are very pleased
with the outcomes of the due diligence process to date, and
encouraged by what we have seen during the site visit to
Arizona.
"The decision to apply for additional mineral claims is
testament to the potential we believe exists, particularly at Big
Sandy. We look forward to updating the market shortly."
US Lithium Pty Limited ("USL")
USL is an Australian private limited company which has a 100%
owned subsidiary company, registered in the United States of
America ("USA"), that holds 100% of four exploration properties;
three in the State of Arizona and one in the State of New Mexico.
USL's primary asset is the Big Sandy project, which comprises 112
Federal claims each of approximately 20 acres in size. A 2017
exploration program was concluded with 231 hand dug channel
samples, with some promising lithium grades discovered, averaging
786 ppm lithium with a range of 19 ppm to 2,930 ppm lithium.
Thor Mining interest in USL
Thor Mining holds a 25% interest in USL the acquisition of which
was announced on 14(th) June 2017. In addition Thor Mining holds a
45 working day option period commencing on 14(th) June 2017 to
acquire the remaining 75% of USL, subject to satisfactory
completion of project due diligence. This option period will be
extended if necessary to allow the receipt and review of initial
due diligence assays from testing laboratories and completion of
specific mineralogy test work.
Upon exercise of the option, Thor will acquire the remaining 75%
of USL through the issue of 52,777,777 ordinary shares of 0.01p
each in the capital of Thor ("Ordinary Shares") at a deemed price
of 0.90p per Ordinary Share (for a total share consideration value
of GBP475,000).
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 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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