The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to advise very positive preliminary results over 27.4 metres (“m”) from the first drill hole at the Good Hope deposit at the Company’s wholly owned Pilot Mountain tungsten project in Nevada, USA.
The results have been derived using a portable XRF instrument, and should be considered preliminary and subject to confirmation in subsequent laboratory assay. Laboratory assays results may vary from those obtained from XRF.
· 27.4 m @ 1.1% copper (“Cu”), 1.3% zinc (“Zn”) and 0.19% tungsten trioxide (“WO3”) including 10.0m (true width estimate of 6.5m) from 17.5m depth @ 0.32% WO3.
· Unexpected mineralisation from surface followed by 10m of higher tenor mineralisation from 17.5m broadly confirming expectation based upon historical drilling.
· Visible oxidised copper minerals malachite and azurite along with fluorescing scheelite
· Drillhole commenced with reverse circulation (“RC”) but terminated @ 44m due to adverse drilling conditions and will be completed using diamond core drilling (“DD”) when the DD rig finishes at the Desert Scheelite deposit.
· Drilling continues at both Good Hope with RC, and with DD at Desert Scheelite
Mr Mick Billing, Executive Chairman of Thor:
“Very pleasing initial results from the first hole at Good Hope. While these XRF results are subject to laboratory assay, which may alter these results, this is very encouraging.
“Good grade mineralisation commencing at surface is always very good news, as is the intersection of higher grade material where historical results estimate they should extend.
“Recent improvements in metal prices, with tungsten up 29% this year, copper at US$6,500/tonne and Zinc above US$3,000/tonne are also particularly good signs.”
Table 1: Drill hole orientation summary
Easting NAD83 zone 11
Northing NAD83 zone 11
Hole collar dip*
Hole collar Azimuth*
Final Depth (m)
* Down hole surveys of these holes have shown dip and azimuth variation to be less than 3 degrees.
Good Hope comprises a small inlier (window) of mineralised skarn exposed within an area overlain by younger volcanic rock. The area has been worked to some extent with small scale exploratory shafts, plus trenches & adits but little systematic exploration of basement below the volcanic cover is apparent.
Exposed mineralisation in the exploration trenches and the vertical extent of mineralisation in RGH-02 indicate Good Hope mineralisation is likely to be steeply dipping and similar to the Desert Scheelite deposit rather than the flat lying mineralisation to the west.
This drill program has been designed to confirm and extend high grade tungsten, copper, and zinc mineralisation, including 36.5m @ 0.4% WO₃, 0.25% Cu, and 0.47% Zn.
The first RC hole 17GHRC-01 at the Good Hope deposit in the current program was designed to re-test historical drill hole GH-05 for which no historical assays have been sighted.
On completion of the drill program and the receipt of all final assay data the Company will issue an updated report with the full results.
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