TIDMTHR
RNS Number : 4761J
Thor Mining PLC
19 August 2019
19 August 2019
FURTHER HIGH GRADE LITHIUM RESULTS AT BIG SANDY
HAWKSTONE MINING LIMITED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased
to advise further positive drilling results at the Big Sandy
Deposit in Arizona USA, by Hawkstone Mining Limited ("Hawkstone")
(ASX: HWK).
Hawkstone, the 100% owner of the Big Sandy project, has released
results from the final holes of its 37-hole Phase 2 diamond drill
programme at its Big Sandy Lithium-Clay Project, located in Arizona
USA on 14 August 2019.
Hawkstone Managing Director Paul Lloyd commented on the results
released;
"Hawkstone's Big Sandy project has delivered exceptional results
as the Company has successfully progressed through the 37-hole
diamond drill program. High grade intercepts have continued, and
the assay results from the last 3 diamond drill holes further
demonstrate the significant potential of the Big Sandy project, and
importantly, mineralisation remains open to the north, south and
west. This is especially significant for drill hole DHQ32A located
100m to the west of the most north-westerly hole in the program
DHQ3, as it shows the known mineralisation to continue to the west
outside of the limits of the planned program and places the Company
in a very strong position to significantly expand the resources
through further drilling. The Company will now progress towards the
expected compilation of its targeted maiden JORC Resource in late
September 2019 and is currently in the process of appointing
consultants to conduct a pre-feasibility study."
Thor holds 7,421,875 ordinary shares in Hawkstone (representing
1.075% of its issued share capital). Thor shall be allotted a
further 7,812,500 ordinary shares in Hawkstone if Hawkstone
reports, by September 2021, a mineral resource estimate, on the Big
Sandy deposit, of at least 30 million tonnes at a grade of over
2,000ppm Lithium (Li), using a lower cutoff grade of 1,000ppm
Li."
The latest Hawkstone announcement may be found on the ASX
website via the following link:
https://www.asx.com.au/asxpdf/20190814/pdf/447gfj0bddy09l.pdf
Information about Hawkstone and its Big Sandy project can be
found at Hawkstone's website:
http://hawkstonemining.com.au/.
Mr Mick Billing, Executive Chairman, commented:
"We welcome the additional positive news from the Big Sandy
drilling program."
"The program continues to improve the prospects for Big Sandy
and the value of our Hawkstone investment, and we look forward to
the maiden resource estimate, scheduled for late September 2019,
and also the forecast pre-feasibility study."
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK LLP Nominated Adviser
Richard Tonthat/ Ben 5100
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
Claire Louise Noyce 413 500 Hybridan LLP Joint Broker
/ +44 (0) 203 764
John Beresford-Peirse 2341
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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) 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 August 2018(1) suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including an Inferred
resource for the Bonya copper deposit(2).
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(3) on 2 of the 4 known deposits. The US Department of the
Interior has confirmed that tungsten, the primary resource mineral
at Pilot Mountain, has been included in the final list of Critical
Minerals 2018.
Thor is also acquiring up to a 30% interest Australian copper
development company EnviroCopper Limited, which in turn holds
rights to earn up to a 75% interest in the mineral rights and
claims over the resource on the portion of the historic Kapunda
copper mine in South Australia recoverable by way of in situ
recovery , and also holds rights to earn a 75% interest in portion
of the Moonta Copper project also in South Australia, and is
considered amenable to recovery by way of in situ recovery .
Thor has an interest in Hawkstone Mining Limited, an Australian
ASX listed company with a 100% Interest in a Lithium project in
Arizona, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project of:
-- A$6 per ounce of gold produced from the Spring Hill
tenements, sold for up to A$1,500 /oz; and
-- A$14 per ounce of gold produced from the Spring Hill
tenements, sold for amounts over A$1,500 /oz.
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018
(3) Refer AIM announcement of 13 December 2018 and ASX
announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement
of 12 February 2018
Refer AIM announcement of 5 March 2019 and ASX announcement of 6
March 2019
Refer AIM announcement of 26 February 2016 and ASX announcement
of 29 February 2016
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLSFSSAUFUSEDA
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