The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the completion of the drilling program at the Company’s 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.
Project highlights:
· Thor drilled 48 reverse circulation (“RC”) holes totalling 3,120m at Ragged Range over the last three weeks.
· Drilling tested both structural and geochemical targets along the Sterling Prospect 13km gold corridor, with 11 drill traverses completed (Figure 1).
· Drilling targeted interpreted dilational zones associated with faulting and folding along the regional thrust faulted contact between the mafic and ultramafic units (Figure 1).
· The drilling program also included 1 drillhole at the Krona Prospect to test the electromagnetic (“EM”) conductor recently identified beneath the nickel gossan (AIM: THR 17 June 2022). This hole has been cased in preparation for a Downhole Electromagnetic Survey (DHEM).
· Assays have been expedited to a laboratory in South Australia, with results anticipated in August – September 2022.
Photo Plate1 : may be viewed via the following link: http://www.thormining.com/sites/thormining/media/maps/krona-dhem-casing.jpg
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
“Thor has successfully completed its second phase of drilling at the Sterling prospect, testing several exciting structural targets associated with complex faulting and folding along the 13km gold corridor. We were pleased to also drill test the Krona nickel-copper Fixed Loop Electromagnetic target as part of this drilling program.
We now eagerly await assay results and look forward to updating the market as results come through.”
Figure 1: Sterling and Krona prospects highlighting completed drilling traverses may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/rr_comprc.png
The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia, is 100% owned by Thor Mining and comprises E46/1190, E46/1262, E46/1355, E46/1340 and the recently granted E46/1393 (Figure 2 and Figure 3).
Figure 2 : Tenement & Prospect Location Plan may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/20-004-1b-ragged-range-location.jpg
Figure 3: Ragged Range Tenement Location Plan showing Sterling, Krona and Kelly’s prospects may be viewed via the following link:
RC Drilling Program
STERLING PROSPECT
48 drillholes totalling 3,120m were drilled along the Sterling Prospect 13km structural gold corridor, with drill holes generally angled 60 degrees toward the west, near perpendicular to the structural controls of the dominant faulted contact between the Euro Basalt and the Dalton Suite ultramafics (Figure 1). Drill depths range from approximately 60-170m.
This second phase of drilling tested interpreted dilational zones (potential trap sites for mineralisation and the potential source of the gold anomalies found in stream and soil samples). Surface anomalism is associated with a series of faults and folds, subparallel or at a high angle to the regional thrust faulted contact (Norman Cairns Fault) between the Euro Basalt and the Dalton Suite ultramafics along the Sterling Prospect 13km gold corridor (Figure 1 and 3).
KRONA PROPSECT
As part of the drilling program, one drill hole was drilled into the Fixed Loop Electromagnetic (“FLEM”) conductor identified below the nickel gossan at Krona Prospect, Figure 1 (AIM: THR 17 June 2022). This hole has been cased in preparation for DHEM survey.
DJC Drilling Pty Ltd completed drilling program. Drill samples are being freighted to Bureau Veritas laboratory in Adelaide, SA, for analysis with assay results anticipated in August.
Photo Plate 2: Drilling operation showing DJC rig and sample layout may be viewed via the following link:
http://www.thormining.com/sites/thormining/media/maps/img_1404.jpeg
Sterling Prospect
Since acquiring the Ragged Range project in late 2019, Thor has completed a series of systematic stream sediment programs over the tenure and an airborne magnetic survey, defining a 13km structurally controlled gold corridor – the Sterling Prospect (Figure 2). High-grade gold stream results, including up to 2.2g/t Au, were reported from sampling in 2019 and 2020 (AIM: THR 23 June 2021).
As a follow up, two soil programs were completed over Sterling Central and Sterling South areas with BLEG soil values up to 348ppb and 153ppb Au (21RRS777 and 21RRS437 respectively), significantly above a background of approximately 5ppb Au (Figure 3 and Figure 4). To validate these high gold soil anomalies, a <2mm sieved stream panned concentrate with visible gold, reported up to 74.1g/t Au (Samples 21RRST016) approximately 100m down slope, in a small creek from soil sample 21RRS777 (AIM: THR 7 October 2021).
The surface gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact suggesting that gold mineralisation is controlled by faults and structures that splay off this major structure.
This announcement is authorised for release to the market by the Board of Directors.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director
Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary
Tel: +61 (8) 7324 1935
