Thor Mining PLC WESTERN SHAW PROJECT - DUE DILIGENCE UPDATE (9821A)
January 04 2018 - 6:20AM
UK Regulatory
TIDMTHR
RNS Number : 9821A
Thor Mining PLC
04 January 2018
4 January 2018
THOR MINING PLC
WESTERN SHAW PROJECT - DUE DILIGENCE UPDATE
The board of Thor Mining PLC ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to provide an update on the due diligence
activities in process in respect of the option agreement to acquire
an interest in a tenement, which is currently subject to license
application, known as the Western Shaw Project (ELA 45/4960) (the
"Western Shaw Project" or the "Project"), situated in the Pilbara
region of Western Australia.
Highlights:
-- Due diligence programme now underway;
-- Arrangements have been settled for an initial helicopter
assisted reconnaissance visit to the tenement area during
January;
-- The objective is to put experienced geologists "boots on the
ground" at multiple locations along three separate north-south
traverses to confirm the existence of prospective lithologies
within the tenement which, if successful would be subject to
further detailed ground based evaluation;
-- The target geology, identified from desktop review of
historic records, includes potentially lithium bearing pegmatites,
nickel bearing ultra-mafics and basal conglomerate hosted gold.
Mick Billing, Executive Chairman, commented:
"The Western Shaw Project appears to be an excellent exploration
opportunity and provides Thor with exposure to potential
conglomerate hosted gold and lithium in the Pilbara province in
Western Australia."
"This first site visit for field reconnaissance is an important
part of our initial assessment."
"We will provide further updates of progress and findings to
shareholders at the earliest appropriate opportunity."
Option Agreement Summary
On 8 December 2017, Thor announced the option agreement to
acquire a 75% interest in the Western Shaw project, briefly
summarised below:
-- Thor secured a 120 day option to acquire a 75% interest in
the Western Shaw Project tenement via payment of an option fee of
A$50,000 (approximately GBP28,000) (the "Option");
-- Should Thor elect to exercise the option, and subject to the
grant of the licence application, the acquisition cost payable to
the vendor, Redstone Metals Pty Ltd ("Redstone"), for a 75%
interest in the tenement is A$250,000 (approximately
GBP140,000);
-- Both the option fee and any subsequent acquisition
consideration upon exercise of the option are payable entirely in
Thor shares;
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 Grant Thornton Nominated
Richard Tonthat 383 5100 UK LLP Adviser
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 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.
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
2 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$1,670/oz
This information is provided by RNS
The company news service from the London Stock Exchange
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