TIDMTHR

RNS Number : 4434S

Thor Mining PLC

06 November 2019

6 November 2019

THOR MINING PLC

VISIBLE GOLD IN PILBARA GOLDFIELDS STREAM SEDIMENT SAMPLES

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce visible gold found in panning samples of a reconnaissance stream sediment sampling program at the recently acquired 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

The program comprised stream sediment samples from 44 sites located to provide a broad coverage across the tenement which is predominantly comprised of mafic and ultramafic units. Laboratory assay work is yet to be completed, however, initial gold panning indications are very encouraging with visible gold evident in several samples.

Highlights:

-- Visible gold from panning of 13 of the 44 sediment trap sites selected;

-- Maximum gold occurrence of 20 grains (very fine) from one trap site with another of five grains observed in the adjacent creek sample;

-- Other samples held coarser grains;

-- Subject to final assays, follow-up field work may comprise detailed stream sediment sampling, soil sampling and geological mapping.

Mr Mick Billing, Executive Chairman, commented:

"These preliminary results are very exciting, and we look forward to confirmatory laboratory assays."

"To obtain results of this calibre in an initial reconnaissance survey is an excellent result".

The program was designed and implemented by George Merhi of Bann Geological Services Pty Ltd. The preliminary results presented in this announcement are as reported by Mr Merhi.

The programme comprised stream sediment trap site sampling (detailed in Table A). Samples comprising coarse (3kg -5mm+2mm) and fine (4kg -2mm) fraction sediment were collected for geochemical analysis for Au 2kg BLEG (fine fraction), aqua regia (fine and coarse fractions) and multi-element analysis.

This announcement is based on hand panning in the field of an additional 10-12 kg sample of -2mm material.

Subject to geochemical analysis of the stream sediment samples, follow up field evaluation is likely to comprise detailed stream sediment sampling, soil sampling and geological mapping to better evaluate potential source lithologies.

Table: A Summary of results from panning

 
  Sample 
    No      Easting   Northing   Tenement   Pan Colours*       Comments 
  19PST1    788517    7585914    E46/1262        20           very fine 
  19PST2    788542    7585747    E46/1262        5            very fine 
  19PST3    787507    7584556    E46/1262        1           med rounded 
  19PST4    787501    7584365    E46/1262        0 
  19PST5    785739    7580319    E46/1262        0 
  19PST6    785962    7580255    E46/1262        0 
  19PST7    784251    7578348    E46/1262        0 
  19PST8    784238    7578402    E46/1262        0 
  19PST9    780980    7591940    E46/1190        0 
 19PST10     BLANK 
 19PST11    790941    7586131    E46/1262        0 
 19PST12    790887    7586107    E46/1262        0 
 19PST13    788661    7584372    E46/1262        0 
 19PST14    788668    7584326    E46/1262        0 
 19PST15    784554    7581458    E46/1262        1         1 nugget angular 
 19PST16    784518    7581504    E46/1262        0 
 19PST17    783611    7580160    E46/1262        0 
 19PST18    783583    7580269    E46/1262        0 
 19PST19    779729    7590847    E46/1190        0 
 19PST20    779691    7590795    E46/1190        0 
 19PST21    779637    7589090    E46/1190        2            2 med flat 
                                                            1 med/ 1 fine 
 19PST22    779673    7589010    E46/1190        2               flat 
 19PST23    779543    7583792    E46/1262        0 
 19PST24    779545    7583840    E46/1262        0 
 19PST25    781942    7586463    E46/1190        0 
 19PST26    781830    7586363    E46/1190        0 
 19PST27    781797    7589110    E46/1190        2            very fine 
 19PST28    781421    7588166    E46/1190        1           1 fine flat 
 19PST29    781369    7588090    E46/1190        0 
 19PST30    781323    7583894    E46/1262        0 
 19PST31    781247    7583860    E46/1262        0 
 19PST32    780820    7586665    E46/1262        2               fine 
 19PST33    780775    7586684    E46/1262        1            1f chunky 
 19PST34    780079    7586846    E46/1262        0 
 19PST35    784674    7582582    E46/1262        0 
 19PST36    784678    7582468    E46/1262        1            1vcs flat 
 19PST37    783105    7586695    E46/1190        0 
 19PST38    789014    7585264    E46/1262        0 
 19PST39    788997    7585253    E46/1262        0 
 19PST40    787488    7585639    E46/1190        0 
 19PST41    782773    7583406    E46/1190        0 
 19PST42    782779    7583466    E46/1190        0 
 19PST43    783418    7586477    E46/1190        0 
 19PST44    789142    7585884    E46/1262        1         1 coarse rounded 
 19PST45    789173    7585849    E46/1262        1               med 
 19PST46    787488    7585639    E46/1190 
           --------  ---------  ---------  -------------  ----------------- 
 

