TIDMTHR
RNS Number : 3425N
Thor Mining PLC
29 January 2021
29 January 2021
THOR MINING PLC
("THOR" OR THE "COMPANY")
QUARTERLY REPORT OCTOBER TO DECEMBER 2020
Highlights Outlook for March Quarter
2021
------------------------------------------------------------ ----------------------------------------------------------------
GOLD
Ragged Range, Pilbara region,
WA Australia
* Geochemical sampling delineates 13 km anomalous gold * Further program of field sampling and drill access
trend. permitting.
* Magnetic survey identifies 5km long Sterling * Initial 3,000m RC drill program.
prospect.
* High grade stream sediment samples.
* Acquisition of adjacent exploration tenements.
COPPER
Alford East, SA Australia
* New JV farm-in to acquire up to 80% interest in * Preparation for resource extension drilling and ISR
Alford East ISR copper-gold project. testwork.
* Maiden Mineral Resource Estimate of 177,000 tonnes
contained copper & 71,000 oz gold.
Kapunda, SA Australia
* Increased equity in EnviroCopper Ltd to 30%. * Geotechnical and gold focussed drilling.
* Permitting for geotechnical & gold drilling. * Additional borehole hydrogeological testing
* Permitting for Site Environmental Lixiviant Test * Commencement of SELT drilling & copper/gold recovery
(SELT) drilling & copper/gold recovery work. testing.
URANIUM & VANADIUM USA
* Planning & permitting for initial drill testing of * Preparation for initial 900m RC drill testing of the
the Colorado claims. Colorado claims.
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
* Continued discussions with potential Molyhil project * Ongoing discussions with Australian government
financiers and off-take partners. agencies mandated to assist Australian critical
minerals projects, and potential financiers and
partners.
Pilot Mountain, Nevada USA
* Ongoing discussions with various US parties aimed at * Continue attempts to secure project investment.
securing specific investment to progress this
project.
CORPORATE & FINANCE
-- Strategic placing raises UKGBP750,000 (approx A$1,300,000) before expenses
Mr Mick Billing, Executive Chairman, commented:
"Great progress in particular at both Ragged Range, and the
newly acquired Alford East copper-gold project."
"We look forward to the next phases of work involving drilling
at Ragged Range and also at the US uranium-vanadium project in
Colorado, along with resource extension work and ISR testwork at
Alford East."
"The 2021 program at the Kapunda ISR copper project is expected
to be project defining with gold focussed drilling, & Field
SELT trials also about to commence. This work is aimed at
delivering the final stage of technical production feasibility for
the ISR process at Kapunda."
RAGGED RANGE GOLD PROJECT
Thor holds a 100% interest in three granted tenements and two
tenements under application in the Pilbara region of Western
Australia, approximately 40kms west of the township of
Nullagine
Since acquisition, Thor has conducted several programs of stream
sediment sampling and flown an airborne magnetics survey over the
tenement area.
Details of the projects may be found on the Thor website
www.thormining.com/projects/ragged-range-pilbara-project .
During July 2020, the Company conducted follow up stream
sediment and rock chip sampling with best results, received during
the quarter, of h igh-grade gold in stream sediments including:
-- >2000ppb Au (>2.0 g/t) repeat 2.2g/t Au - 20PST51 (Au
AR25 with repeat FA25)
-- 1886ppb Au (1.9 g/t) - 20PST54 (Au AR25)
-- 126ppb Au - 20PST52 (BLEG)
-- 173ppb Au -20PST58 (BLEG)
-- 111ppb Au-20PST66 (BLEG
Details of the results are available at:
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201201-high-grade-gold-in-stream-sediment-ragged-range.pdf
This third phase of stream sediment sampling has defined four
distinct clusters of consistently high-grade gold within a 13km
anomalous gold corridor, trending along the interpreted
thrust-faulted mafic/ultramafic contact.
The program for 2021, is aimed at drill testing the 13 km gold
corridor, with particular initial emphasis on the 5km Sterling
prospect. Drilling is scheduled for late in the March quarter, to
be preceded by a further program of stream and soil sampling during
which drill access options will be assessed.
COPPER PROJECTS
The directors of Thor have taken the view that global copper
demand and pricing should improve substantially in both the short
and medium term, and have moved to increase the Company's exposure
to potential low-cost copper production projects.
