TIDMTHR
RNS Number : 6971A
Thor Mining PLC
03 June 2021
3 June 2021
THOR MINING PLC
NORTHERN TERRITORY GOVERNMENT FUNDING $110,000
Molyhil Tungsten-Molybdenum Project, Northern Territory
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce the successful application of the
Molyhil Project as part of Round 14 Geophysics and Drilling
Collaborations (GDC) program.
Project highlights:
-- Thor Mining awarded A$110,000 from the Northern Territory
Government as part of the Resourcing the Territory, Geophysics and
Drilling Collaborations (GDC) program,
-- Thor's Molyhil Project was one of eighteen successful
projects to receive funding in Round 14 of the exploration
initiative,
-- These funds will be applied towards drill testing recently
identified magnetic targets adjacent to the mineralisation at
Molyhil tungsten-molybdenum deposit,
-- Diamond drilling program to commence September Quarter
2021.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"This is another fabulous result for Thor and its shareholders.
The successful grant is a strong validation by the Northern
Territory Geological Survey of the prospectivity of the magnetic
targets identified at Molyhil.
We acknowledge and thank the Northern Territory Geological
Survey and the NT Government for this positive exploration
initiative.
This is the third successful government grant Thor has received
this year, towards co- funding of our upcoming 2021 drilling
programs: three grants for three different projects in three
different states.
June will be a busy month with drilling commencing at Alford
East Project, SA next week, followed shortly thereafter at our USA
Uranium Project and Ragged Range gold Project. WA"
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.jpg
The Geophysics and Drilling Collaborations (GDC) program is
funded by the Resourcing the Territory initiative and aims to
increase the intensity of geophysics and exploration drilling in
under explored areas of the Northern Territory. The drilling
component was divided into greenfield and brownfield diamond
drilling.
The Northern Territory Geological Survey (NTGS) administers the
GDC program, awarded approximately A$1million to 15 successful
companies (eighteen Projects), with Thor Mining granted
A$110,000.
Full details of the Geophysics and Drilling Collaboration
including successful applications and their project titles can be
found on the NTGS website:
https://resourcingtheterritory.nt.gov.au/about/gdc
Project Background
Molyhil deposit is located 220 kilometres north-east of Alice
Springs (320 km by road) within the prospective polymetallic
province of the Proterozoic Eastern Arunta Block in the Northern
Territory (Figure 1).
In April 2021 (THR:AIM Announcement 8 April 2021) a revised
Mineral Resource estimate was completed comprising Measured,
Indicated, and Inferred Mineral Resources, totalling 4.4 million
tonnes at 0.27% WO(3) (Tungsten trioxide), 0.10% Mo (Molybdenum),
and 0.05% Cu (Copper) using a 0.07% WO(3) cut-off.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
In conjunction with the Mineral Resource Estimate, 3D geological
modelling identified two prominent structures - Yacht Club fault
and South Offset fault. Based on the geological timing of these
faults they may have a significant impact on mineralisation, hence
creating targets for potential extensions.
Modelling of the 3D magnetics and the position of the modelled
South Offset Fault, strongly implies an offset of the magnetic
material (magnetite skarn) host to the tungsten- molybdenum
mineralisation, identifying a strong magnetic anomaly, south of the
fault. Although there are a few drillholes to the south of the
South Offset Fault, these have not intersected the magnetic body.
The GDC funding will be used to drill test this magnetic
target.
An image showing the magnetic drill target may be viewed via the
following link:
http://www.thormining.com/sites/thormining/media/maps/21_molyhil_magnetic-target.jpg
- Ends -
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Mick Billing, Executive Chairman Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220
and Joint Broker) 1666
Jessica Cave / Darshan Patel
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early stage gold
and nickel results in the Pilbara region of Western Australia, for
which drilling is planned in the first half of 2021.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
Insitu Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(1).
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 and the
Alford West copper project, both situated in South Australia and
both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with 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,
including indicated and inferred resources , in the Northern
Territory of Australia, which was awarded Major Project Status by
the Northern Territory government in July 2020.
Adjacent to 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.
Thor holds 100% of the Pilot Mountain tungsten project in
Nevada, USA which has a JORC 2012 Indicated and Inferred Resources
Estimate on 2 of the 4 known deposits.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf
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