*Pan colours denotes number of particles of visible gold

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.

Enquiries:

 
Mick Billing            +61 (8) 7324        Thor Mining PLC    Executive Chairman 
                          1935 
 Ray Ridge               +61 (8) 7324        Thor Mining PLC    CFO/Company 
                          1935                                   Secretary 
 Colin Aaronson/           +44 (0) 207 383   Grant Thornton UK  Nominated Adviser 
  Richard Tonthat/ Ben      5100              LLP 
  Roberts 
 Nick Emerson              +44 (0) 1483      SI Capital Ltd     Joint Broker 
  Claire Louise Noyce       413 500           Hybridan LLP       Joint Broker 
  /                         +44 (0) 203 764 
  John Beresford-Peirse     2341 
 

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.

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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 2018(1) suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit(2).

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(3) 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 holds a 25% interest Australian copper development company EnviroCopper Limited. EnviroCopper Limited holds:

-- rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery; and

-- rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate for several deposits.

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

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project 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

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

Refer ASX and AIM announcement of 15 August 2019

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

JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 Criteria            JORC Code explanation                                           Commentary 
 Sampling                                                                            The programme comprised 
  techniques            *    Nature and quality of sampling (eg cut channels,         stream sediment trap 
                             random chips, or specific specialised industry           site sampling with 
                             standard measurement tools appropriate to the            coarse (3kg -5mm+2mm) 
                             minerals under investigation, such as down hole gamma    and fine (4kg -2mm) 
                             sondes, or handheld XRF instruments, etc). These         fraction samples collected 
                             examples should not be taken as limiting the broad       for geochemical analysis 
                             meaning of sampling.                                     for Au 2kg BLEG (fine 
                                                                                      fraction), aqua regia 
                                                                                      (fine and coarse fractions) 
                        *    Include reference to measures taken to ensure sample     and multi-element analysis. 
                             representivity and the appropriate calibration of any    In addition a 10-12 
                             measurement tools or systems used.                       kg sample of -2mm material 
                                                                                      was collected from 
                                                                                      each trap site and 
                        *    Aspects of the determination of mineralisation that      panned in the field. 
                             are Material to the Public Report. 
 
 
                        *    In cases where 'industry standard' work has been done 
                             this would be relatively simple (eg 'reverse 
                             circulation drilling was used to obtain 1 m samples 
                             from which 3 kg was pulverised to produce a 30 g 
                             charge for fire assay'). In other cases more 
                             explanation may be required, such as where there is 
                             coarse gold that has inherent sampling problems. 
                             Unusual commodities or mineralisation types (eg 
                             submarine nodules) may warrant disclosure of detailed 
                             information. 
 Drilling                                                                            Not applicable 
  techniques             *    Drill type (eg core, reverse circulation, open-hole 
                              hammer, rotary air blast, auger, Bangka, sonic, etc) 
                              and details (eg core diameter, triple or standard 
                              tube, depth of diamond tails, face-sampling bit or 
                              other type, whether core is oriented and if so, by 
                              what method, etc). 
 Drill sample                                                                        Not applicable 
  recovery              *    Method of recording and assessing core and chip 
                             sample recoveries and results assessed. 
 
