Further to the announcement of 19 September 2017, the Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to advise that it has received positive laboratory assays from the recent drilling program at the Company’s wholly owned Pilot Mountain tungsten project in Nevada, USA.
· A second lode 20 metres to the north of the existing Desert Scheelite lode is confirmed.
· A down dip extension to mineralisation of 60 metres is also confirmed.
· The 28 metre-wide zone of copper, zinc and tungsten mineralisation intersected near surface confirmed from laboratory assays,
· Drill intersections 70 metres to the west of previous drilling at Good Hope have added significantly to the known strike length of this deposit.
Mr Mick Billing, Executive Chairman of Thor:
“I am very pleased to announce, what are for the Thor Mining board and operational team, exciting drill assay results from both Desert Scheelite and Good Hope.
“We have long suspected, from geophysical studies, that additional mineralised lodes exist at Desert Scheelite, and it is very rewarding to have this validated. This is a very strong target for drill testing along the entire strike length of the existing resource with potential, if successful, to add substantially to the resource inventory’
“Additionally, the high grade and near surface mineralisation at Good Hope transforms this into a deposit with genuine potential”
“During recent meetings at the International Tungsten Industry Association conference in Moscow we have received positive feedback from a number of parties commenting on the results of our exploration work, and quality of the asset, at the Company’s Pilot Mountain project.”
· 17DSDD02: 23.3m @ 0.21% WO3 from 198m and 15.2m @0.25% WO3 from 253.3m
¹Refer to Table 1 for complete intercept summary.
Drill hole 17DSDD-02 intersected two mineralised zones; the upper intersection represents a new second lode previously identified by geophysical targeting prior to drilling. The new second lode sits approximately 20 metres to the hanging wall (north) of the existing Desert Scheelite lode and may extend the entire strike length of the Desert Scheelite resource.
The lower 17DSDD-02 intersection represents a 60 metre down dip extension to the existing Desert Scheelite lode. This down dip extension may occur along the entire length of the resource.
· 17GHRC01: 26.6m @ 0.21% WO3, 1.2% Zn, 1.0% Cu from 0.8 metres downhole
· 17GHRC02: 12.2m @0.12% WO3 from 57.8m and 3m @0.37% WO3 within 8.4m @ 0.59% Cu from 80.8m.
¹Refer to Table 1 for complete intercept summary.
A 28-metre-wide zone of copper zinc and tungsten mineralisation has been confirmed beneath shallow alluvial cover at the Good Hope prospect.
Better than expected assay results for drill hole 17GHRC-02 mean a potential 70 metre strike extension of the Good Hope lode to the west at 423,870mE.
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.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor also holds a production royalty entitlement from the Spring Hill Gold project³ 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 gold⁴ produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
· ¹ Refer ASX and AIM announcement of 12 January 2015
· ² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
· ³ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
· ⁴ At the date of this announcement gold is trading at approximately A$1,630/oz
JORC Code, 2012 Edition – Table 1 report
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