Consistent with this approach Thor has expanded shareholders
exposure to low cost Insitu Recovery (ISR) copper projects via an
agreement to earn up to an 80% interest in the Alford East
copper-gold project, adjacent the EnviroCopper Ltd Alford West
project.
The global copper price recovery continued during the quarter.
At the time of writing, copper is quoted at US$8,000/tonne.
ALFORD EAST COPPER-GOLD PROJECT - SA
During the quarter Thor announced a joint venture farm-in to
acquire up to an 80% interest in the Alford East copper-gold
project. In summary the earn-in terms are:
-- Stage 1: Thor can earn a 51% interest by funding A$500,000
expenditure over 2 years to 11 November 2022, and for additional
consideration of A$250,000 in fully paid Thor shares, issued at the
5 day ASX VWAP (volume weighted average price) on the date
immediately prior to allotment, together with two free attaching
options per share issued, exercisable at $0.03 within 5 years from
the date of issue (Stage 1 expenditure);
-- Stage 2: earn a further 29% interest (80% in total) by
funding an additional A$750,000 of expenditure over a subsequent 2
years to 11 November 2024 and for additional consideration of
A$250,000 in fully paid Thor shares, issued at the 5 day ASX VWAP
on the date immediately prior to allotment and two free attaching
options per share issued, exercisable at a$0.03 within 5 years from
the date of issue (Stage 2 expenditure). If Thor does not proceed
with the Stage 2 earn-in, then its interest in the project is
relinquished;
-- Upon Thor completing the acquisition of an 80% interest in
the project, Spencer will hold a free carried 20% interest in the
project, until decision to mine;
Full details of the acquisition terms and conditions are
available on the Thor website:
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201123-new-copper.gold-project.pdf
Subsequent to the end of the quarter, the Company announced a
maiden Mineral Resource Estimate (MRE) for the Alford East project
(
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
), summarised below.
Table A: Alford East Mineral Resource Estimate by JORC (2012)
classification reported 27 January 2021.
Domain Summary Category Oxidation Tonnes Cu Au Contained Contained
(Mt) % g/t Cu (t) Au (oz)
---------- ----------- ------- ----- ------ ----------
Alford East Inferred Oxide 85.3 0.12 0.021 104,000 57,000
------------------ ---------- ----------- ------- ----- ------ ---------- ----------
Netherleigh Park
/ Liaway Inferred Oxide 40.3 0.18 0.011 73,000 14,500
------------------ ---------- ----------- ------- ----- ------ ---------- ----------
Total Inferred Oxide 125.6 0.14 0.018 177,000 71,500
------------------ ---------- ----------- ------- ----- ------ ---------- ----------
Note:
-- Figures are rounded to reflect appropriate level of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.05% Cu
-- Thor earning up to 80% interest in Alford East Copper-Gold
Project
-- 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 next phases of activity at Alford East will have a dual
focus - to both test for extensions of the copper-gold
mineralisation with consequent potential resource growth, and also
to recover mineralised material from drillholes for specific ISR
testwork, with the objective of commencing technical feasibility of
low cost ISR production. Historic drillhole samples will also be
used for ISR test work, where practical, to minimise drilling.
ISR copper-gold production at Alford East will be designed to
allow continuation of traditional farming activities, as much as
possible during operations, and following the end of the project
life, with the land effectively undisturbed.
It is anticipated that this work should commence towards the end
of the March 2021 quarter.
KAPUNDA and MOONTA (renamed ALFORD WEST) COPPER PROJECTS -
SA
Thor holds a 30% equity interest in private Australian company,
EnviroCopper Limited ("ECL"). In turn ECL 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"), and rights to
75% of the Alford West copper project comprising the northern
portion of exploration licence EL5984 held by Andromeda Metals
Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website:
https://www.envirocopper.com.au/
KAPUNDA
During 2018, the Australian Government Ministry for Science,
Jobs and Innovation announced an offer to ECR for research funding
of A$2,851,303, over a 30 month period (since extended to 30 June
2021), for the Kapunda In-Situ Copper and Gold Recovery Trial.
Funds from this grant are expected to cover the major portion of
costs of the program scheduled for the balance of work in 2020.
The MRE for Kapunda, excluding any potential gold credits is as
follows:
Table B: Kapunda Resource Summary 2018 (Reported 12 February
2018)
Resource Copper
---------------------------
Mineralisation Classification MT Grade Contained Cu
% (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 hold 30% equity in EnviroCopper.
