TIDMTHR
RNS Number : 1484I
Thor Mining PLC
10 December 2020
10 December 2020
THOR MINING PLC
PILBARA GOLDFIELDS RAGGED RANGE PROJECT
SIGNIFICANT MAGNETIC TARGETS IDENTIFIED
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are
pleased to advise of the identification of a number of significant
magnetic targets following the interpretation, of the Airborne
magnetics survey flown in October 2020, at the 100% owned Ragged
Range Project in Western Australia.
Key highlights
-- Sterling Prospect, identified as the principle initial
target, is approximately five kilometres long & between 300 and
500 metres in width;
-- Anomalous stream sediment gold assays (up to 2.2g/t Au)
clearly related to the structural contact of the Euro Basalt and
younger Dalton Suite, at the Sterling Prospect. Gold present in
streams confirms that gold mineralisation occurs very close to
surface. (ASX/AIM: THR 1 December 2020);
-- Three isolated, strong magnetic anomalies, highlighted on the
geological maps with links below, have no simple geological
explanation in the magnetics. These are priority targets for
follow-up;
-- The Ragged Range area is structurally complex with many
phases of folding and shortening of the prospective Euro Basalt.
This leads to the creation of space, significantly increasing the
potential to host gold mineralisation.
Mick Billing, Executive Chairman of Thor Mining, commented:
" It is very exciting to see the interpretation of airborne
magnetic data helping to explain the occurrence of, what appears to
be, significant gold mineralisation at the Sterling Prospect, at
Ragged Range."
"The Sterling Prospect appears to be a target of some substance,
with a strike length of up to five kilometres and multiple
anomalous stream sediment gold assays. Next steps will consist of
detailed soil sampling over this, with reconnaissance soil sampling
over the other shallow magnetic anomalies."
"The simple thrust model for quartz-carbonate veins hosting
significant gold mineralisation at the Sterling Prospect makes a
compelling target for drilling early in 2021
(www.thormining.com/sites/thormining/media/maps/x-sect-sterling-prospect.jpg
)."
Ragged Range Project, located in the highly prospective Eastern
Pilbara Craton, WA is 100% owned by Thor Mining - E46/1190,
E46/1262, E46/1355 (application), with the recent acquisition of
additional tenure surrounding the gold anomalous zones, E46/1340
and E46/1354 (application).
Further to the announcement of 6 October 2020, the
high-resolution airborne magnetics survey was flown by MAGSPEC
Airborne Surveys Pty Ltd on close spaced 40m traverses, totalling
3,088-line kilometres. The flight lines were oriented perpendicular
(045(0) ) to prospective stratigraphic and structural controls in
the project area. The survey was flown over E46/1190, E26/1262 and
E46/1355 with the recently purchased Greatland Gold PLC airborne
magnetics data 'stitched' into the raw data set.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201006-asx-mag-survey.pdf
Detailed Geological Interpretation
The following information is taken from the Geological Survey of
Western Australia (GSWA), Split Rock 1:100,000 geology notes:
Corunna Downs Batholith Is a large granitoid body (Intruded
around 3000Ma). On the geological map (accessed from the Thor
website via links below) it is coloured pink.
www.thormining.com/sites/thormining/media/maps/20-006-1-2-rr-1vd-mags.jpg
, and
www.thormining.com/sites/thormining/media/maps/20-006-1-1-rr-asvi.jpg
Running NNE across the magnetic images are a series of dykes.
These dykes are post Euro Basalt but pre the major thrust zone.
They have a high K response suggesting they could be felsic rather
than mafic. On the geological map they are coloured light
green.
The Gorge Creek Group (2950Ma) crops out in the centre of two
narrow N/S striking synclines. It is a mixed sedimentary/banded
iron-formation, unit. On the geological map it is coloured
blue.
The Dalton Suite (3070-3060Ma) is an ultramafic unit with
pyroxene-hornblende gabbro, metadunite, metaperidotite,
serpentinite and minor komatiite. It has a very strong magnetic
response, using all magnetic filters. On the geological map it is
coloured dark blue, dark green and purple.
