Thor Mining PLC (THR.ASX.L) Pilbara Goldfields Gold Assay Results

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR) are pleased to advise assays from the latest stream sediment sampling program substantially exceeded management expectations at the 100% owned Pilbara Goldfield tenements, to be called Ragged Range (E46/1262 and E46/1190), in Western Australia.

The stream sediment Bulk Leach Extractable Gold (BLEG) samples were part of the second phase geochemistry program, now complete, following up on results from October 2019.

Highlights:

· Assay results from 2020 detail sampling support and extend from two 2019 test sites defining a 3 x 1-kilometre zone of highly anomalous gold.

· Sampling results have now defined an overall broader target zone of 13 x 1 km of highly anomalous gold, demonstrating the potential to host a significant gold bearing system.

· Samples defining the 13km gold target zone are from separate drainage catchments supporting the potential of gold mineralisation along the entire strike length.

· Next steps to commence immediately include; further mapping, stream sediment and soil sampling, and a detailed aeromagnetic survey.

Mick Billing, Executive Chairman of Thor Mining, commented:

“The Ragged Range gold project shows strong prospectivity over a strike length of up to 13 kilometres based on sample results substantially above background (typically around 5ppb).”

“These results upstream of very positive 2019 sample results indicate we are heading towards gold bearing source rocks”.

“Stream sediment samples capture gold eroded over time & washed through creek systems, and become encouraging when values approach 5ppb. A cluster of results, in close proximity, significantly higher than this level, including up to 26 times higher, is considered by the directors to be an outstanding outcome”.

“This project is now a high priority for Thor, and next steps will involve further upstream mapping & sampling along with detailed Aeromagnetic survey work, looking for structurally hosted gold deposits.”

Gold Stream Sediment Sample Program

Eight anomalous gold stream sediment sample sites from the 2019 sampling program were identified for follow up sampling in June 2020 field program.

Link to Tenement & Sample location map:

www.thormining.com/sites/thormining/media/maps/2020-rr-au-w-licence.jpg

The 2020 program comprised stream sediment samples from 34 sites. At each site a 3kg -5mm+2mm fraction (coarse) and a 4kg -2mm fraction (fine) sample were collected for geochemical analysis at Intertek Genalysis Laboratories in Perth WA. In addition, a 10-12 kg sample of -2mm material was collected from the trap site and panned in the field.

Laboratory analyses comprised 2kg sub-sample, 24-hour Bulk Leach Extractable Gold (BLEG) on the fine fraction for gold only. The remaining fine and coarse fractions were pulverised to <80 micron for aqua regia gold (25gram) and multi-element analyses.

The 2020 panning results show gold at multiple locations upstream of two of the 2019 test sites 19PST22 and 19PST32 & 33. These panning results were previously reported in www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200731-asx-pilbara-au-ni-follow-up-sample-program.pdf

Multiple strongly anomalous gold BLEG results have now been received supporting the earlier panning results (Table A). The distribution of the most recent results correlates well with specific drainage channels leading upstream from anomalous 2019 test sites. The BLEG results also define a gold anomalous zone that trends NNW-SSE close to a boundary of mafic and ultramafic geological units.

The two target sites (#22 and #32/33) identified by sampling in 2019 and which are now strongly supported by follow upsampling in 2020 (Figure 2, coloured yellow) are located along the same geological horizon defining a 3 x 1-kilometre zone of highly anomalous gold.

On the broader scale, the 2019 assay results (figure 2, coloured red) show the highly anomalous gold zone extends both to the north-west and to the south-east over a total distance of 13 kilometres.

Each of the 2019 test sites is situated in separate unconnected drainage catchments and therefore the source of the gold in these samples must come from mineralisation adjacent the respective test sites along the entire length of the zone.

None of the sample to the west of the mafic/ultramafic contact had anomalous gold providing a clear geological constraint to potential mineralisation.

Full update https://www.share-talk.co.uk/announcements/rns/thor-mining-plc/pilbara-goldfields-gold-assay-results/202009020700037891X 


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