Mr Mick Billing, Executive Chairman, commented: We welcome the additional positive news from the Big Sandy drilling program.
The program continues to improve the prospects for Big Sandy and the value of our Hawkstone investment, and we look forward to the maiden resource estimate, scheduled for late September 2019, and also the forecast pre-feasibility study.
The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to advise further positive drilling results at the Big Sandy Deposit in Arizona USA, by Hawkstone Mining Limited (“Hawkstone”) (ASX: HWK).
Hawkstone, the 100% owner of the Big Sandy project, has released results from the final holes of its 37-hole Phase 2 diamond drill programme at its Big Sandy Lithium-Clay Project, located in Arizona USA on 14 August 2019.
Hawkstone Managing Director Paul Lloyd commented on the results released;
“Hawkstone’s Big Sandy project has delivered exceptional results as the Company has successfully progressed through the 37-hole diamond drill program.
High-grade intercepts have continued, and the assay results from the last 3 diamond drill holes further demonstrate the significant potential of the Big Sandy project, and importantly, mineralisation remains open to the north, south and west.
This is especially significant for drill hole DHQ32A located 100m to the west of the most north-westerly hole in the program DHQ3, as it shows the known mineralisation to continue to the west outside of the limits of the planned program and places the Company in a very strong position to significantly expand the resources through further drilling.
The Company will now progress towards the expected compilation of its targeted maiden JORC Resource in late September 2019 and is currently in the process of appointing consultants to conduct a pre-feasibility study.”
Thor holds 7,421,875 ordinary shares in Hawkstone (representing 1.075% of its issued share capital). Thor shall be allotted a further 7,812,500 ordinary shares in Hawkstone if Hawkstone reports, by September 2021, a mineral resource estimate, on the Big Sandy deposit, of at least 30 million tonnes at a grade of over 2,000ppm Lithium (Li), using a lower cutoff grade of 1,000ppm Li.”
The latest Hawkstone announcement may be found on the ASX website via the following link:
https://www.asx.com.au/asxpdf/20190814/pdf/447gfj0bddy09l.pdf
Information about Hawkstone and its Big Sandy project can be found at Hawkstone’s website:
http://hawkstonemining.com.au/.
