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MOLYHIL TUNGSTEN PROJECT Â ASSAYS
Released 08:29 19ÂOctÂ2016
RNS Number : 9334M Thor Mining PLC
19 October 2016
19 October 2016
THOR MINING PLC
MOLYHIL TUNGSTEN PROJECT †ASSAYS POINT TO NEW TUNGSTEN DEPOSITS
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) is pleased to provide an update regarding positive exploration work conducted at the Company's wholly owned Tungstenâ€Molybdenum Molyhil Project ("Molyhil") situated in the Northern Territory of Australia.
Highlights
-
In January 2015 Thor produced an updated feasibility study in respect of Molyhil demonstrating a post tax NPV of A$67m (UK£42m) further details of which are provided on the Company's website;
-
Thor is now proactively building its knowledge of the Molyhil project with a view to further enhancing the quality of the existing resource/reserve, increasing the total amount confirmed Tungstenâ€Molybdenum mineralisation and further improving efficiency with regard to future planned mine activities;
-
One important element of this work has been to identify new areas of Tungsten mineralisation in and around the project, which is the subject of the positive findings in this market announcement;
-
Laboratory assay results have reinforced the prospectivity of several targets following the completion of the exploration drilling program to test for additional tungsten mineralisation satellite to the Company's existing Molyhil tungsten deposit;
-
Prospective host rocks (skarn & calcâ€silicate, with proximal granite) are confirmed to exist under shallow alluvial cover in each of three prospects tested (Cattle Track, Gap Track, and Think Big);
-
In addition the Company's work has identified elevated tungsten assays at Cattle Track and Gap Track prospects;
Mr Mick Billing, Executive Chairman, commented:
"I am pleased to report further material progress in our campaign to further enhance the value and project economics of Molyhil. In today's challenging resource environment mineral development companies are ideally placed with advanced projects, and Molyhil falls into that category with a Definitive Feasibility Study already complete.
We are now going about the business of building our knowledge and the inherent value of Molyhil, and today's announcement marks some great progress in this regard.
The fertility of the Cattle Track and Gap Track prospects has been enhanced. Whilst the number of holes in each of these targets is, both limited and quite widely spaced, we have identified both geochemical signature and geology indicative of potential mineralisation. Further drilling on each of these targets is warranted and will be scheduled and additional announcements will therefore follow.
In addition Thor will be providing further updates in the near term with regard to the Company's Pilot Mountain, Nevada project and specifically the efficient route we have identified to significantly increase the inâ€situ resource at that project.
Finally the Company remains highly proactive in the review of new opportunities. We hope to provide a further update to market in this regard at the earliest opportunity."
Following the initial on site analyses using hand held XRF analyser, samples were sent for laboratory follow up assay. The laboratory assay process has a lower detection limit of 1 part per million ("ppm") compared with 10ppm for the hand held XRF, and also uses a larger sample size. Trends in tungsten distribution are now apparent in the laboratory assays that were not apparent in the earlier analyses.
The laboratory analyses show tungsten elevated at two to three times background levels in the vicinity of the Molyhil Pinnacle (Cattle track) and along the southern margin of the Gap Track prospect (refer to map). At Gap Track, where a broader spread of data points was collected, a trend of elevated tungsten is apparent which reflects the trend in elevated magnetic response. These are encouraging results albeit at subdued levels.
Due to its low chemical reactivity and high physical density, tungsten does not tend to disperse in the soil and weathered rock profile as much as more reactive metals such as copper. As a result, any detection of tungsten is considered encouraging and worthy of follow up investigation.
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ Daniel Bush/ Richard Tonthat
+44 (0) 207 383 5100 Grant Thornton UK LLP Nominated Adviser
Gerry Beaney/ David Hignell John Howes
+44 (0) 20 3861 6625 Northland Capital
Partners Limited
Joint Broker
Nick Emerson / Andy Thacker Tim Blythe/ Camilla Horsfall
+44 (0) 1483 413 500 SI Capital Joint Broker
+44 (0) 207 138 3222 Blytheweigh Financial PR
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.
Competent Person's Report
The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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'. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015¹ suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate² on 1 of the 4 known deposits.