The Euro Basalt is overlain by the Wyman Formation
(3325-3315Ma), a more felsic unit with felsic volcanics and
interlayered sandstone, minor ironstone, chert and felsic schist.
This unit has a uniform, low magnetic response in the 1VD. On the
geological map it is coloured light orange.
The oldest unit on the map sheet is the prospective Euro Basalt
(3335-3350Ma); predominantly a tholeiitic basalt with pillow lavas
and minor komatiitic basalt, schist, chert and amphibolite. It has
distinctive stippled magnetic response and major folds can be
easily traced in the 1VD. On the geological map it is coloured
medium green.
The initial airborne magnetic interpretation was completed using
a 1st vertical derivative (1VD) of the data to enhance shallow,
structural features. This was overlain on a simplified GSWA 1:100k
geological map. Structural features such as an interpreted thrust,
major faults and geological boundaries can then be interpreted and
plotted. Other images using different geophysical filters along
with the radiometric data were also investigated. Onto these images
a thematic map of the stream sediment sample results has then been
plotted to show the geological location of the anomalies.
A simplified cross section (
www.thormining.com/sites/thormining/media/maps/x-sect-sterling-prospect.jpg
) over a slice of the area (shown as A-B on the geological maps)
that illustrates a simplified structural model for gold
mineralisation at the Sterling Prospect. The Sterling Prospect is
about five kilometres long and around 300m to 500m wide. Gold
values increase upstream in both the BLEG and < 2mm, AR25 stream
sediments, towards the contact. Interestingly, Thor reports no
anomalous gold in streams to the west of this contact, in the
ultramafic Dalton Suite. This model is preliminary, providing an
explanation for the location of the stream sediment gold anomalies,
close to the Euro Basalt and Dalton Suite contact. In the hanging
wall (Eastern Side) of the thrust, space will be created during
thrusting, allowing quartz veining to form, potentially with gold
mineralisation. This preliminary model will certainly improve once
drilling commences at the Sterling Prospect.
Three circles are shown covering magnetic anomalies seen in the
1VD magnetic image (geological maps). These do not appear to have
any reasonable geological explanation. They are also shown on the
geological map image image that uses an Analytic Signal of the
Vertical Integral (ASVI) filter. ASVI is a processing method for
potential-field data, also called the total gradient method. It is
used for defining the location and depth of edges of magnetic
anomalies. In this image, the anomalies are quite distinct and will
be investigated at the earliest opportunity.
The nickel gossan reported in ASX: (26 Aug 2020) and (6 Oct
2020), is located towards the base of the Dalton Suite, close to
the Wyman Formation. Follow-up soil sampling will target the weak
magnetic anomalies that extend beyond the outcropping gossan.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200826-pilbara-goldfields-encouraging-nickel-assay-results.pdf
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201006-asx-mag-survey.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 Secretary
1935
Colin Aaronson +44 (0) 207 383 Grant Thornton Nominated Adviser
5100 UK LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
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 Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she 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'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
The information in this report that relates to the airborne
magnetic interpretation is based on information compiled by Mark
McGeough, who holds a BSc Geology/Geography (Dual Hons) and who is
a Fellow of The Australasian Institute of Mining and Metallurgy.
Mark McGeough is a director of Thor Mining PLC. He has sufficient
experience which is relevant to the interpretation of this 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'. Mark McGeough consents to the inclusion in the report of
the matters based on his information in the form and context in
which it appears.
Geophysical data processing and filters were generated by
consultant geophysicist Riaan Mouton, Applied Scientific Services
and Technology Pty Ltd.
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.
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 is earning an 80% interest in the Alford East copper
project, on South Australia's Yorke Peninsula, where significant
historical copper mineralisation is considered amenable to insitu
recovery production.
Thor also holds 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 .
EnviroCopper also holds rights to earn a 75% interest in portion of
the Alford West copper project also in South Australia, and is also
considered amenable to recovery by way of in situ recovery .
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 Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits(2).
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.
