TIDMTHR
RNS Number : 3232A
Thor Mining PLC
27 December 2017
27 December 2017
THOR MINING PLC
DIRECTOR APPOINTMENT and BUSINESS UPDATE
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to announce the appointment of Richard Bradey
to the board as Executive Director, and also provide an update to
shareholders in respect of the positive progress being achieved
across the Company's business activities and projects.
Director Appointment
Recognising the success of project advancement to date, and the
critical importance of our key projects commercialisation intent,
Thor Mining has promoted Richard Bradey, currently Exploration
Manager, to become Executive Director on the Board of the Company
with immediate effect.
It is the intention of the Company to award Mr Bradley 5,000,000
options in Thor Mining at a price of 4.5p per share, which will
only vest when the volume weighted average price of the Company
exceeds 6p for twenty consecutive business days. This award, as
with all director incentivisation of the Company will be put to
shareholders at a future meeting of shareholders.
Richard Bradey is a mining industry professional with over 25
years of experience in a broad range of mine production, resource
development and exploration roles. He is a qualified geologist and
holds a Bachelor of Applied Science in Applied Geology and a
Masters Degree in Natural Resource Management. His career includes
roles with Mount Isa Mines, Normandy Metals, and Hill 50 Gold.
Before joining Thor Mining in 2011 as Exploration Manager, Richard
held senior roles with Xstrata Zinc and Hillgrove Resources.
Ricard Simon Bradey, aged 53, holds no other directorships and
there is no further information that is required to be disclosed
under Schedule Two (g) of the AIM Rules for Companies.
Richard Bradey and his spouse currently hold a total interest in
31,792 Ordinary Shares in the Company, along with 1,500,000
unlisted options to acquire Ordinary Shares for 1.8pence, expiring
on 27 June 2020.
Business Update
Thor has three advanced interests including Pilot Mountain -
Nevada USA, Molyhil - Northern Territory Australia, and Kapunda -
South Australia. In addition, the Company holds a 25% stake in US
Lithium Pty Limited with lithium interests in Nevada USA. Finally,
the Company has a 120 day option announced on 8 December 2017 to
acquire a 100% interest in the Western Shaw project in the Pilbara
region of Western Australia which is potentially prospective for
lithium and conglomerate hosted gold.
On 20 October 2017 the Company announced a Financing and
Strategic Update with a shift of focus for the Company from
exploration to commercialisation and asset development. This was
accompanied by a GBP565,000 fundraise to provide the additional
working capital the Company then needed to advance the
commercialisation focus of the business. Since then an additional
GBP1,308,311 of cash has been received by the Company through the
conversion of share warrants and options.
In total since 20 October 2017, therefore, Thor has received
before expenses some GBP1,873,311 of additional cash enabling the
directors to believe, based on planned activities, the Company had
sufficient financial resources to fund the business through the
remainder of 2017 and all of 2018.
Project specific status updates
Molyhil tungsten/molybdenum project:
Following the positive outcomes from work undertaken in 2017,
Thor commissioned an upgraded Open Cut Ore Reserve report which is
pending and anticipated to be received and published very
shortly.
This recalculated Ore Reserve will be a key component to an
updated Definitive Feasibility Study for the Molyhil project which
we expect should be finalised during the first quarter of 2018.
Project level financing for the development of Molyhil, is a
core outcome of this work and this activity will continue from the
commencement of 2018.
Pilot Mountain tungsten, copper and silver project:
Following successful drilling programs in 2017, an upgraded
resource estimate was produced and announced to market on 22 May
2017.
The Company is currently working on internal scoping studies to
assess the extensive project level information we have gathered
since the project's acquisition and, notably, the results received
from the recent successful drilling campaigns.
Successful outcomes from this internal work would, we expect,
indicate the potential for a viable long term mining project. This,
ultimately is the specific strategic objective for the Pilot
Mountain project, as the Company focuses upon determining the
highest value commercial pathway for the project. Announcements
will be made with regard to Pilot Mountain and the
commercialisation approach at the earliest opportunity.
Kapunda copper project
A mineral resource estimate has been commissioned for that
portion of the deposit amenable to in-situ recovery techniques and
this report is expected to be received shortly by the Company.
Reflecting the significance of this report for the Kapunda project,
an update announcement to market will be made following review and
analysis of findings. As announced on 1 August 2017, Thor has the
right to earn into an effective 45% of that portion of the Kapunda
deposit which can be extracted via in-situ recovery.
During 2018, test-work and field recovery trials are planned
which will of themselves advance the Kapunda copper project
considerably. Further information in this regard will be provided
to the market shortly.
US Lithium
We will provide a further update in the near term with regard to
US Lithium and its operational progress on the ground following a
recent site visit by the US Lithium team and their advisors.
Western Shaw - Lithium & Gold Option
Initial review work has been undertaken by the Thor team and we
are very grateful to the vendor whose experience has been
particularly useful in identifying targets within areas of
potential prospectivity, alongside a review of the known
information in respect of the specific licence application ground.
Preparations are being finalised for a Pilbara site visit scheduled
for January 2018 and we will provide the first update in respect of
progress in the near future.
Mick Billing, Executive Chairman, commented:
"We welcome the promotion of Richard Bradey as Executive
Director. He has substantial experience in operating mining
environments, both open cut and underground, as well as in resource
development and exploration. This experience is increasingly
important as the Company pursues commercialisation of its key
advanced assets and as it assesses new opportunities including the
potential for lithium and conglomerate hosted gold in the Pilbara
Region of Western Australia."
With three advanced business interests covering the tungsten,
copper and silver commodities, all in safe operating jurisdictions;
a material 25% stake in a US lithium venture and a strategic option
in respect of ground prospective for lithium and gold in the
Pilbara, Thor Mining ends the year in a position of considerable
asset strength.
In addition, the Company is benefiting from strengthening market
prices in the underlying commodities on which existing business
projects or those under option are focused, notably in respect of
tungsten, copper, lithium and gold.
Added to this our robust financial position means the Company is
well placed to aggressively pursue its commercialisation focus and
the objective to efficiently crystallise value for
shareholders.
We are aware that investors are keen to have project specific
updates from across the business. The board are eager to provide
such updates and we are finalising various work activities,
following which we will be in a position to report in more detail
to the market."
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK Nominated Adviser
Daniel Bush/ 5100 LLP
Richard Tonthat
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Broker
500
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the portion of the historic Kapunda copper
mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an
Australian private company with a 100% interest in a Lithium
project in Nevada, USA.
Finally Thor also holds a production royalty entitlement from
the Spring Hill Gold project(3) 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 AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
-- (3) Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
-- At the date of this announcement gold is trading at approximately A$1,650/oz
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAQDLBLDLFBFBQ
(END) Dow Jones Newswires
December 27, 2017 02:00 ET (07:00 GMT)
Thor Energy (LSE:THR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Thor Energy (LSE:THR)
Historical Stock Chart
From Jul 2023 to Jul 2024