On a flying visit to London from Australia, we managed to catch up with Nicole Galloway Warland in the London studio and ask her a few questions to update shareholders.
- What is the reason for your visit to the UK?
- How have you settled into the role of Managing Director?
- The company released the Half-year report on Tuesday, any highlights you would like to talk about
Half year report
Key Highlights
Gold, Lithium, Nickel, Copper-Gold (Ragged Range in the Pilbara region of Western Australia)
· Maiden reverse circulation (“RC”) drilling program at the Sterling Prospect highlighted encouraging quartz veining and sericite-pyrite-fuchsite alteration
Uranium & Vanadium (Colorado & Utah, USA)
· The Company received Bureau of Land Management (BLM) approvals
· Continued progress with the Colorado County approvals for an initial drilling program over several of the Colorado claims
Tungsten-Molybdenum-Copper (Molyhil, NT, Australia)
· Completed diamond drilling to test a newly modelled magnetic target, adjacent to the Molyhil deposit
· Drilling intercepted massive magnetite skarn with disseminated scheelite, molybdenite, and chalcopyrite
Copper-Gold (SA, Australia)
Alford East
· Results from the Company’s first phase of diamond drilling highlighted broad high-grade copper-gold intercepts and identified key structural and lithological constraints on mineralisation, suggesting potential zones for extended zones of higher grade copper-gold along strike and at depth
· The Company earned a 51% interest in Alford East by completing the Stage 1 requirements by funding A$500,000 of expenditure and issued the Stage 1 consideration of A$250,000 in fully paid Thor shares
· Initial favourable hydrometallurgical results demonstrate the potential for the metal recovery of copper and gold using environmentally friendly lixiviants
· New 3D geological framework completed to assist drill targeting and hydrological studies.
Kapunda and Alford West
· EnviroCopper Ltd (ECL), the holder and operator of the Kapunda and Alford West projects, in which Thor has 30% equity interest, continued to advance the Kapunda project with push-pull hydrometallurgical test-work for copper extraction for In Situ Recovery (“ISR”) assessment
· Alford West activities have focused on desktop hydrogeological studies in preparation for field pump tests
Pilot Mountain
· Pilot Mountain project in Nevada USA was divested in 2021 for US$1.8 million
Nicole Galloway Warland, Managing Director of Thor Mining, commented: “We are very pleased with the progress made across our project portfolio during the six months ended 31 December 2021. Thor’s business model focuses on creating value through the advancement of our diverse asset base targeting critical and battery minerals, positioning the Company well for future growth.
During the period, Thor completed simultaneous drilling programs at the Ragged Range Project in the Pilbara region of Western Austrlalia and Molyhil in the Northern Territory, and, having received Bureau of Land Management (BLM) approvals at our Uranium & Vanadium Project in USA, has begun working through the Colorado County approvals for an initial drilling program over several of the Colorado claims.
At the Sterling Prospect, Ragged Range, our maiden RC drilling program highlighted encouraging quartz veining and sericite-pyrite-fuchsite alteration. Unfortunately, due to mechanical issues, not all targets at the prospect were tested, so the remaining targets will be subject to follow up testing in the program planned for 2022, alongside further exploration for lithium prospectivity, which could enhance the fundamentals of the project. At Molyhil, we are pleased to have announced that diamond drilling has reinforced the newly discovered extension of scheelite-molybdenite-chalcopyrite mineralisation, confirming the project as a new critical minerals discovery. Further exploration drilling is expected at Molyhil in 2022.
We continue to be encouraged by the potential for the recovery of copper and gold using environmentally friendly lixiviants at Alford East, where the first phase of diamond drilling highlighted broad high-grade copper-gold intercepts and identified key structural and lithological constraints on mineralisation, suggesting potential zones for extended zones of higher copper-gold along strike and at depth. A second phase of drilling is currently being designed which will also assess ISR viability. During the period, EnviroCopper Ltd also completed push-pull hydrometallurgical test-work at the Kapunda project and Site Environment Lixiviant Testing (SELT) is anticipated in 2022 with the aim of recovering copper in solution from the deposit.
“Commodity prices have performed well during the period and forecasts are favourable that these conditions will continue further into 2022. With a strong pipeline of news flow expected for the coming months, and project milestones across the portfolio, we look forward to providing further updates on our progress in due course.”
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.
The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia, for which initial drilling was carried out in 2021
At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.
Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²
Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.
Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director
Ray Ridge, CFO / Company Secretary
Tel: +61 (8) 7324 1935
Tel: +61 (8) 7324 1935