"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, and 29
January 2020
(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
1 JORC Code, 2012 Edition - Table 1 report template
1.1 Section 1 Sampling Techniques and Data
Sampling Airborne magnetics survey
techniques * Nature and quality of sampling (eg cut channels, flown by Magpsec Airborne
random chips, or specific specialised industry Surveys
standard measurement tools appropriate to the 40m x40m traverse line
minerals under investigation, such as down hole gamma spacing oriented at
sondes, or handheld XRF instruments, etc). These 045(0) , totalling 3,088-line
examples should not be taken as limiting the broad kilometres.
meaning of sampling. Survey Instruments:
Magnetometers:
* Model/type- G-823A caesium
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. Gammas-Ray Spectrometer
* RSI RS-500 gamma-ray spectrometer with 2x RSX-4
detector packs
* Aspects of the determination of mineralisation that
are Material to the Public Report.
Altimeters
* Bendix/King KRA 405 radar altimeters.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples * Reinshaw ILM-500R laser altimeter
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is Magnetic Base Station
coarse gold that has inherent sampling problems. * GEM GSM-19 Overhauser & Scintrex Envi-Mag proton
Unusual commodities or mineralisation types (eg precession base station
submarine nodules) may warrant disclosure of detailed
information.
===============================================================
Drilling Not applicable
techniques * Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
=============== =============================================================== =============================================================
Drill sample Not applicable
recovery * Method of recording and assessing core and chip
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
=============== =============================================================== =============================================================
Logging No logging was undertaken
* Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
=============== =============================================================== =============================================================
Sub- sampling High speed digital data
techniques * If core, whether cut or sawn and whether quarter, acquisition system;
and sample half or all core taken. sample rate up to 20hz
preparation 40m traverse spacing
is appropriate for close
* If non-core, whether riffled, tube sampled, rotary spaced high-resolution
split, etc and whether sampled wet or dry. data
MapInfo images created
by Riaan Mouton Director
For all sample types, the nature, quality of ASST Australia
and appropriateness of the sample preparation
technique.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
=============== =============================================================== =============================================================
Quality Magnetometers:
of assay * The nature, quality and appropriateness of the * Model/type- G-823A caesium vapour magnetometer.
data and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests * Resolution - 0.001nT
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining * Sensitivity - 0.01nT
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc. * Sample Rate - 20Hz (3.5m)
* Nature of quality control procedures adopted (eg * Compensation - 3-axis fluxgate
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established. Gammas-Ray Spectrometer
* RSI RS-500 gamma-ray spectrometer with 2x RSX-4
detector packs
Altimeters
* Bendix/King KRA 405 radar altimeters.
* Reinshaw ILM-500R laser altimeter
Magnetic Base Station
* GEM GSM-19 Overhauser & Scintrex Envi-Mag proton
precession base station
* GEMGSM-19 sampling at 1sec was all for all correction
=============== =============================================================== =============================================================
Verification All data electronically
of sampling * The verification of significant intersections by stored with peer review
and assaying either independent or alternative company personnel. of QAQC and data processing.
Field checks at the
end of each flight with
* The use of twinned holes. pilot monitoring equipment
in air.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
=============== =============================================================== =============================================================
Location High speed data acquisition
of data * Accuracy and quality of surveys used to locate drill system sampling up to
points holes (collar and down-hole surveys), trenches, mine 20Hz,
workings and other locations used in Mineral Resource Integrated Novatel OEM
estimation. 719 DGPS receiver:
* L1/L2 + GLONASS Multi Frequency
* Specification of the grid system used.
* 555-channel
* Quality and adequacy of topographic control.
GPS accuracy test performed
every 5minutes whilst
aircraft static. All
readings (X,Y,Z) with
2meters
=============== =============================================================== =============================================================
Data spacing Flight lines were on
and * Data spacing for reporting of Exploration Results. 40m spaced traverses
distribution at 045degrees across
E46/1190, E46/1262 and
* Whether the data spacing and distribution is E46/1355.
sufficient to establish the degree of geological and Sensor height 40m, with
grade continuity appropriate for the Mineral Resource a total of 3088line
and Ore Reserve estimation procedure(s) and kms
classifications applied.
* Whether sample compositing has been applied.