In February 2016, Thor announced the sale of its Spring Hill Gold project³ for A$3.5million, of which A$1.5 remains due for settlement in February 2017, plus a royalty of:
-
A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
-
A$14 per ounce of goldâ´produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
Notes
-
¹ Refer ASX and AIM announcement of 12 January 2015
-
² Refer ASX and AIM announcement of 10 June 2014
-
³ Refer ASX and AIM announcement of 29 February 2016
|
Hole Id
|
Easting GDA94
|
Northing GDA94
|
Sample depth†from (m)
|
Sample depth†to (m)
|
W
(ppm)
|
Cu (ppm)
|
Mo (ppm)
|
Fe (ppm)
|
Ti (ppm)
|
|
16MAC001
|
577,893
|
7,483,253
|
1.5
|
2.8
|
3
|
30
|
2
|
20315
|
1350
|
|
16MAC002
|
577,897
|
7,483,300
|
0
|
1.5
|
|
|
|
2795
|
220
|
|
16MAC003
|
577,900
|
7,483,348
|
1.5
|
3
|
3
|
20
|
1
|
11725
|
700
|
|
16MAC012
|
576,901
|
7,483,103
|
3
|
4.5
|
4
|
20
|
|
23810
|
940
|
|
16MAC013
|
576,903
|
7,483,045
|
3
|
4.5
|
6
|
20
|
|
30985
|
1660
|
|
16MAC014
|
576,899
|
7,482,999
|
1.5
|
3
|
4
|
20
|
|
15140
|
1040
|
|
16MAC015
|
576,610
|
7,483,110
|
3
|
4.5
|
3
|
20
|
2
|
20760
|
1070
|
|
16MAC016
|
576,599
|
7,483,052
|
1.5
|
3
|
2
|
10
|
|
61430
|
1430
|
|
16MAC017
|
576,589
|
7,482,996
|
1.5
|
3
|
3
|
50
|
1
|
34115
|
920
|
|
16MAC018
|
576,600
|
7,482,956
|
1.5
|
3
|
2
|
|
|
18285
|
1040
|
|
16MAC019
|
576,606
|
7,482,902
|
1.5
|
3
|
|
|
1
|
39530
|
1690
|
|
16MAC020
|
576,605
|
7,482,905
|
3
|
4.5
|
1
|
|
4
|
42520
|
1870
|
|
16MAC021
|
576,298
|
7,482,888
|
6
|
7.5
|
5
|
10
|
6
|
26155
|
510
|
-
â´ At the date of this announcement gold is trading at approximately A$1,650/oz Assay results
|
Hole Id
|
Easting GDA94
|
Northing GDA94
|
Sample depth†from (m)
|
Sample depth†to (m)
|
W
(ppm)
|
Cu (ppm)
|
Mo (ppm)
|
Fe (ppm)
|
Ti (ppm)
|
|
16MAC022
|
576,300
|
7,482,851
|
3
|
4.5
|
4
|
30
|
4
|
41445
|
1530
|
|
16MAC023
|
576,299
|
7,482,800
|
3
|
4.5
|
3
|
20
|
1
|
28625
|
1150
|
|
16MAC024
|
576,208
|
7,482,899
|
6
|
7.5
|
7
|
10
|
3
|
42175
|
2550
|
|
16MAC025
|
576,206
|
7,482,851
|
7.5
|
9
|
3
|
20
|
3
|
61045
|
2220
|
|
16MAC026
|
576,199
|
7,482,805
|
3
|
4.5
|
5
|
20
|
2
|
41810
|
1100
|
|
16MAC027
|
576,099
|
7,483,200
|
4.5
|
6
|
3
|
20
|
|
38250
|
2520
|
|
16MAC028
|
576,103
|
7,483,248
|
3
|
4.5
|
3
|
40
|
|
33075
|
2280
|
|
16MAC029
|
576,109
|
7,483,303
|
3
|
4.5
|
8
|
10
|
3
|
26635
|
2040
|
|
16MAC030
|
582,689
|
7,480,489
|
10.5
|
12
|
7
|
30
|
1
|
46590
|
4090
|
|
16MAC031
|
582,702
|
7,480,612
|
6
|
7.5
