TIDMTHR
RNS Number : 6841P
Thor Mining PLC
14 October 2019
14 October 2019
COMMENCEMENT OF DRILLING - BONYA TUNGSTEN
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased
to announce commencement of the second drilling program at the
Bonya tungsten deposits adjacent to its key 100%-owned Molyhil
tungsten and molybdenum project, in the Northern Territory of
Australia.
The Bonya project is held in joint venture with Arafura
Resources Limited (ASX: ARU), with both parties contributing to the
cost of the program in proportion to their project equity (THR 40%
: ARU 60%).
Highlights:
-- Reverse Circulation (RC) drilling program of approximately 2,000 metres;
-- Targets scheduled for drill testing comprise the Samarkand and White Violet deposits;
-- Best tungsten results from the first program in April 2019
include (ref AIM announcement 24 June 2019):
-- 12m @ 0.67% WO(3) from 46m; 25m @ 0.39% WO(3) from 63m and;
5m @ 0.1% WO(3) from 96m; White Violet hole 19RC021
-- 29m @ 0.70% WO(3) from 81m; including 13m at 1.13% WO(3) from 91m; White Violet hole 19RC022
-- 13m @ 0.48% WO(3) from 19m; Samarkand hole 19RC026
-- 8m @ 0.45% WO(3) from 38m; Samarkand hole 19RC028
-- 9m @ 0.74% WO(3) from 64 m including 2m @ 0.2% Cu from 69m; Samarkand hole 19RC030
-- Program objective to achieve sufficient drill density to
allow preparation of a mineral resource estimate for Samarkand and
White Violet , once assays results have been received;
-- Drilling program expected to take approximately three weeks
Mick Billing, Executive Chairman, commented: "We are very
hopeful of positive results from this follow-up drilling at
Bonya."
"Each of the Samarkand and White Violet deposits had high grade
results from our initial program in April this year and we hope to
be able demonstrate sufficient continuity of good grade
mineralisation along strike and at depth at each to allow
subsequent preparation of a mineral resource estimate for these two
deposits "
"We hope to be able to provide regular updates of progress,
including provisional XRF analysis, during the program."
"Tungsten prices have improved considerably over the past few
weeks with APT tungsten quoted most recently at US$227.50/mtu, just
over a 25% improvement from early September".
Further Information
The program will comprise in the order of 2,000 metres of
drilling by Reverse Circulation (RC) method on Samarkand and White
Violet deposits.
Each of these deposits returned high grade tungsten assays and
encouraging copper assays from the Samarkand deposit, during the
first program conducted in April 2019.
It is anticipated that the program will be completed within
three weeks of commencement with progressive provisional XRF
results, followed by laboratory assay results after up to a further
four weeks.
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 Nominated Adviser
Richard Tonthat/ Ben 5100 LLP
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
Claire Louise Noyce 413 500 Hybridan LLP Joint Broker
/ +44 (0) 203
John Beresford-Peirse 764 2341
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.
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 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 resource on the portion of the historic
Kapunda copper mine in South Australia recoverable 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
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 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 26 February 2016 and ASX announcement
of 29 February 2016
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END
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