Thor Mining PLC (ASX:LON:THR) Jervois Vanadium Project

Mick Billing, Executive Chairman of Thor Mining, commented: We are excited to have an interest in the Jervois vanadium deposits at a time of stimulated global interest in vanadium.

“Thor acquired an interest in the Jervois vanadium deposits, at no additional cost, with the acquisition of the Bonya tungsten deposits. This has proved to be an unanticipated bonus to that acquisition.”

“Vanadium metal has very a robust baseline demand in the construction industry, along with exciting prospects as a potential battery metal where large capacity storage is required”

 

 

The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to advise a plan to further advance exploration of and assess potential development options for the Jervois Vanadium Project in the Northern Territory of Australia.

The project is held in joint venture (JV) between Arafura (60%) and Thor (40%) with Thor acting as manager. The plan outlined below has been agreed by both parties to the JV.

 

Highlights

· Substantial exploration history including 60 RC (reverse circulation) holes drilled between 2006 and 2008 intersecting extensive potentially economic grades of vanadium and titanium.

· Selected samples from 14 holes only, assayed for gold and platinum group elements (PGEs), returned up to 1.59 ppm (grams/tonne) combined gold, plus platinum and palladium.

· Exploration Target range of 90 to 110 million tonnes @ 0.3% – 0.8% V₂O₅, and 4% – 8% TiO₂ determined from 1,295m of assayed mineralisation. The potential quantity and grade of the Exploration Target is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

· Substantial laboratory testwork has demonstrated potential to produce concentrates with grades of 1-2% V₂O₅, which are comparable to others around the globe, with attractive (61-69%) recoveries.

· Future work to focus on; resource drilling the Casper, Coco, and RD (previously known as “Misty”) deposits, testing other prospects for potential economic grades of vanadium and titanium, and follow up work on the gold and PGE potential on all prospects. Subject to successful completion of these activities, next steps would include further metallurgical studies, along with environmental and social impact studies.

· The joint venture objective is to seek project level investors to advance this project through resource development and subsequent feasibility and permitting activities.

 

 

Project Location and Access

Jervois is located in the Northern Territory of Australia, approximately 290km east-northeast of and 360km by road (the first 170km sealed) from the nearest city Alice Springs (population 29,000).

Investors wishing to view a map showing the location of the Jervois project may view this on the Company’s website via the following link:

http://thormining.com/-/thor/lib/images/maps/Location%20Molyhil%20Bonya%20Jervois.jpg

Historical Exploration and Evaluation Activity

Whilst substantial work was performed by others previously, in 2004, Arafura completed a review of all of the previous exploration data available for the Jervois Project area. From this work, the Attutra Metagabbro was identified as an area of interest for Fe/V and Au/PGE potential.

In 2005, Arafura commissioned a high-resolution airborne magnetic/radiometric survey over the project area. This survey highlighted several magnetic targets within the Attutra Metagabbro.

Between November 2006 and June 2008, a total of 60 RC holes for 5,774m were drilled at the Jervois Project (refer to appended drill hole location table). This drilling successfully targeted numerous magnetite rich zones of the Attutra Metagabbro for Fe/V mineralisation.

 

The original objectives of the exploration drilling programs were to:

·    drill test the Casper, Coco and RD magnetic anomalies

o  determine continuity and source of these magnetite bodies

o  confirm V recovery and variability

o  assess the overall size potential and geometry of magnetite bodies that demonstrated a potential for significant V recovery, based on the 2006 results

·    determine the amount of intrusive granite and/or pegmatite within the magnetite bodies

·    better understand the geological relationships and controls on mineralisation.

Investors wishing to view a diagram outlining the known deposits and drill hole locations at Jervois, overlain on an aeromagnetic image may view this on the Company’s website via the following link:

http://thormining.com/-/thor/lib/images/maps/Jervois%20Vanadium.jpg

During the 2006 drilling campaign, 1m samples were collected and analysed in June 2007 as part of preliminary metallurgical testwork. The samples were composited together into between 1 and 22m composites. These composites were selected based on drill logs, magnetic susceptibility measurements and composite requirements.

The 2008 drilling program was designed to further test and explore the mineralisation. 1m samples were collected and composited together and analysed. Composites of between 2 and 6m were determined for 11 of the 45 holes drilled.

 

Historical Exploration and Evaluation Activity

Whilst substantial work was performed by others previously, in 2004, Arafura completed a review of all of the previous exploration data available for the Jervois Project area. From this work, the Attutra Metagabbro was identified as an area of interest for Fe/V and Au/PGE potential.

In 2005, Arafura commissioned a high-resolution airborne magnetic/radiometric survey over the project area. This survey highlighted several magnetic targets within the Attutra Metagabbro.

Between November 2006 and June 2008, a total of 60 RC holes for 5,774m were drilled at the Jervois Project (refer to appended drill hole location table). This drilling successfully targeted numerous magnetite rich zones of the Attutra Metagabbro for Fe/V mineralisation.

The original objectives of the exploration drilling programs were to:

· drill test the Casper, Coco and RD magnetic anomalies

o determine continuity and source of these magnetite bodies

o confirm V recovery and variability

o assess the overall size potential and geometry of magnetite bodies that demonstrated a potential for significant V recovery, based on the 2006 results

· determine the amount of intrusive granite and/or pegmatite within the magnetite bodies

· better understand the geological relationships and controls on mineralisation.

Investors wishing to view a diagram outlining the known deposits and drill hole locations at Jervois, overlain on an aeromagnetic image may view this on the Company’s website via the following link:

http://thormining.com/-/thor/lib/images/maps/Jervois%20Vanadium.jpg

During the 2006 drilling campaign, 1m samples were collected and analysed in June 2007 as part of preliminary metallurgical testwork. The samples were composited together into between 1 and 22m composites. These composites were selected based on drill logs, magnetic susceptibility measurements and composite requirements.

The 2008 drilling program was designed to further test and explore the mineralisation. 1m samples were collected and composited together and analysed. Composites of between 2 and 6m were determined for 11 of the 45 holes drilled.

Full RNS LINK: HERE https://www.share-talk.co.uk/announcements/rns/thor-mining-plc/jervois-vanadium-project/201907030700083195E

 


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