Mick Billing, Executive Chairman, commented: “This is potentially a very exciting phase for our 100% owned Pilot Mountain project.”
“In the event that gold appears with any consistency in the Pilot Mountain deposits, we may have a step change of substance for this project”.
The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to advise that samples from historical drilling at the 100% owned Pilot Mountain in Nevada USA are to be re-assayed for gold. This follows gold assays received with metallurgical testwork results from drill samples from the Desert Scheelite deposit.
· Up to 1,200 samples from 27 drillholes from drilling progams between 2012 and 2017 to be re-assayed;
· Assaying to be conducted on drill samples from each of Desert Scheelite, Garnet, and Good Hope deposits;
· Gold assays of 0.29g/t in the initial metallurgical process feed, and 0.33g/t in the combined tailings.
Successful locked cycle metallurgical testwork conducted on 600Kg of drill core from the Desert Scheelite deposit at Pilot Mountain, announced 10 June 2019, revealed for the first time the presence of, potentially economic, 0.29g/t gold in the sample.
The tailings produced from the testwork also contained levels of gold assayed at 0.33 g/t, indicating some potential for gold recovery following flotation of scheelite and other minerals.
The material selected for testing was from 3 diamond drill holes is considered to be representative of the potential processing feed from the first few years of open pit mining at the Desert Scheelite deposit.
Since 2012, a total of 17 holes have been drilled into the Desert Scheelite deposit, along with four holes into the Good Hope Deposit, and six holes into the Garnet Deposit. Samples from each of these holes were assayed for a suite of metals, including tungsten, copper, zinc, and silver. The samples from these testing programs are still available, and will be submitted for assay in Reno, Nevada USA.
It is expected that the assay process will take several weeks.
A map showing the location of each of the known deposits at Pilot Mountain may be viewed via the Company website at:
Table A: Pilot Mountain Resource Summary 2018 – Announced 13 December 2018
· 100% owned by Thor Mining PLC
· All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
· Cut-off grade 1,500ppm WO₃
· The Company is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.
Gold has not been routinely assayed for at Pilot Mountain, either historically or by Thor. Until these follow-up assays on the historical drilling are available, it is uncertain if gold will have a material economic impact on the project.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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