-- All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.05% Cu
-- 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
During the June 2019 quarter the Company advised of successful
gold recovery from Kapunda core, in addition to copper recovery,
using a CSIRO developed thiosulphate product, instead of, the more
normal, cyanide. As reported (
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20190403-isr-gold-recovery---proof-of-concept-kapunda-copper-project.pdf
), gold has been intersected in a number of holes at Kapunda,
within the existing copper resource .
Project testwork
Testwork to date has demonstrated that both copper and gold are
recoverable, using a range of lixiviants, from historical drill
samples, and that the ground conditions will allow the flow of
fluids necessary for ISR production.
The 2021 field program (scheduled to start during the March
quarter) is dual purpose:
-- Sufficient additional drill testing, along with assay of
historical samples, aimed at confirmation and extension of the
known gold mineralisation to allow inclusion of gold in the mineral
resource estimate.
-- Site Environment Lixiviant Recovery (SELT) trials. This work
(funded by the Australian Government grant) is aimed to be the
final technical feasibility demonstration of ISR technology at
Kapunda for copper and gold recovery, prior to commencement of
commercial feasibility study processes.
ALFORD WEST
During the September 2019 quarter the Company advised that
EnviroCopper Limited, on behalf of Environmental Metals Recovery,
had completed a Mineral Resource Estimate (MRE) on several of the
deposits at Moonta, based on substantial historical drilling. The
results of this study was an Inferred Resource estimate of 66.1
million tonnes (MT) grading 0.17% copper (Cu), containing 114,000
tonnes of contained copper, at a cutoff grade of 0.05%Cu.
The full details of the resource announcement may be accessed
via the following link:
https://www.asx.com.au/asxpdf/20190815/pdf/447hw9dbbkg94b.pdf
The Company is not aware of any new information or data which
would materially affect the Mineral Resource, and all assumptions
and key technical parameters relevant to the estimate remain
unchanged.
URANIUM AND VANADIUM PROJECTS
Thor holds a 100% interest in two US companies with mineral
claims in Colorado and Utah USA. The claims host uranium and
vanadium mineralisation in an area known as the Uravan Mineral
Belt, which has a history of high grade uranium and vanadium
production.
Within probable economic transport distance is a processing
plant (Energy Fuels White Mesa Mill) which may be a low hurdle
processing option for any production from these projects.
Details of the projects may be found on the Thor website
www.thormining.com/projects/us-uranium-and-vanadium
During 2020, the Company announced receipt of assays showing
high grade uranium and vanadium from samples collected during the
due diligence period.
Highlights from samples identified as potentially vanadium rich:
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200708-us-uranium.vanadium-sampling-assays.pdf
-- The eight initial assay results averaged 1.0% V(2) O(5) and 0.043% U(3) O(8.)
-- Two outcrop samples from the Rim Rock mine were 1.8% and 2.0% V(2) O(5.)
Highlights from samples identified as potentially uranium
rich:
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200721-high-grade-uranium-assays.colorado-field-sampling.pdf
-- The 13 assay results averaged 0.706% U(3) O(8) and 1.36% V(2) O(5.)
-- Four samples assayed 1.0% U(3) O(8) or greater with a best uranium assay of 1.25% U(3) O(8)
-- Three samples assayed over 2% V(2) O(5) with a best vanadium assay of 3.47% V(2) O(5)
The next steps involve drill testing a number of targets in the
Colorado claims, once the winter snow melts and access is
restored.
TUNGSTEN PROJECTS
Tungsten and Molybdenum Price Trends
During March and April 2020, global tungsten and molybdenum
prices dipped in response to weaker manufacturing and
infrastructure demand, brought on by the global COVID-19
pandemic.
At the date of this report, the price of tungsten, per mtu of
APT (Ammonium Para Tungstate) sits between US$230/mtu and
US$235/mtu, while the molybdenum price sits at US$10.00/lb.
MOLYHIL TUNGSTEN PROJECT - NT (100% Thor)
During the quarter, Thor continued discussions with various
potential partners who have expressed interest, in either off-take,
joint venture or debt finance arrangements. It is hoped that, on
the back of improved global markets, a favourable arrangement can
be finalised in the near term.
Adjacent to Molyhil, the Bonya tenements, in which Thor holds a
40% interest, host outcropping tungsten deposits, a copper resource
and a vanadium deposit.
