TIDMTHR
RNS Number : 3851F
Thor Mining PLC
20 February 2018
20 February 2018
THOR MINING PLC
US GOVERNMENT CONFIRMS TUNGSTEN AS CRITICAL COMMODITY
THOR ACCELERATES PILOT MOUNTAIN TUNGSTEN PROJECT, NEVADA,
USA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to note that the United States Department of
the Interior has recently advised that tungsten remains on the
Federal Register of commodities classified as critical by the
Unites States government.
The register was published by the Department of the Interior on
16(th) February 2018 and may be accessed via following the
weblink:
https://www.federalregister.gov/documents/2018/02/16/2018-03219/draft-list-of-critical-minerals
The Company further advises that in a publication by the U.S.
Geological Survey, titled "Mineral Commodities Summary 2018", dated
31 January 2018, that there has been no production of tungsten
concentrates from mining activities since prior to 2013. This
report may be accessed via the following weblink:
https://minerals.usgs.gov/minerals/pubs/mcs/2018/mcs2018.pdf
Thor Mining's wholly owned Pilot Mountain tungsten project in
Nevada, USA, has a mineral resource inventory of 11.73 Million
tonnes at 0.28% WO(3) (Table 1), plus attractive by-product values
for copper and silver.
Against this positive backdrop, Thor has taken the decision to
accelerate development at its Nevada based Pilot Mountain project
and has commenced Phase 2 of metallurgical testwork along with
scoping study work.
Mr Mick Billing, Executive Chairman of Thor: "The Company's
Pilot Mountain project with its substantial tungsten resource has
Thor very well placed in the United States with the tungsten
commodity recognised as a critical metal by the homeland
authorities".
"The Pilot Mountain resource inventory is already very
substantial and when in production would be expected make a
material contribution toward domestic demand for tungsten
concentrates in the United States. At present the US is a
significant consumer of tungsten products, and also a significant
importer of tungsten concentrates along with scrap and other
intermediate products."
"What is important to recognise also is the scalability of Pilot
Mountain, with significant potential for substantial growth in
defined resource base. This adds considerably to the commercial
attractiveness of the project, and the assertion that the project
may offer long term production potential and become an important
supplier of strategic tungsten concentrates in the US."
"With its strong financial position Thor is focused on the
commercialisation pathway and, in light of the tungsten criticality
highlighted above, is to accelerate its Pilot Mountain project
feasibility work. The value of any resource project rises as you
increasingly demonstrate its operational and economic
viability."
"We note the increasing interest in Tungsten acquisition, joint
venture and offtake opportunities by third parties which has
increased in recent months. Thor has and will engage with third
parties and will consider any suitable proposals that could advance
projects and be beneficial to shareholders."
Table 1: Pilot Mountain Resource Summary 2017 (JORC 2012) -
announced 22 May 2017.
Resource WO(3) Ag Cu
MT Grade Contained Grade Contained Grade Contained
% metal g/t metal % metal
(t) (t) (t)
------------ ----------- ------ ----- ---------- ------ --------- ------ ---------
Garnet Indicated - -
Inferred 1.83 0.36 6,590
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Sub
Total 1.83 0.36 6,590
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Desert
Scheelite Indicated 8.41 0.27 22,700 21.3 179 0.14 11,800
Inferred 1.49 0.23 3,430 9.07 13 0.17 2,500
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Sub
Total 9.90 0.26 26,130 19.39 192 0.14 14,300
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Summary Indicated 8.41 0.27 22,690 21.3 179 0.14 11,800
Inferred 3.32 0.30 10,020 9.07 13 0.17 2,500
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Pilot Mountain
Total 11.73 0.28 32,720 19.39 192 0.14 14,300
------------------------- ------ ----- ---------- ------ --------- ------ ---------
Notes:
-- All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Thor Mining PLC holds a 100% equity interest in the Pilot Mountain resource estimate.
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.
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.
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 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
This information is provided by RNS
The company news service from the London Stock Exchange
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