TIDMTHR
RNS Number : 7777Z
Thor Mining PLC
27 January 2022
27 January 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR
Thor Mining PLC
Ragged Range Project, WA
Lithium targets and exploration program
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide an exploration update on the lithium
prospectivity at the Company's 100% owned Ragged Range Project,
located in the Eastern Pilbara, Western Australia.
Project highlights:
-- Several lithium exploration targets have been identified at
Thor's Ragged Range Project.
-- The Pilbara Craton is highly prospective for
lithium-caesium-tantalum (LCT) enriched pegmatites and hosts two
"World Class" deposits at Wodgina and Pilgangoora that formed close
to the Split Rock Supersuite (2.85 to 2.83Ma).
-- Prospective LCT ground adjacent to the Split Rock Supersuite
(2.85 to 2.83Ma) is identified in three areas covering the northern
portion of Thor's tenure.
-- The lithium potential on the Ragged Range Project area has
not been previously considered.
-- E46/1393 tenement located in the northeast over the Kelly
copper-gold workings has now been granted (Figure 1), with this
structurally complex region favourable for lithium enriched
pegmatites.
-- With E46/1393 granted, Thor plans to complete airborne
magnetics and radiometrics over the north-eastern portion of the
tenement package, with detailed geological mapping, pXRF analysis
and rock chip sampling over the lithium targets, to determine
pegmatite mineralogy and identify any lithium-caesium-tantalum
minerals.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Thor's recent geological review of the Ragged Range project,
triggered by the granting of E46/1393, has identified exciting
lithium-caesium-tantalum targets associated with the highly
prospective Split Rock Supersuite. These new targets will be
advanced as soon as possible and have the potential for significant
exploration discoveries, while we continue drill testing further
gold exploration targets at the Sterling Prospect.
The Pilbara Craton already hosts two "world class" lithium
deposits, and ground with battery metals prospectivity at our 100%
owned Ragged Range project is an exciting new development, and has
the potential to create substantial value for Thor shareholders.
"
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia, is 100% owned by Thor Mining -
covering E46/1190, E46/1262, E46/1355, E46/1340 and recently
granted E46/1393 (Figure 1).
Figure 1: Tenement Location Plan overlying GSWA 1:500k geology
showing distribution of Split Rock Supersuite with priority lithium
target areas (Red dash ovals) may be viewed by the following
link:
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/rr_tenure-and-li-prospective-areas.jpg
Regional Pilbara Lithium Prospectivity
The Pilbara Craton is highly prospective for
lithium-caesium-tantalum enriched (LCT) pegmatites and hosts two
large and globally significant spodumene deposits at Wodgina
(Mineral Resources Ltd) and Pilgangoora (Pilbara Minerals). The
Wodgina lithium project is considered the largest hard rock,
spodumene deposit in the world (https://www.carbonart.com.au).
The lithium rich pegmatites in the Pilbara are spatially, and
appear to be genetically, related to the Split Rock Supersuite
(2.85 to 2.83Ma), which are post-tectonic (Sweetapple, M, 2017).
These are mapped as highly fractionated, biotite, quartz and K
Feldspar rich, monzogranites (Figure 2).
Pegmatites are located within 10 km of cogenetic peraluminous
granites and leucogranites. The roof zones of large plutons are
considered to be one of the most favourable positions for lithium
enrichment ( London, 2018 ). An idealized concentric pegmatite
swarm is shown in Figure 3, showing the spatial zonation of
pegmatites around a common granitic source, which is a fundamental
starting point for exploration models ( London, 2018 ). Using this
as a model, the Ragged Range area fits all these conditions.
Commercial lithium is found in the mineral spodumene LiAl(Si(2)
O(6) ), that can grow into very large crystals within pegmatite
bodies. It is normally associated with minerals such as cassiterite
(Sn), columbite-tantalite (Nb-Ta), lepidolite (lithium rich mica),
beryl (Be) and garnets. These elements can be used as pathfinders
in stream sediment sampling programs.
Ragged Range Lithium Potential Targets
At the southern end of the Corunna Downs Batholith (Figure 2),
crescent shaped post-tectonic granitic pluton is found (now termed
the Mondana Monzogranite part of the Split Rock Supersuite). The
Mondana Monzogranite is porphyritic and is largely unfoliated.