During the September 2020 quarter, the Northern Territory
government announced that the Molyhil project had been awarded
Major Project Status.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects .
On 10 October 2019, the Company reported an updated Mineral
resource estimate for the Molyhil deposit comprising Indicated and
Inferred Mineral Resources of 4.7 million tonnes at 0.28% WO
(Tungsten trioxide), 0.14% Mo (Molybdenum), 0.05% Cu (Copper), and
18.0% Fe (Iron) above a cut-off grade of 0.12% WO(3)
equivalent.
An update to the Open Cut Ore Reserve, and the Definitive
feasibility Study (DFS) has not been commissioned at this stage,
however the directors may elect to revisit these with any
improvement in the Bonya deposits resources classification beyond
Inferred status.
Table A: Molyhil Summary JORC (2012) Mineral Resource Estimate -
Reported 10 October, 2019
Classification '000 WO(3) Mo Cu Fe
Tonnes
--------
Grade Tonnes Grade Tonnes Grade Tonnes Grade
% % % %
---------------- -------- ----- ------ ----- ------- ----- ------ ------
Indicated 3,780 0.29 11,000 0.14 5,400 0.05 1,800 18.7
Inferred 930 0.25 2,300 0.15 1,400 0.04 300 15.2
-------- ----- ------ ----- ------- ----- ------ ------
Total 4,710 0.28 13,300 0.14 6,800 0.05 2,200 18.0
-------- ----- ------ ----- ------- ----- ------ ------
Notes:
-- Thor Mining PLC holds 100% equity interest in this
project.
-- The Mineral Resource is reported at 0.12% WO(3) equivalent
cut-off and above 200mRL only on a dry, in-situ basis
-- The Company is not aware of any information or data which
would materially affect the Mineral Resource, and all assumptions
and key technical parameters relevant to the previous estimate
remain unchanged.
A review of the Molyhil deposit by the new Thor technical team
has identified approaches which may provide scope to grow the
resource estimate, and these are undergoing assessment.
The Company is in discussion with several Australian
Commonwealth government agencies each of which are mandated to
assist companies with projects to develop and produce critical
minerals, which includes tungsten. These agencies include; Export
Finance Australia, Defence Export Facility, Critical Minerals
Facilitation Office and the North Australian Infrastructure
Facility. Further announcements will be made as appropriate.
BONYA (TUNGSTEN, COPPER, VANADIUM) (40% THOR)
During the March 2020 quarter, following an RC drilling program
the Joint Venture was able to report a maiden resource estimate for
the White Violet and Samarkand deposits.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
The updated Mineral Resource Inventory for Bonya licence to date
is shown in Table B and Table C below:
Table B: Bonya Tungsten Mineral Resources (announced 29 January
2020)
Oxidation Tonnes WO(3) Cu
% Tonnes % Tonnes
White Violet Inferred Oxide 25,000 0.41 90 0.16 40
Fresh 470,000 0.21 980 0.06 260
Sub Total 495,000 0.22 1,070 0.06 300
Samarkand Inferred Oxide 25,000 0.11 30 0.07 20
Fresh 220,000 0.20 430 0.13 290
Sub Total 245,000 0.19 460 0.13 310
Combined Inferred Oxide 50,000 0.26 120 0.14 60
Fresh 690,000 0.21 1,410 0.08 550
Total 740,000 0.21 1,530 0.09 610
-------------------------- ----------- -------- ----- ------- ----- -------
Notes:
-- 0.05% WO(3) cut-off grade.
-- Totals may differ from the addition of columns due to rounding.
-- Thor Mining PLC holds 40% equity interest in this project.
-- 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.
Table C: Bonya Copper Mineral Resources (announced 26 November
2018)
Oxidation Tonnes Copper
% Tonnes
Inferred Oxide 25,000 1.0 200
Fresh 210,000 2.0 4,400
Total 230,000 2.0 4,600
----------------------- -------- ---- -------
Notes:
-- 0.2% Cu cut-off grade.
-- Totals may differ from the addition of columns due to rounding.
-- Thor Mining PLC holds 40% equity interest in this project
-- 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.
JERVOIS VANADIUM PROJECT
Thor and Arafura Resources released, in July 2019, details of a
study outlining the potential of the Jervois Vanadium Project,
along with a proposed development plan. The study details can be
accessed via the following link:
https://www.asx.com.au/asxpdf/20190703/pdf/446bv386tvk7fh.pdf
PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA (100% Thor)
Thor's Pilot Mountain Project, acquired in 2014, is located
approximately 200 kilometres south of the city of Reno and 20
kilometres east of the town of Mina, located on US Highway 95.
