Thor Mining PLC (ASX:LON:THR) Kapunda Gold Recovery & Company Podcast

Mick Billing, Executive Chairman, commented: “This is an unexpected bonus for the Kapunda project, and potentially a very significant project enhancement.”

 

The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to announce successful recovery of gold from samples of the Kapunda Copper ISR copper project in South Australia.

The results are from research activities on Kapunda samples by the CSIRO as part of the CRC-P* project funded by the Australian Commonwealth government for the Kapunda project owned by Environmental Copper Recovery Pty Ltd (ECR) in which Thor is acquiring a 60% interest and in respect of which potential strategic developments were announced on 5 March 2019.

Highlights:

· Successful recovery of gold from samples from historic drilling has demonstrated proof of concept at the Kapunda ISR copper project using techniques appropriate for In situ Recovery (ISR) test work;

· Results augment previously reported successful recovery of copper using ISR appropriate test work;

· Limited gold assays conducted on historic drilling at Kapunda, but results for 28 surface and drill core samples are historically reported to range from 0.6 to 5.54 dwts /ton (approx 0.93 to 8.58 grams/tonne);

· Further test work is planned to quantify gold recovery and commercial viability of the proposed development at Kapunda

Mick Billing, Executive Chairman, commented: “This is an unexpected bonus for the Kapunda project, and potentially a very significant project enhancement.”

“There is not sufficient drilling assay information to allow a gold resource to be added to the previously published copper resource, however the information we have suggests the presence of gold relatively evenly across much of the Kapunda deposit.”

“The directors of ECR and the directors of Thor are reviewing options in light of this new and potentially strategically critical information, and will provide further updates in the near term”

Background

While Kapunda was primarily a copper mine, there have been gold assays recorded from historic drill holes and surface sampling. Most of this gold sampling work is reported in open file Envelope 01651 as a progress report by L.G. Szabo for Northlands Minerals Limited in 1971. Since then, there have been sporadic reviews and re assaying of existing drill core over the past decades with inconclusive results. Some of the conclusions drawn by Szabo include:

· “Gold, silver and platinum are definitely present in the mine rocks of Kapunda”

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· “The gold is persistently present throughout the exposed zone of copper mineralisation”

· “The gold values persist to a vertical depth of 600 feet in the only deep drill hole within the mine area”

· “The gold is associated with pyrite and to a lesser extent with quartz”

The following table (Table A) is compiled from the South Australian Government Department for Energy and Mining (DEM) open file envelopes Env 01651 and Env 02260 and lists significant historic drillhole intersections.

 

Full RNS Link HERE

Updates on the Company’s activities are regularly posted on Thor’s website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company’s twitter page @ThorMining.

 

About Kapunda

The Kapunda copper project is located approximately 90 kilometres north north-west of Adelaide in South Australia.

On 1 August 2017, Thor announced an agreement to earn up to 60% of a newly incorporated private Australian company, Environmental Copper Recovery SA Pty Ltd, initially via convertible loan notes of up to A$1.8 million, which will be used to fund field test work and feasibility activities at Kapunda over the next 3 years.

In turn ECR has entered into an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via in-situ recovery (“ISR”) contained in the Kapunda deposit from Australian listed company, Terramin Australia Limited (“Terramin” ASX: “TZN”).

For detail of the In-situ Recovery process, investors are invited to view the ECR website; https://www.envirocopper.com.au/ .

In February 2018 Thor announced an Inferred JORC Resource Estimate for the Kapunda project, of 47.4 million tonnes (MT) grading 0.25% Cu, containing 119,000 tonnes of contained copper considered amenable to In-situ Recovery techniques.

For detail of the Resource Estimate Announcement, investors are invited to view the Thor website;

http://www.thormining.com/-/thor/lib/docs/asx%20releases/20180212%20ASX%20Kapunda%20Resource.pdf .

Subsequently, on 30 July 2018, the Company announced details of a CRC-P (Cooperative Research Centre) grant to the value of A$2.85 million from the Australian Commonwealth Government for the Kapunda In-Situ Copper and Gold Recovery Trial.

On 5th March 2019, the Company also announced plans to merge ECR with Environmental Metals Recovery Pty Ltd (EMR) to

form a new entity EnviroCopper Ltd

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

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Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁵ of:

• A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

• A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

 


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