BONYA TUNGSTEN & COPPER PROSPECTS – ADJACENT MOLYHIL
POSITIVE INITIAL EXPLORATION FINDINGS
The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to announce positive findings from an initial surface sampling exploration programme.
The Company has now received encouraging assay results from preliminary rock chip samples taken from four of the 13 outcropping tungsten deposits that comprise the Bonya project approximately 30 km east of Thor’s Molyhil mine project in Australia’s Northern Territory.
Rock Chip samples were collected from the Tashkent, Jericho, Samarkand and White Violet prospects during preliminary reconnaissance prior to re-establishing access to the remaining deposits.
· 3.5% WO3 in rock chips and 1.6% in float from Samarkand deposit
· 1.37% and 0.6% WO3 in rock chips from Tashkent deposit
· 0.56% WO3 and 3.3% Cu in rock chips from White Violet deposit
· 0.81% WO3 and 1.06% Cu in rock chips from Jericho South deposit
· Project area Exploration Target* of 3.0 – 4.9 million tonnes @ 0.3% – 0.5% WO₃
*Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource.
As announced on 19 April 2018, on completion of the acquisition from Rox Resources Limited (ASX: RXL) and execution of the proper assumption documentation, subject to normal Northern Territory stamping and ministerial approval processes, Thor and Arafura Resources Limited (ASX:ARU) will be in Joint Venture in respect of this tenement with Thor holding a 40% interest.
Mick Billing, Executive Chairman, Thor Mining (AIM, ASX: THR) talks about the recent Tungsten prospect purchase and provides an update on the Lithium investment in the USA (recorded 23rd April 2018)
Mick Billing, Executive Chairman, commented:
“These preliminary results support the validity of historical drilling and trenching assay data and bode well for the imminent development of the Bonya deposits.”
“In addition to robust levels of tungsten, it is encouraging that the assay results showed low levels of potential penalty elements and overall coarse grain mineralisation.”
“The potential for high grade copper mineralisation in some of the deposits is also very attractive with the proposed processing plant at Molyhil highly likely to be also suitable for copper flotation.”
“We are gearing up to fast track the assessment and development of the Bonya deposits within the 2018 field season. Provided some of these known prospects mature, along with others which we expect to find and develop, it is more than likely that Molyhil production life and throughput volume should increase substantially.”
A link to a map of Bonya prospects showing sample locations is shown below:
For detailed Exploration Target description refer to THR ASX announcement: https://www.asx.com.au/asxpdf/20180329/pdf/43stfqjd43dqsm.pdf
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) 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 and Inferred Resources Estimate² on 2 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 has a material interest in US Lithium Pty Limited, an Australian private company with a 100% interest in a Lithium project in Nevada, USA.
Finally, 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 gold 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
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