Thor Mining PLC (AIM:THR) Quarterly Report January, March 2017 – Interview


Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said: 

“A very good period for the Company and its investors.  The very positive results at Pilot Mountain demonstrate the significant and increasing value of this project and we are very keen to see the outcome of the maiden resource estimate, now commissioned, for the Garnet deposit.  When added to the existing Desert Scheelite resource estimate we anticipate building a substantial resource inventory, with ample capacity for significant further growth.

“At Desert Scheelite we have extended the known mineralisation to the east, and have exciting targets for higher grade eastern extensions at depth along with potential for parallel zones immediately to the north.”

ShareTalk spoke with Mick Billing, Executive Chairman of Thor Mining this week.

We covered the Assay results from its two main projects at Garnet and Desert Scheelite. We look at the new Zinc resource in place that was not highlighted by the previous historic drills. We talk about the future news flow starting with a Jorc compliant resource which Mick hopes will be due in the near future. We highlight the low cost plans and cover the funding needs for the projects in the mid to long term.




Thor’s Pilot Mountain Project, acquired in 2014, is located approximately 200 kilometres south of the city of Reno and 20 kilometres east of the town of Mina, located on US Highway 95.

The Pilot Mountain Project is comprised of four tungsten deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope.  All of these deposits are in close proximity (~three kilometres) to each other and have been subjected to small-scale mining activities at various times during the 20th century.

In December 2014, Thor outlined a proposed exploration and development plan with the objective of upgrading the knowledge and status of the mineralisation of these deposits where historical drilling outlined potentially economic mineralisation.

A full background on the project is available on the Thor Mining website


During the March quarter the Company successfully completed a program to drill test both the Garnet prospect and the potential eastern extension of the Desert Scheelite deposit.



·    Strong correlation with historical tungsten assays at the Garnet deposit is likely to allow the preparation of a maiden resource estimate for Garnet.

·    Zinc mineralisation intersected at Garnet, not reported by previous explorers.

·    Confirmation of mineralised extension to the Desert Scheelite resource to the east, with higher grade targets at depth.

Following these very positive results, particularly at the Garnet deposit, a review has been commissioned with the objective of producing a mineral resource estimate, expected in the June quarter.


Garnet deposit results (reported 21 April 2017)

Six holes were drilled to validate historic drill data from Union Carbide Corp drilling, undertaken in the 1970’s. Significant intercepts include:

Hole 17GRRC01               3.8m @ 0.31%WO3 and 2.2%Zn from 4.6m

3.8m @ 0.72%WO3 and 1.6%Zn from 45.0m

5.3m @ 1.0%WO3 and 0.9%Zn from 83.1m

Hole 17GRRC06               6.1m @ 0.24%WO3 from 16.5m

14.5m @ 0.31%WO3, 0.3%Zn from 25.9m


Drill intercepts from Garnet were generally consistent with the historic data, although zinc mineralisation, intersected in each hole, has not previously been reported.

The mineralised intercepts at Garnet commenced at very shallow depths with each band of mineralisation substantially flat lying.  A future mining scenario at Garnet is therefore likely to comprise a very low cost open pit start-up operation.

Estimation of a maiden resource for the project will be undertaken by an independent consultant over the next few weeks.


   Desert Scheelite deposit results (reported 21 April 2017)


Table 1: Desert Scheelite Resource Summary 2014, (JORC 2012), announced 10 June 2014.

Desert Scheelite






Grade %

Contained metal (t)

Grade g/t

Contained metal (t)

Grade %

Contained metal (t)


























·      Thor Mining PLC holds 100% equity interest in this resource.

·      Minor rounding errors may occur in compiled totals.

Drilling at Desert Scheelite targeted potential up dip extensions of mineralisation from the high-grade intersection of DSDD015.

The geology of the area remains consistent with strong skarn development at the near vertical contact between the Luning Formation calcareous sediments and the younger intruded quartz monzonite.

The results from the holes drilled in 2017 have confirmed extensions to the known mineralisation, and that there is still a strong prospect of high grades to the east and down dip. 

Reprocessing of data from the geophysical survey, conducted in 2013, indicates strong potential for the Desert Scheelite mineralisation to extend several hundred metres further eastward of the DSDD015 position.  In addition, potential also exists for additional mineralisation to the hanging wall (north) of the known Desert Scheelite lode.  This may present as parallel lodes of mineralisation as is known to exist at the Garnet and GunMetal deposits.


 In January 2015, Thor announced an updated feasibility study for its wholly-owned Molyhil tungsten project, with robust outcomes.

The project development cost for Molyhil is estimated at A$64 million, or US$48 million at current exchange rates.  Of this, approximately US$10 million is for equipment, for which equipment or leasing finance could be secured, thus reducing the project finance requirement to below US$40 million.

Molyhil has a forecast 12 month construction schedule from development commencement to first production.

A full background on the project is available on the Thor Mining website

During the December 2016 quarter, on the basis of highly encouraging 2016 results from the exploration drilling program to test for additional tungsten mineralisation satellite to the Company’s existing Molyhil tungsten deposit in the Northern Territory, the Company applied for an additional Exploration Licence (“EL”) area to secure prospective ground contiguous with the Gap Track prospect to the south of existing tenements.

If successfully granted, the new EL area will facilitate exploration access to a further 68 square kilometres of ground highly prospective for further Molyhil style skarn hosted tungsten deposits.  Subject to the EL being granted, first steps will comprise reprocessing the latest aero-magnetic data to prioritise targets for drill testing.


The Dundas gold project is located approximately 100 kilometres east-south-east of Norseman in Western Australia.  The tenements are in close proximity to the sealed arterial Eyre Highway, providing all-weather access to the project area.  Within the tenements, access is provided by bulldozed tracks. It is also approximately 250 kilometres south of the major regional mining centre of Kalgoorlie.

A full background on the project is available on the Thor Mining website

A significant calcrete gold geochemical anomaly identified from infill sampling over two areas, based on previous BHP calcrete sampling data, has been permitted for drilling, and an Air Core drilling program is scheduled for the June quarter of 2017.


During the quarter, a placement to raise UK£262,500 from sophisticated investors was announced. 

In February Thor received A$1.5 million as the 2nd tranche of proceeds from the sale of its Spring Hill Gold project.

The sale transaction ¹ carries an ongoing residual 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 gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.  Gold is currently trading for approximately A$1,690/oz, and has remained above A$1,500 per ounce for the last 15 months.

¹Refer to the  AIM announcement of 26 February 2016

Updates on the Company’s activities are regularly posted on Thor’s website, 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, and exploration targets, is based on information compiled by Richard Bradey, 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.        

+Rule 5.5

Cobra Resources PLC (LON:COBR) Publication of Prospectus and Placing

Appendix 5B

See full details here:–thr-/rns/quarterly-report-january-to-march-2017/201704280700126559D/


1.         The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.         If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.         Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

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