Small units of the Mondana Monzogranite are mapped in the NE corner
of E46/1262, E46/1340 and E46/1393 and three target areas have been
defined ( Figure 1):
1) This NE corner of E46/1262 is potentially a roof zone of the
Mondana Monzogranite, making it the most prospective area for
lithium in the tenements (Figure 1 and 4).
2) The second target area is on E46/1393 where numerous
structures cut the older Euro Basalt providing conduits for
pegmatites emanating from the adjacent Mondana Monzogranite.
3) The third area of interest is a small enclave of greenstone
at the contact of the Mondana Monzogranite in E46/1340.
There is negligible sampling to date along the Mondana
Monozogranite contact, with a few samples taken as part Thor's 2019
and 2020 stream sediment sampling programs ( THR:AIM announcement
1/12/2020) . No assays are available for Li however elevated Sn,
Be, Nb and Ta routinely assayed, warrant further investigation.
Figure 2: Geological map of the units and terranes comprising
the North Pilbara Craton (adapted from Sweetapple and Collins, 2002
and Hickman, 2016), highlighting the distribution of the Split Rock
Supersuite (2.85-2.83 Ga) and pegmatite fields and groups of LCT
(Li-Cs-Ta), NYF (Nb-Y>F) and mixed (LCT-NYF) petrogenetic
families of Cerny and Ercit (2005). Ragged Range tenure is shown
covering the southern portion of the Split Rock Supersuite and
Corunna Downs Batholith (after Sweetapple., 2017).
https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20202021/split-rock-supersuite.jpg
Figure 3 : Idealised concentric, regional zoning pattern in a
pegmatite swarm from USGS 2010 publication (not to scale).
Characteristic rare-element suites of the most enriched pegmatites
in each zone are indicated. The most enriched pegmatites tend to
occur distally with respect to the parental granite.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/idealised-pegmatite-swarm.jpg
In the Thor aeromagnetic data, radiometrics, (the uranium
channel is shown on Figure 4) thorium and uranium are moderately
anomalous over mapped small bodies of unknown derivation in the NE
corner of E46/1262, confirming the presence of pegmatites or
monzogranite within the low response signal of the Euro Basalt.
Interestingly, the prominent dyke that runs NNE/SSW across this
area is both magnetic and has a moderate uranium and thorium
response. It is therefore unlikely that this dyke is a simple
dolerite body, as currently mapped.
Figure 4: Uranium channel radiometrics overlain on 1:100K
Geology (GSWA) highlighting potential pegmatites and lithium
targets in the north-easern corner of E46/1262 may be viewed via
the following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20202021/radiometrics-in-ne-e46-1262.jpg
Next Steps
In parallel to the gold exploration activities at the Sterling
Prospect, the following lithium work program is planned:
1) Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure including E46/1340 and E46/1393.
2) A detailed review of all available high-resolution imagery
and aster data, to see if the presence of pegmatites can be
visually detected.
3) Reconnaissance stream sediment sampling and prospecting along
the contact of the Mondana Monzogranite (E46/1262, E46/1190,
E461393 and E46/1340), with detailed sampling (Figure 1),
a. in the higher ranked ground in the northern corner of E46/1262
b. the structurally more complex area of E46/1393
c. the small slice of greenstone within the Mondana Monzogranite on E46/1340,
4) Investigation of all small granitic and pegmatitic bodies in
the target area. Lithium is detectable on XRF and will fluoresce in
UV light. Positive samples can then be assayed for lithium and key
pathfinder elements including Ce, Rb, Sn, Ta and W.
References
Bagas L, Van Kranendonk J and Pawley M: 2004, Geology of the
Split Rock 1:100000 Sheet, GSWA.
Bradley D C, McCauley A D, and Stillings L M: 2010,
Mineral-Deposit Model for Lithium-Cesium-Tantalum Pegmatites.
USGS.
London D: 2018, Ore forming processes within granitic
pegmatites, Ore Geology Reviews 101.
Sweetapple M T: 2017, A review of the setting and internal
characteristics of lithium pegmatite systems of the Archaean North
Pilbara and Yilgarn Craton. GSWA.
Sweetapple MT and Collins P L F: 2002, Genetic Framework for the
Classification and Distribution of Archean Rare Metal Pegmatites in
the North Pilbara Craton, Western Australia. Economic Geology Vol
87.
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
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
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.
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/molybdenum 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, with
follow up drilling planned for 2022.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ 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 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.Drilling
in November December 2021 intersected strike extensions to the main
ore zone.
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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