The Pilot Mountain Project is comprised of four tungsten
deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All of
these deposits are in close proximity (three kilometres) to each
other and have been subjected to small-scale mining activities at
various times during the 20th century.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects .
The directors believe Pilot Mountain's resource is substantial
on a global scale, and has potential for significant growth, in
particular from the discovery in the August 2017 drilling program
of an additional parallel zone of scheelite mineralisation at the
Desert Scheelite deposit.
The directors believe that the Desert Scheelite resource, which
outcrops at surface at the western end for more than 400 metres,
has potential to develop into a long term open pit mining operation
which, when supplemented by higher grade mineralisation from the
other deposits at Pilot Mountain, has the potential for a longer
term profitable operation.
This significant tungsten resource is strategically located in
the USA and tungsten has been confirmed by the US Department of the
Interior as a critical mineral in 2018.
Locked cycle testwork on material from the Desert Scheelite
deposit, was completed during the June 2019 quarter, resulting in
production of a high grade scheelite concentrate grading 68% WO
with recovery of 73.6%.
Environmental study parameters are being established with
relevant agencies, and Infrastructure studies have also
commenced.
SPRING HILL GOLD PROJECT - NT (ROYALTY ENTITLEMENT)
During the September quarter, the Company announced the
A$1.0million sale of its royalty entitlement from the Spring Hill
gold project in the Northern Territory. The sale provided for an
initial payment of A$50,000 and receipt of A$350,000 on completion
(received during the quarter), followed by two production milestone
payments of A$300,000 each.
www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20200715-a1.0-million-sale-of-spring-hill-royalty.pdf
CORPORATE, FINANCE , and CASH MOVEMENTS
During the quarter, the Company completed a placing of
UKGBP1,065,500 via the issue of 177,583,333 ordinary shares at an
issue price of UKGBP0.006 per share.
The placement included UKGBP150,000 to the Company's largest
shareholder, Metal Tiger PLC, UKGBP138,000 to new institutional
shareholder Artemis Resources Limited, and UKGBP20,000 to directors
Mick Billing and Mark McGeough. These funds were received and
shares issued following shareholder approval on 20 October
2020.
Subsequent to the end of the quarter, the Company completed a
placing of UKGBP750,000 via the issue of 88,235,296 ordinary shares
at an issue price of UKGBP0.0085 per share.
For the Quarter, the Company had:
-- Net cash outflows from Operating and Investing activities for
the quarter of $0.72 million which included an inflow of $0.35
million associated with the sale of the Company's royalty rights
over the Spring Hill gold project, and outflows of $0.41 million of
exploration expenditure and $0.19 million of additional funds
invested in EnviroCopper Ltd;
-- Net cash inflows from Financing activities of $0.3 million
were related to the completion of the capital raise following
shareholder approval on 20 October 2020, together with a number of
options being exercised;
-- Providing total net cash outflows of $0.4 million, and an
ending cash balance of $1.2 million.
Cash flows for the Quarter included related party payments of
$0.17 million, being higher than usual due to the long service
leave and annual leave entitlements owing to a retiring Executive
Director. Otherwise, existing Directors elected to receive a
majority of their Directors fees in shares, in lieu of cash
payments.
Competent Person's 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.
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
George Grainger 5100 UK LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
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.
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.
Ab o u t T hor M i n i ng 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."
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
Insitu Recovery techniques (ISR)
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 . Thor 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 mineral claims in the US states of Colorado and Utah
with historical high grade uranium and vanadium drilling and
production results."
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.
