TIDMTHR
RNS Number : 8387U
Thor Mining PLC
27 November 2019
27 November 2019
THOR MINING PLC
COMPANY UPDATE
The Directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are
pleased to provide the following update on recent Company
activities.
Molyhil Tungsten & Molybdenum Project, and Bonya Tungsten
Joint Venture
An updated mineral resource estimate at Molyhil was announced on
10 October 2019, an increase of 1.5% and 9.3% to the tungsten and
molybdenum resources compared with the previous estimates
respectively. Thor owns 100% of Molyhil.
The 19 hole second drill program at Bonya has now completed with
very encouraging preliminary XRF results. Laboratory assay results
are expected mid-December and we look forward to those. Work on a
maiden Mineral Resource Estimate for the first of the Bonya
deposits will then commence and we expect this to be complete
during January 2020. The Bonya resource is expected to add
significant value to the Molyhil project through an improved
production profile and increased mine life. Thor holds a 40%
interest in the Bonya JV.
EnviroCopper
A resource of 66.1MT @ 0.17% Cu for 114,000 tonnes contained
copper at Moonta was announced on 15 August, 2019. This adds a
substantial Cu resource to the EnviroCopper inventory, in addition
to the 47.4MT @ 0.25% Cu for 119,000 tonnes contained copper
resource at Kapunda.
Field pump trials have recently been successfully conducted at
Kapunda with 3 holes drilled and tested. The results to date
indicate strong connectivity between holes essential for successful
Insitu Recovery process. Preliminary portable XRF assays also
suggest above resource grade copper values in these holes, however
portable XRF testing is not suitable for gold sightings. We look
forward to laboratory assay results for copper and gold, along with
other metals in the next few weeks.
Pilot Mountain
Thor has commenced discussions with a number of US investors to
advance the Pilot Mountain project. Further updates will be
provided to the market as appropriate.
Pilbara Gold
As announced on 6 November 2019, visible gold was found in
stream sediment samples. This first pass stream sediment and
survey, was successful in locating visible gold in 13 sites, with
several considered, by directors, to be potentially significant.
Once laboratory analysis of the collected samples is complete, the
next stage of work, likely to be infill work, and upstream sampling
will be conducted, with a view of establishing drill targets.
Non-core investments
During November, Thor sold 5,470,000 shares of Hawkstone Mining
Limited realising gross proceeds of A$41,800. Thor now holds
9,764,375 shares of Hawkstone Mining Limited valued at
approximately A$70,000 at current prices.
In addition, Thor holds a 95% interest in a production royalty
entitlement from the Spring Hill Gold project in the Northern
Territory of Australia. Directors expect this project to commence
production in 2020. Thor will evaluate all options relating to this
royalty investment which may include a sale of the royalty.
Corporate
The Directors of Thor have taken steps to reduce Directors
remuneration , with estimated annual savings
approaching UKGBP100,000. These savings have been implemented from 1 November 2019.
In addition, the deferral of non-essential project expenditure
has been implemented which will conserve cash during the March
quarter of 2020.
Mr Mick Billing, Executive Chairman, commented:
"We continue to advance exploration activities at the Bonya
joint venture to enhance the value of the Molyhil project. Drill
results have so far been very pleasing with higher than expected
grades at White Violet. We look forward to our initial resource
estimate at Bonya scheduled for January2020. Our objective of
increasing the resource inventory available for the proposed
Molyhil processing plant will, we believe, significantly enhance
the prospects for funding the Molyhil development."
"Our copper investment, and our recent early stage success with
Pilbara gold exploration are very exciting and we plan to build
upon these while keeping outlays to a minimum. The Australian
government grant funding for Kapunda for example, ensures ongoing
development at this project, without requiring significant funding
from Thor."
"We have now implemented cost saving initiatives, including
significant reductions in director remuneration and deferral of
non-essential project expenditure which will conserve cash
resources as we progress discussions with potential investors for
Molyhil and Pilot Mountain."
"We have also taken steps towards monetising several of our
non-core assets, and will report on each of these as progress is
made."
"Our core assets, however, still hold significant value, and we
firmly believe that these will, in due course, deliver substantial
returns for our shareholders".
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.
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
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END
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