TIDMTHR
RNS Number : 6902L
Thor Mining PLC
14 January 2021
14 January 2021
THOR MINING PLC
PILBARA GOLDFIELDS RAGGED RANGE PROJECT
COMPLETION OF ACQUISITION OF ADJACENT EXPLORATION TENEMENTS
ISSUE OF SECURITIES
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR) are pleased to advise completion of the acquisition of
additional licence areas (one of which is under application,
pending approval) adjacent to Ragged Range in the Pilbara region of
Western Australia. Thor previously advised the execution of a
non-binding Terms Sheet for this acquisition on 23 November
2020.
Thor shall issue new ordinary shares of 0.01p each ("Ordinary
Shares") and options to acquire Ordinary Shares pursuant to the
agreement, and will also issue new Ordinary Shares in negotiated
settlement of broking fees, resulting from the acquisition of the
US uranium and vanadium assets completed in September 2020.
Highlights:
-- Two licences (E46/1340 and E46/1354 (application)) include
areas over, and surrounding, historical small scale gold and copper
mines.
-- New licence area increases the Thor exposure to potential
granite contact deposits, complementing the mafic/ultra-mafic
contact exposure dominated by the 13 kilometre gold zone previously
reported (Figure 2 THR:ASX 21 October 2020).
-- The newly acquired tenure is considered highly prospective
for shear hosted gold mineralization along the granite contacts to
the north and hydrothermal copper mineralization associated with
the felsic porphyries intruding the mafic Euro Basalts in the
north- east.
-- Thor to issue 12,500,000 million new Ordinary Shares and
8,333,000 options to acquire Ordinary Shares @ A$ 3.0cents per
Ordinary Share, expiring 10 November 2022 in payment of the Initial
Consideration.
-- Thor also to issue 6,000,000 new Ordinary Shares in
negotiated settlement of broking fees, resulting from the
acquisition of the US uranium and vanadium assets completed in
September 2020.
Mick Billing, Executive Chairman of Thor Mining, commented:
"We are delighted to complete this acquisition and add to our
holdings adjacent to Ragged Range where we have made very
encouraging progress this year."
"Our sampling programs and airborne magnetic survey results to
date have produced exciting and encouraging results, with a further
sampling program, along with assessment of drill program access
requirements to commence shortly."
ACQUISITION AGREEMENT
The acquisition consideration comprises:
-- Initial Consideration
-- 12.5 million Ordinary Shares in Thor;
-- 8.333 million options to acquire Thor shares @ A$ 3.0cents,
expiring 10 November 2022;
-- Thor to transfer 100% of its interest in E52/3679 (WA licence
under application with a value in the Thor accounts of
approximately A$4,400) ;
-- Net Smelter Royalty of 1% from production from each tenement
area.
-- Milestone consideration
o Upon three drill intercepts of, or equivalent to, 3 metres @
2.0grams/tonne Au, Thor pay further consideration of A$250,000, as
follows.
-- 50% in Thor shares valued @ A$2.0cents/share, and
-- 50% in cash
SHARE ISSUE
The Company will shortly issue 12,500,000 Ordinary Shares at a
price of A$2.0cents/share, and 8,333,000 options utilising the
Company's existing shareholder authorities, being the agreed
initial consideration, and will also issue 6,000,000 Ordinary
Shares at a price of A$1.0 cents/share , negotiated for broking
services in respect of the acquisition of the US uranium and
vanadium assets completed in September 2020 (
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200910-us-uranium-and-vanadium-completion-of-acquisition.pdf
). The Securities are to be issued utilising the Company's existing
capacity under ASX Listing Rule LR7.1.
Settlement and dealings
Application will be made to the AIM Market of the London Stock
Exchange ("AIM") for a total of 18,500,000 new Ordinary Shares,
which will rank pari passu with the Company's existing issued
Ordinary Shares, to be admitted to trading. Dealings on AIM are
expected to commence at 8:00am on or around 20 January 2021
("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Thor
will have 1,534,468,526 Ordinary Shares in issue with voting rights
attached. Thor holds no shares in treasury. This figure of
1,534,468,526 may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company, under the ASX Listing Rules or the
DTRs.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the UK Market
Abuse Regulation. 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/George +44 (0) 207 383 Grant Thornton Nominated Adviser
Grainger 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.
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 being planned."
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 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 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
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