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
T ENEMENT SCHEDULE
At 30 September 2020, the consolidated entity holds an interest
in the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Hamersley Metals
Tramore South E52/3681 62.77 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Hamersley Metals
March Fly EL 32016 110.44 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Hamersley Metals
Hillside E45/5245 188.1 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
At 30 September 2020, the consolidated entity holds an interest
in the following tenements in the US State of Nevada:
Claim Group Prospect Claim Name Area Holders Company
Interest
45 blocks (611ha
Platoro Desert Scheelite NT #55 - 64 or 1,510 acres) 100%
------------ ----------------- ---------------- ------------------------------------- ---------
Garnet NT #9 - 18
Pilot Metals
Inc
------------ ----------------- ---------------- -------------------- ---------
Gunmetal NT #19 - 22,
6, 7
----------------- ----------------
Good Hope NT #1 - 5,
41 - 54
------------ ----------------- ---------------- -------------------- --------------- ---------
Black Fire 109 blocks (1,481ha BFM Resources
BFM 1 Claims BFM1 - BFM109 or 3,660 acres) Inc 100%
----------------- ---------------- -------------------- --------------- ---------
Des Scheel 22blocks (299ha BFM Resources
BFM 2 East BFM109 - BFM131 or 739Acre) Inc 100%
----------------- ---------------- -------------------- --------------- ---------
BFM Resources
Dunham Mill Dunham Mill MS1 - MS4 4 blocks Inc 100%
----------------- ---------------- -------------------- --------------- ---------
On 30 September 2020, the consolidated entity holds 100%
interest in a Uranium and Vanadium projects in US States of
Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company
Interest
Vanadium UMC445103 to 100 blocks (2,066 Cisco Minerals
King (Utah) UMC445202 VK-001 to VK-100 acres) Inc 100%
---------------- -------------- ------------------ ------------------ ------------------ ---------
Radium Mountain CMC292259 to Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 to Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) CMC292258 to Groundhog-100 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Appendix 5B
1.1 Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
1.2 Name of entity
--------------------------------------------------
THOR MINING PLC
1.3 ABN 1.4 1.5 Quarter ended ("current
quarter")
------------ -----------------------------
121 117 673 31 DECEMBER 2020
-----------------------------
1.6 Consolidated statement of Current quarter Year to date
cash flows (6 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (122) (140)
(b) development
(c) production
(d) staff costs (93) (124)
(e) administration and corporate
costs (388) (642)
1.3 Dividends received (see note
3)
1.4 Interest received
Interest and other costs of
1.5 finance paid (2) (2)
1.6 Income taxes paid
Government grants and tax
1.7 incentives 15 69
1.8 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (590) (839)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (11) (11)
(d) exploration & evaluation (287) (704)
(e) equity accounted investments (185) (300)
(f) other non-current assets
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments
(e) other non-current assets 350 400
2.3 Cash flows from loans to other
entities
2.4 Dividends received (see note
3)
Other (R&D grant - offsets
2.5 exploration exp) - 173
---------------- -------------
Net cash from / (used in)
2.6 investing activities (133) (442)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 342 2,261
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (24) (152)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) (14) (28)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance
of a placement)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 304 2,081
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 1,639 416
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (590) (839)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (133) (442)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 304 2,081
Effect of movement in exchange
4.5 rates on cash held (9) (5)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 1,211 1,211
----------------- ----------------------------------- ---------------- -------------
5. 1.7 Reconciliation of cash Current quarter Previous quarter
and cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 1,211 1,639
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 1,211 1,639
----------------- ------------------------------------ ---------------- -----------------
1.7.1
6. 1.8 Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 166
----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
The amount at item 6.1 above comprises fees paid to Non-Executive
Directors, and remuneration paid to Executive Directors. In
the current quarter it includes the payment of long service
leave and annual leave payable to a retiring Executive Director.
This was offset by three Directors electing to receive shares
in lieu cash owing for full or part payment
7. 1.9 Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. 1.10 Add notes
as necessary for an understanding
of the sources of finance
available to the entity.
7.1 Loan facilities
------------------- ----------------
7.2 Credit standby arrangements
------------------- ----------------
7.3 Other (please specify)
------------------- ----------------
7.4 Total financing facilities
------------------- ----------------
7.5 Unused financing facilities available at
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. 1.11 Estimated cash available for future $A'000
operating activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (590)
8.2 (Payments for exploration & evaluation classified (287)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (877)
8.2)
8.4 Cash and cash equivalents at quarter end 1,211
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 1,211
8.5)
-------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 1.4
-------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer: The Company expects to maintain the current level
of net operating expenditures in the next quarter.
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: The Company has raised GBP750,000 in January 2021.
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer: The Company expects to continue its operations
and meet its business objectives given the capital raised
in January 2021.
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- -------------------------------------------------------------------
1.12 Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: .....29 January 2021........................................................
Authorised by: .....the
Board....................................................................
(Name of body or officer authorising release - see note 4)
1.13 Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
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END
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