TIDMTHR
RNS Number : 2946X
Thor Mining PLC
18 December 2019
18 December 2019
THOR MINING PLC
KAPUNDA PROJECT - COPPER AND GOLD UPDATE
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are
pleased to provide an update on the Kapunda ISR (Insitu Recovery)
project being progressed by EnviroCopper Limited.
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 hold a 25% interest in EnviroCopper Limited with
rights to increase that interest to 30%.
Earlier in the year, on 2 April 2019, Thor advised proof of
concept for gold recovery at Kapunda, along with reference to
reported gold assays from historical information held in a South
Australian Government open file report. That announcement may be
accessed on the Thor website via:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20190403-isr-gold-recovery---proof-of-concept-kapunda-copper-project.pdf
The open file report(1) referred to in that announcement was The
South Australian Government open file report (Open File Envelope
No. 1651) "Kapunda Mine: Technical and Progress Reports for Period
1970-1971" submitted in 1971, which can be accessed via
http://mer-env.s3.amazonaws.com/ENV01651.pdf
(1)The Exploration Information, including assay results,
contained in the "Kapunda Mine Report (1971)" are historical in
nature and have not been verified by a Competent Person, and were
not prepared in accordance with the requirements of the current
JORC Code.
Subsequently the Company has become aware of a further public
document which reports on findings of IP (Induced Polarisation)
surveys, suggesting that targets for Kapunda style mineralisation
extend up to 4.5 kilometres south of the known Kapunda resource.
This report may be accessed via:
https://www.tandfonline.com/doi/abs/10.1071/ASEG2003ab169
Mr Mick Billing, Executive Chairman, commented:
"The momentum behind the Kapunda project continues to develop,
particularly as its emerging gold potential is recognised."
"We look forward to assays from the recent program of drilling
and pump testing at Kapunda to add further weight to the story"
"In addition to the existing schedule of developing the
feasibility of ISR production at Kapunda from the existing
published resource estimate, substantial potential is emerging to
extend and add to this, as well as potentially quantifying the gold
mineralisation and we look forward updating investors on the
strategy for this in the near term."
Table A: Kapunda Resource Summary 2018 (Reported 12 February
2018)
Resource Copper
---------------------------
Mineralisation Classification MT Grade Contained copper
% (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:
-- EnviroCopper are earning a 75% interest in this resource, and
Thor have investment rights for up to 30% of EnviroCopper.
-- All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- 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 relevant to
the estimate remain unchanged.
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 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) 203 764
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 market announcement is an accurate
representation of the data and results provided in the original
Kapunda Mine (1971) attested to 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
UPDGIBDDBXBBGCI
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