Mick Billing, Executive Chairman, commented: “This bulk sample assay result is very encouraging for the Molyhil project.”
“It is rewarding to see confirmation of extensive high-grade scheelite mineralisation along with expected grades of molybdenum. It is also very pleasing to see the copper mineralisation at potentially economic levels”.
“While the hole design was for the purpose of collecting material most likely to produce sufficient concentrate, rather than for resource purposes, the high-grade nature of the scheelite mineralisation provides further substantial confidence in the Molyhil deposit”
“Additionally, copper, while part of historic mineral resource estimates at Molyhil, has not been included in the resource estimate for some time, however recent testwork has shown encouraging results for production of a separate saleable concentrate. While this work has implications for potential production from the nearby Bonya deposits, it is expected to also apply to any copper mineralisation extracted at Molyhil”
“Since acquiring the Bonya properties, ongoing studies on the combined Molyhil-Bonya project have identified the copper potential of Bonya and its potential suitability for processing at Molyhil (news releases 26 November2018 and 7 May 2019).
This has led to the reappraisal of the copper potential at Molyhil itself. Although copper was part of the historical resource estimates at Molyhil, copper has not been included in the recent Thor Mineral Resource and Reserve estimates, and does not form part of the DFS.
At this time, Thor does not plan to amend the resource estimates for Molyhil, or the current DFS on the strength of this new copper perspective, and as such Thor ascribes no additional value for any potential copper revenues at this time.”
HIGH GRADE MOLYHIL BULK SAMPLE ASSAY RESULTS
The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to announce positive assay results from metallurgical bulk sample drilling at the company’s wholly owned Molyhil tungsten-molybdenum deposit, in the Northern Territory of Australia.
Two PQ (85mm) diamond drill holes were drilled down plunge of the Yacht Club lode to obtain material for production of tungsten and molybdenum concentrate samples for prospective project offtake partners.
· 92.6 metres @ 1.0% WO₃ (tungsten trioxide), 0.16% Mo (molybdenum) and 0.13% Cu (copper) from surface, including 2.2 metres of unmineralised granite from 11.5m;
Only one of the two holes have been assayed with the other to be kept in storage. The holes will not contribute to the mineral resource estimate.
An historic Molyhil Mineral Resource Estimate with copper included is available on the ASX website, and can be viewed, on page 33 of 124, via the following link:
The information is extracted from the Thor Mining plc ASX listing prospectus issued August 2006 and is available to view on the ASX website. The company confirms that it is not aware of any new information or data in respect of copper values reported at the time, that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates of copper values in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
A photograph of portion of the core sample under ultraviolet light (highlighting scheelite mineralisation) is on the Company’s website and can be viewed via the following link:
The program comprised 195.6 metres of PQ (85.5mm diameter) diamond drilling into the Yacht Club lode of the Molyhil deposit.
The holes were designed to target high grade mineralisation and as a result are not appropriate for estimating the resource or the mineralisation geometry including true widths.
A map showing the diamond drill hole location is on the Company’s website and can be viewed via the following link:
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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