=============== =============================================================== =============================================================
Orientation Flight lines were oriented
of data * Whether the orientation of sampling achieves unbiased NE-SW (045degrees),
in relation sampling of possible structures and the extent to perpendicular to know
to geological which this is known, considering the deposit type. geological contacts
structure and structures.
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
=============== =============================================================== =============================================================
Sample Survey data was transferred
security * The measures taken to ensure sample security. from acquisition system
to infield data processing
computer at the end
of each flight. Verified
data uploaded to MAGSPEC
for processing and peer
review.
=============== =============================================================== =============================================================
Audits Data collection, processing,
or reviews * The results of any audits or reviews of sampling QAQC and modelling protocols
techniques and data. align with industry best
practice. Raw data was
peer reviewed prior to
processing and filters
applied.
============= =============================================================== ===============================================================
1.1 Section 2 Reporting of Exploration Results
Mineral tenement Airborne magnetics data
and land * Type, reference name/number, location and ownership was collected on E46/1190,
tenure status including agreements or material issues with third E46/1262 & E46/1355,
parties such as joint ventures, partnerships, in Western Australia
overriding royalties, native title interests, held 100% by Thor Mining
historical sites, wilderness or national park and PLC.
environmental settings.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
====================================================================
Exploration Magnetic data purchased
done by other * Acknowledgment and appraisal of exploration by other from Greatlands PLC
parties parties. over small section of
tenure was stitched
into processed data.
Great southern have
undertaken stream sediment
programs over tenure.
========================= ==================================================================== ==================================
Geology Archaean greenstone-granite
* Deposit type, geological setting and style of terrain. Exploring for
mineralisation. Archaean lode gold and
shear hosted gold style
mineralization plus
VHMS copper-base metal
mineralization.
========================= ==================================================================== ==================================
Drill hole No drilling has been
Information * A summary of all information material to the undertaken or reported
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole
collar
o elevation or RL (Reduced Level - elevation
above sea level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
========================= ==================================================================== ==================================
Data aggregation Only airborne magnetics
methods * In reporting Exploration Results, weighting averaging data is reported. There
techniques, maximum and/or minimum grade truncations has been no data aggregation.
(eg cutting of high grades) and cut-off grades are Standard geophysical
usually Material and should be stated. filters applied to data.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent
values should be clearly stated.
========================= ==================================================================== ==================================
Relationship -- These relationships are particularly No drilling has been
between mineralisation important in the reporting of Exploration undertaken or reported
widths and Results.
intercept -- If the geometry of the mineralisation
lengths with respect to the drill hole angle
is known, its nature should be reported.
-- If it is not known and only the down
hole lengths are reported, there should
be a clear statement to this effect (eg
'down hole length, true width not known').
=========================== ==================================================================== ==================================
Diagrams -- Appropriate maps and sections (with Interpretation is overlain
scales) and tabulations of intercepts on magnetic images with
should be included for any significant simplified WAGS 1:100k
discovery being reported These should Geology below. Stream
include, but not be limited to a plan sediment samples are
view of drill hole collar locations and thematically plotted
appropriate sectional views.
=========================== ==================================================================== ==================================
Balanced reporting -- Where comprehensive reporting of all All results have been
Exploration Results is not practicable, reported
representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading reporting
of Exploration Results.
=========================== ==================================================================== ==================================
Other substantive -- Other exploration data, if meaningful All data have been reported
exploration and material, should be reported including
data (but not limited to): geological observations;
geophysical survey results; geochemical
survey results; bulk samples - size and
method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious
or contaminating substances.
=========================== ==================================================================== ==================================
Further work -- The nature and scale of planned further Follow up stream sediment
work (eg tests for lateral extensions and/or soil geochemistry
or depth extensions or large-scale step- surveys in conjunction
out drilling). with geological mapping
-- Diagrams clearly highlighting the and rock chip sampling
areas of possible extensions, including programs will be undertaken
the main geological interpretations and to locate the source
future drilling areas, provided this of any gold mineralisation
information is not commercially sensitive. and to delineate drill
targets.
=========================== ==================================================================== ==================================
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