TIDMTHR
RNS Number : 5559T
Thor Mining PLC
15 November 2019
15 November 2019
THOR MINING PLC
FIELD PUMP TEST COMMENCEMENT - KAPUNDA COPPER PROJECT
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are
pleased to report they have been advised by EnviroCopper Limited of
the commencement of field pumping tests at the Kapunda copper
project in South Australia.
EnviroCopper Limited, via subsidiary Environmental Copper
Recovery Pty Ltd, has entered into an agreement to earn, in two
stages, up to 75% of the rights over metals which may be recovered
via in-situ recovery ("ISR") contained in the Kapunda deposit from
Australian listed company, Terramin Australia Limited ("Terramin"
ASX: "TZN"). Thor holds a 25% interest in EnviroCopper Limited with
rights to increase that interest to 30%.
The testwork program is funded under the Australian Government
Ministry for Science Jobs and Innovation grant of A$2.85million, as
announced on 30 July 2018.
Highlights:
-- A series of holes to be drilled into the southern portion of the Kapunda resource;
-- Test program to assess the hydraulic properties of the host
rock, including flow rates, effective porosity & permeability,
hydraulic connectivity, and also the storage coefficient;
-- Drill samples to be assayed for copper, gold along with other elements;
-- Mineralised samples to be subsequently used in further column leach test work.
Mr Mick Billing, Executive Chairman, commented:
"This program is a key milestone in further demonstrating the
technical viability of the Insitu Recovery (ISR) process at
Kapunda."
"We look forward to both the technical component of testing the
hydraulic properties of the host rock, and also the drill sample
assays, particularly for copper and gold."
"The Thor investment in EnviroCopper Limited is becoming one of
increasing importance as the resource base at both Kapunda and
Moonta grows, technical hurdles are addressed, and prospects for
commercial viability continue to develop."
Hydrogeologic Testing Drill Program
The aim of the program is to test the hydraulic properties of
the fractured rock aquifer, this will be achieved by drilling a
series of wells, which are to be geophysically logged, pump tested
and tracer tested. It is expected that a number of properties will
be assessed including:
-- Aquifer properties of the host rock
-- Baseline properties including water level, pH and EC
-- Groundwater geochemistry profile with depth including salinity and metal concentration
-- Flow rates measured by depth and achievable production well yields
-- Storage coefficient
-- Effective Porosity (pores that allow the transfer of water) as % by volume
-- Hydraulic connectivity between wells located 15m apart
-- Permeability (also described as hydraulic conductivity)
-- In line with structures
-- Perpendicular to structures
Downhole geophysical logging will include:
-- Natural gamma, formation density and neutron porosity.
-- Focussed resistivity, induction-conductivity, induced polarisation.
-- Optical and acoustic imaging
-- Fluid temperature and conductivity, flowmeters
While portion of the Kapunda deposit has been subject to
historical mining this program is focussing on areas that are
unaffected by previous mining activities to establish baseline
properties of the aquifer and to determine if there is any
anisotropy (directional bias) of flow rates due to geologic
structures.
Mineralised intercepts will be used in further lixiviant trials
via large scale column leach test work.
About the Kapunda Copper Project
Thor holds a 25% equity interest in private Australian company,
EnviroCopper Limited ("ECL"), along with rights to acquire a
further 5% interest via investment of an additional A$0.4million.
In turn ECL has entered into an agreement to earn, in two stages,
up to 75% of the rights over metals which may be recovered via
in-situ recovery ("ISR") contained in the Kapunda deposit from
Australian listed company, Terramin Australia Limited ("Terramin"
ASX: "TZN"), and rights to 75% of Moonta copper project comprising
the northern portion of exploration licence EL5984 held by
Andromeda Metals Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website:
https://www.envirocopper.com.au/
The Kapunda deposits hosts an Inferred Resource estimate of 47.4
million tonnes (MT) grading 0.25% copper (Cu), containing 119,000
tonnes of contained copper (Table A)
Table A: Kapunda copper Resource estimate (JORC 2012) -
Announced 22 February 2018
Resource Copper
------------------------------------- -----------------
MT Grade Contained
% Cu (t)
------------------------------ ----- ----- ----------
Copper Oxide Inferred 30.3 0.24 73,000
Secondary copper
sulphide Inferred 17.1 0.27 46,000
------------------ ---------- ----- ----- ----------
Total 47.4 0.25 119,000
----------------------------- ----- ----- ----------
Notes:
-- Figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut off grade used of 0.05% Cu
-- EnviroCopper Limited are earning a 75% interest in this
resource, and Thor have investment rights for up to 30% of
EnviroCopper.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters remain
unchanged.
The full details of the Kapunda resource announcement may be
accessed via the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
In addition to the copper resource a total of 14 historical
drillholes into the Kapunda deposit were also assayed,
successfully, for gold. While there is not sufficient assay data
for a gold mineral resource estimate to be complied, the presence
of gold within the Kapunda deposit is well established, and
EnviroCopper previously announced successful recovery of gold from
Kapunda drill samples.
Details of the announcement of gold assays and successful gold
recovery may be accessed from the Thor website via the following
link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20190403-isr-gold-recovery---proof-of-concept-kapunda-copper-project.pdf
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.
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
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 Persons Report
The information in this report that relates to exploration
results is based on information compiled by Leon Faulkner, who
holds a BSc in geology and who is a Member of The Australasian
Institute of Geoscientists. Mr Faulkner is a Director of
EnviroCopper Ltd. 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'. Leon Faulkner 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 (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 holds a 25% interest Australian copper development company
EnviroCopper Limited (with rights to increase its interest to 30%).
EnviroCopper Limited 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
-- rights to earn up to 75% of the Moonta copper project, also
in South Australia comprising the northern portion of exploration
licence EL5984 and includes a resource estimate for several
deposits.
Thor has an interest in Hawkstone Mining Limited, an Australian
ASX listed company with a 100% Interest in a Lithium project with a
JORC compliant resource 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 ASX and AIM announcement of 15 August 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
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