The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to advise the commencement of drilling in a campaign designed to expand the tungsten resource at the Company’s wholly owned Pilot Mountain tungsten project in Nevada, USA (Figure 1).

The program comprises four reverse circulation (“RC”) drill holes and two diamond (“DD”) drill holes designed to confirm and expand upon existing high-grade drill intersections at the Good Hope deposit, and also further test for extensions of high grade mineralisation, intersected in the Desert Scheelite resource in 2012. The program follows drilling success and resource upgrade earlier in 2017.


Good Hope deposit – four RC holes each of up to 150 metres depth designed to confirm and extend high grade tungsten (WO₃), copper (Cu), and zinc (Zn) mineralisation, including 36.5 m @ 0.4% WO₃, 0.25% Cu, and 0.47% Zn

Desert Scheelite deposit –  two RC holes, each with a diamond core tail to test for extensions below high grade mineralisation previously intersected

Tungsten price uplift – a recent increase in the published APT tungsten price takes the cumulative increase for the year to 25%

Mr Mick Billing, Executive Chairman of Thor: 

“The Pilot Mountain drilling program at Good Hope and Desert Scheelite demonstrates our strong belief that Pilot Mountain will become a very significant multi commodity deposit.  We are particularly encouraged by the recent tungsten price improvement showing tightness in the market, during what is normally a period of seasonal weakness.

“The program is expected to cost no more than US$250,000 and is scheduled to last two to three weeks with assay results due several weeks after.”

Thor’s Pilot Mountain Project is located approximately 200 kilometres (“km”) south of the city of Reno and 20km east of the town of Mina located on US Highway 95.

The Pilot Mountain Project comprises four tungsten deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope.  All are in close proximity (~three kms) to each other and have been subjected to small-scale mining activities at various times during the 20th century.  Union Carbide acquired the project in 1978, for US$7.0 million (estimated at US$26million – US$40million in 2017 dollars), and conducted detailed exploration and feasibility activities until, following a global downturn in the tungsten industry in the 1980s, they suspended further work.

.A drill program in 2012 at Desert Scheelite facilitated the estimate and publication of a resource estimate for that deposit, shown in Table 1.  Importantly, the final hole of the program intersected 17.5m @ 1.80% Cu plus 2.2% Zn and 32 g/t Ag, along with 13.5m of 0.89% WO₃.  At current commodity prices (US$2.91/lb Cu, US$1.32/lb Zn, US$16.90/oz Ag, and US$245/mtu WO₃) this delivers an equivalent copper grade of 5.7%. This program has been designed to test for high grade extensions to that mineralisation at depth.

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.

Table 1: Pilot Mountain Resource Summary 2017 (JORC 2012) – 100% owned by Thor Mining Plc.  Announced May 21 

Tier 1 Exploration targets* at Pilot Mountain are based on 1970s drilling undertaken by Union Carbide Corporation and total 6.0 to 10.5 Mt at 0.2 to 0.4% WO3 (Table 2).

*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.


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