TIDMTHR
RNS Number : 5144S
Thor Mining PLC
16 November 2021
16 November 2021
Thor Mining PLC
Stage 1 Earn-in Completed
Alford East Copper-Gold ISR Project, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are very pleased to advise that Thor has fulfilled its Stage
1 expenditure obligations, as agreed in the Agreement, triggered
Stage 1 of the earn-in and entitling the Company to increase its
interest to 51% interest in the oxide mineral rights from Spencer
Metals Pty Ltd ("Spencer") over the Alford East Copper-Gold
Project, South Australia.
Highlights:
-- Thor to acquire up to an 80% interest directly in the Alford
East Project, covering portions of EL6255 and EL6529 (AIM:THR 20
November 2020).
-- Stage 1: Thor has earned a 51% interest by completing the
Stage 1 requirements by funding A$500,000 of expenditure and will
issue the Stage 1 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 2: Thor can earn a further 29% interest (80% in total)
by funding an additional A$750,000 of expenditure over a subsequent
2 years and for an 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).
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Following the recently completed, highly successful drilling
program at Alford East, including highlights of 72.7m @ 1.0% Cu and
0.19g/t Au from 6.3m and 18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m
(21AED005), Thor has successfully earned in to a 51% interest of
the project.
"The Company is now progressing with the completion of the Stage
2 earn in, which will result in Thor having an 80% interest in this
highly prospective project. This demonstrates our confidence in
Alford East and the value it can bring to the Company.
"We look forward to keeping shareholders updated on the progress
of the Stage 2 earn-in and our continued exploration of the
project."
A copy of the Tenement and Prospect Location Plan may be viewed
via the following link:
http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg
A plan view showing the Alford East Project's eight mineralised
domains , may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/mre_ae_5-drilling.jpg
The Agreement Structure and Commercial Terms
Under the terms of the Agreement, Thor is granted the right to
explore for minerals on the agreed portions of the exploration
licences (EL6255 and EL6529), and to conduct feasibility and
development activities in respect thereto, and via funding
expenditure on these activities [and payment of consideration as
set out below], earn an interest in oxide minerals of up to 80%
over two stages:
-- Stage 1: Thor has earned a 51% interest by completing the
Stage 1 requirements by funding A$500,000 of expenditure and will
issue the Stage 1 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 2: earn a further 29% interest (80% in total) by
funding an additional A$750,000 of expenditure over a subsequent 2
years and for an 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);
-- Upon Thor completing the acquisition of an 80% interest in
the project, Spencer will hold a free carried 20% interest until
decision to mine.
Alford East Project Background
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (Figure 1) (ASX: THR Announcement 23 November 2020).
The Alford East Project covers the northern extension of the
Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford
Copper Belt is a semi coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite (Figure
1), Gawler Craton, SA.
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE) (AIM: THR Announcement 26
January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71, 500oz of contained gold
Further details of the Alford East Project can be found here:
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
Based on the nature on the oxide mineralisation, the deposit is
considered amenable to In Situ Recovery (ISR) techniques. For
further information on ISR please refer to Thor's website via this
link for an informative video:
www.youtube.com/watch?v=eG_1ZGD0WIw
Table A: Alford East Mineral Resource Estimate as at 22 January
2021, with AR-5 extending towards AE-8 domains (previously
Netherleigh Park) the focus of the recently completed drilling
program.
Domain Tonnes Cu % Au g/t Contained Cu Contained Au
( Mt) (t) (oz)
AE_1 24.6 0.12 0.021 30,000 16,000
------- ----- ------- ------------- -------------
AE_2 6.8 0.13 0.004 9,000 1,000
------- ----- ------- ------------- -------------
AE_3 34.9 0.09 0.022 33,000 25,000
------- ----- ------- ------------- -------------
AE_4 8.0 0.11 0.016 8,000 4,000
------- ----- ------- ------------- -------------
AE_5 11.0 0.22 0.030 24,000 11,000
------- ----- ------- ------------- -------------
AE-8 (NP) 31.3 0.19 0.008 61,000 8,000
------- ----- ------- ------------- -------------
AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000
------- ----- ------- ------------- -------------
AE-6 (LW_W) 1.3 0.13 0.011 2,000 500
------- ----- ------- ------------- -------------
Total 125.6 0.14 0.018 177,000 71,500
------- ----- ------- ------------- -------------
Note: MRE reported on oxide material only, at a cut-off grade of
0.05% copper which is consistent with the assumed In Situ Recovery
technique.
The final batch of drill core from the recently completed
drilling program is currently at the laboratory, with all assay
results anticipated in approximately 2 weeks.
This announcement is authorised for release to the market by the
Board of Directors.
- 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
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207 220 1666
Joint Broker)
Jessica Cave / Darshan Patel / Megan Liddell
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
Elements: Cu=Copper, Au = Gold, Ag=Silver, Mo=Molybdenum,
Co=Cobalt, Se= Selenium, Bi=Bismuth, Ba=Barium and Te=Tellurium
Competent Persons Report
The information in this report that relates to Exploration
Results and the Estimation and Reporting of the Alford East Mineral
Resource Estimation 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.
Forward Looking Statements
This document may contain certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements concerning Thor Mining PLC current expectations,
estimates and projections about the industry in which Thor
operates, and beliefs and assumptions regarding Thor's future
performance. When used in this document, words such as
"anticipate", "could", "plan", "estimate", "expects", "seeks",
"intends", "may", "potential", "should", and similar expressions
are forward-looking statements. Although Thor believes that its
expectations reflected in these forward-looking statements are
reasonable, such statements are subject to known and unknown risks,
uncertainties and other factors, some of which are beyond the
control of Thor and no assurance can be given that actual results
will be consistent with these forward-looking statements
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 currently underway.
At Alford East in South Australia, Thor is earning an 80%
interest in copper-gold deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor has
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 measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020. Diamond
drilling is currently underway to test potential extension to
mineralisation.
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.
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/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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