|
4
|
20
|
2
|
34205
|
1220
|
|
16MRAB032
|
583,400
|
7,480,298
|
7.5
|
9
|
1
|
30
|
|
44750
|
5160
|
|
16MRAB033
|
583,398
|
7,480,400
|
6
|
7.5
|
3
|
10
|
|
22735
|
1690
|
|
16MRAB034
|
583,398
|
7,480,493
|
4.5
|
6
|
3
|
10
|
|
16545
|
2070
|
|
16MRAB035
|
583,204
|
7,480,601
|
3
|
4.5
|
3
|
20
|
3
|
19585
|
1510
|
|
16MRAB036
|
583,199
|
7,480,494
|
3
|
4.5
|
5
|
10
|
|
18155
|
1550
|
|
16MRAB037
|
583,200
|
7,480,406
|
6
|
7.5
|
3
|
10
|
|
22315
|
2130
|
|
16MRAB038
|
583,000
|
7,480,400
|
4.5
|
6
|
2
|
40
|
|
54115
|
3080
|
|
16MRAB039
|
583,000
|
7,480,500
|
9
|
10.5
|
2
|
30
|
|
35270
|
4100
|
|
16MRAB040
|
583,003
|
7,480,597
|
9
|
10.5
|
2
|
10
|
|
22180
|
1840
|
|
16MRAB041
|
582,698
|
7,480,698
|
7.5
|
9
|
3
|
|
|
10855
|
710
|
|
16MRAB042
|
582,999
|
7,480,301
|
7.5
|
9
|
9
|
30
|
2
|
33460
|
1150
|
|
16MRAB043
|
583,202
|
7,480,301
|
6
|
7.5
|
7
|
30
|
2
|
27680
|
2000
|
|
16MRAB044
|
583,600
|
7,480,303
|
9
|
10.5
|
2
|
40
|
|
38920
|
3160
|
|
16MRAB045
|
583,596
|
7,480,398
|
6
|
7.5
|
2
|
20
|
|
39690
|
3250
|
|
16MRAB046
|
575,303
|
7,481,402
|
4.5
|
5
|
3
|
30
|
|
49425
|
4970
|
|
16MRAB048
|
575,305
|
7,481,201
|
4.5
|
6
|
2
|
20
|
|
47525
|
3900
|
|
16MRAB049
|
575,300
|
7,481,102
|
6
|
7.5
|
5
|
20
|
|
18435
|
570
|
|
16MRAB050
|
574,898
|
7,480,908
|
4.5
|
6
|
3
|
30
|
|
45895
|
3370
|
|
16MRAB051
|
574,899
|
7,481,003
|
3
|
4.5
|
2
|
20
|
|
20920
|
790
|
|
16MRAB052
|
574,898
|
7,481,101
|
4.5
|
6
|
5
|
40
|
|
31965
|
2800
|
|
16MRAB053
|
574,897
|
7,481,200
|
4.5
|
6
|
2
|
|
|
61125
|
3960
|
|
16MRAB054
|
574,895
|
7,481,295
|
4.5
|
6
|
1
|
30
|
|
43950
|
4100
|
|
16MRAB055
|
574,856
|
7,481,393
|
7.5
|
9
|
2
|
20
|
|
54035
|
2350
|
|
16MRAB056
|
574,895
|
7,481,497
|
1.5
|
3
|
|
220
|
|
86605
|
4200
|
|
16MRAB057
|
574,900
|
7,481,595
|
3
|
4.5
|
4
|
|
|
16870
|
2250
|
|
16MRAB058
|
575,305
|
7,481,504
|
4.5
|
6
|
4
|
|
|
16620
|
1470
|
|
16MRAB059
|
576,613
|
7,482,906
|
1.5
|
3
|
2
|
|
|
45370
|
1520
|
|
16MRAB060
|
576,602
|
7,482,899
|
3
|
4.5
|
2
|
|
|
37130
|
1600
|
|
16MRAB061
|
576,602
|
7,482,906
|
4.5
|
6
|
3
|
|
|
44060
|
2200
|
|
16MRAB062
|
577,897
|
7,483,301
|
1.5
|
3
|
3
|
|
|
54520
|
4900
|
|
16MRAB063
|
576,300
|
7,482,856
|
9
|
10.5
|
8
|
60
|
|
27575
|
1760
|
|
16MRAB064
|
576,206
|
7,482,852
|
4.5
|
6
|
5
|
|
1
|
51265
|
1810
|
|
16MRAB065
|
576,102
|
7,483,205
|
7.5
|
9
|
7
|
|
|
29245
|
1720
|
JORC Code, 2012 Edition  Table 1 report
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary