The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR) is pleased to announce a 55% tungsten resource inventory increase at the Company’s wholly owned Pilot Mountain tungsten project in Nevada, USA, representing a maiden resource estimate for the Garnet prospect, and an increase in the resource estimate at Desert Scheelite.
Following drilling in March this year, an inferred resource estimate for the Garnet deposit has been completed comprising 1.83 million tonnes (Mt) at an average grade of 0.36% WO3 (using cut-off grade of 1,000 ppm WO3).
Further, a re-evaluation of the Desert Scheelite deposit has resulted in an upgrading of the resource estimate to 9.9 million tonnes at an average grade of 0.26% WO₃, 19.39 gram/tonne Silver (Ag), and 0.14% copper (Cu) (using cut-off grade of 1,500 ppm WO3, previously 2,000ppm).
The total Pilot Mountain resource inventory now stands at 11.73 Million tonnes at 0.28% WO3 (Table 1).
Note:
· All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.
Mr Mick Billing, Executive Chairman of Thor Mining:
“This is a significant step forward for the Pilot Mountain project. The resource inventory still has considerable growth potential via the GunMetal and Good Hope deposits, as well as more potential upside at Desert Scheelite and Garnet”
“Importantly, the grade of mineralisation at Pilot Mountain is relatively high and this underpins the robust nature of the project.”
Garnet Deposit
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
Zinc grades from the 2017 drilling appear sufficient to produce a saleable bi-product to the Scheelite stream. Zinc data is not included in the historic database and the 2017 drilling zinc data alone is insufficient to estimate an inferred zinc resource. On the basis of the 2017 drill data, the following zinc exploration target*has been derived for the Garnet deposit:
1.4 – 1.8 Mt at 0.5 to 1.0% Zinc
(7,000 – 18,000 tonnes contained Zn metal)
Further opportunities for the growth of the Garnet resource are being evaluated for follow up drilling.
*Exploration Targets are conceptual in nature and there is insufficient data to define a Mineral Resource under the JORC Code. It is uncertain if further exploration will result in the determination of a Mineral Resource.
Desert Scheelite Deposit
Following a review of the Desert Scheelite deposit and a comparison with the Garnet deposit where a WO₃ cut-off grade of 1,000ppm was applied, it was decided to amend the Desert Scheelite resource cut-off grade to 1,500ppm WO₃, from the previously applied 2,000ppm WO₃. The Mineral Resource Estimate was originally announced for a range of cut-off grades (including 1,500ppm WO3) on 10 June 2014.
For further sampling data please see full RNS here.
Mick Billing will be interviewed on Share Talk TV later this week. Please email or tweet us your questions.
