TIDMTHR
RNS Number : 0973B
Thor Mining PLC
05 October 2020
5 October 2020
THOR MINING PLC
AIRBORNE MAGNETICS SURVEY COMMENCES AT
PILBARA GOLDFIELDS RAGGED RANGE PROJECT
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are
pleased to advise the commencement of a close spaced airborne
magnetics survey over the 100% owned Ragged Range Project
(E46/1262, E46/1190 and also adjacent application area E45/1355),
located in the Pilbara Goldfield tenements, in Western
Australia.
The survey is being flown by MAGSPEC Airborne Surveys Pty Ltd on
a 50m traverse spacing, with flight lines perpendicular to
prospective stratigraphic and structural controls in the area. The
survey is anticipated to take approximately 6 days, with Thor
anticipating processed and modelled data for release early
November.
Highlights:
-- High resolution close spaced airborne magnetics survey commences over full tenement package.
-- The airborne magnetics survey is designed to map out the
underlying mafic/ultramafic greenstones and to identify key
prospective structures.
-- Next exploration steps to commence immediately following the
airborne geophysical survey, include further mapping and infill
stream sediment sampling along the 13km gold target zone (THR
Announcement 2 September 2020).
Mick Billing, Executive Chairman of Thor Mining, commented:
"Drilling for gold mineralisation at Ragged Range is a key near
term objective for Thor, and identified as a priority in the recent
capital raising"
"This airborne magnetic survey, along with the next sampling
program, also to be conducted during October, is an important part
of the process towards selection of targets for drill testing."
In August 2019, Greatland Gold PLC (AIM:GGP) completed an
airborne magnetic survey that covered a small part on the western
side of E46/1262.
Thor acquired the raw data from Greatland Gold and
interpretation is currently underway. The Archaean Euro Basalt
(>3335Ma) is interpreted to be thrust SW over the younger
Archaean Kelly and Dalton Suite (3060-3315Ma). The magnetic
signature of the Euro Basalt and presence of NE striking major
Faults can be distinguished. Unfortunately, the magnetic data only
covers a small portion of the gold anomalous zone at the thrust
contact of the Euro Basalt.
The nickel gossan outline has no distinguishing magnetic
character and appears to cross-cut the main magnetic trends. In
detail using a black and white 1VD image in close-up, the nickel
gossan correlates with a series of weak magnetic highs.
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 Secretary
1935
Samantha Harrison/Niall +44 (0) 207 Grant Thornton Nominated Adviser
McDonald 383 5100 UK LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Competent Persons 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.
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 is also acquiring up to a 30% interest in 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 . Thor also holds rights to earn a 75% interest in portion
of the Moonta Copper project also in South Australia, and is also
considered amenable to recovery by way of in situ recovery .
Thor 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.
At the 100% owned Ragged Range Project in the Pilbara region of
Western Australia, Thor has exciting early stage results for which
gold and nickel drilling is planned."
"Thor holds mineral claims in the US states of Colorado and Utah
with historical high grade uranium and vanadium drilling and
production results."
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
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