 
                        *    Measures taken to maximise sample recovery and ensure 
                             representative nature of the samples. 
 
 
                        *    Whether a relationship exists between sample recovery 
                             and grade and whether sample bias may have occurred 
                             due to preferential loss/gain of fine/coarse 
                             material. 
 Logging                                                                             No logging was undertaken 
                         *    Whether core and chip samples have been geologically 
                              and geotechnically logged to a level of detail to 
                              support appropriate Mineral Resource estimation, 
                              mining studies and metallurgical studies. 
 
 
                         *    Whether logging is qualitative or quantitative in 
                              nature. Core (or costean, channel, etc) photography. 
 
 
                         *    The total length and percentage of the relevant 
                              intersections logged. 
 Sub-sampling                                                                        Samples were screened 
  techniques             *    If core, whether cut or sawn and whether quarter,       in the field as described 
  and sample                  half or all core taken.                                 in "Sampling Techniques" 
  preparation                                                                         above. 
                                                                                      The sample sizes are 
                         *    If non-core, whether riffled, tube sampled, rotary      as per industry standard 
                              split, etc and whether sampled wet or dry.              for stream sediment 
                                                                                      geochemistry. 
 
                         *    For all sample types, the nature, quality and 
                              appropriateness of the sample preparation technique. 
 
 
                         *    Quality control procedures adopted for all 
                              sub-sampling stages to maximise representivity of 
                              samples. 
 
 
                         *    Measures taken to ensure that the sampling is 
                              representative of the in situ material collected, 
                              including for instance results for field 
                              duplicate/second-half sampling. 
 
 
                         *    Whether sample sizes are appropriate to the grain 
                              size of the material being sampled. 
 Quality                                                                             The proposed assay 
  of assay              *    The nature, quality and appropriateness of the           method is appropriate 
  data and                   assaying and laboratory procedures used and whether      for preliminary exploration. 
  laboratory                 the technique is considered partial or total. 
  tests 
 
                        *    For geophysical tools, spectrometers, handheld XRF 
                             instruments, etc, the parameters used in determining 
                             the analysis including instrument make and model, 
                             reading times, calibrations factors applied and their 
                             derivation, etc. 
 
 
                        *    Nature of quality control procedures adopted (eg 
                             standards, blanks, duplicates, external laboratory 
                             checks) and whether acceptable levels of accuracy (ie 
                             lack of bias) and precision have been established. 
 Verification                                                                        Not undertaken 
  of sampling           *    The verification of significant intersections by 
  and assaying               either independent or alternative company personnel. 
 
 
                        *    The use of twinned holes. 
 
 
                        *    Documentation of primary data, data entry procedures, 
                             data verification, data storage (physical and 
                             electronic) protocols. 
 
 
                        *    Discuss any adjustment to assay data. 
 Location                                                                            Hand held GPS - MGA94 
  of data               *    Accuracy and quality of surveys used to locate drill     zone 50 
  points                     holes (collar and down-hole surveys), trenches, mine 
                             workings and other locations used in Mineral Resource 
                             estimation. 
 
 
                        *    Specification of the grid system used. 
 
 
                        *    Quality and adequacy of topographic control. 
 Data spacing                                                                        Not applicable - no 
  and distribution      *    Data spacing for reporting of Exploration Results.       resource is being reported 
 
 
                        *    Whether the data spacing and distribution is 
                             sufficient to establish the degree of geological and 
                             grade continuity appropriate for the Mineral Resource 
                             and Ore Reserve estimation procedure(s) and 
                             classifications applied. 
 
 
                        *    Whether sample compositing has been applied. 
 Orientation                                                                         Orientational bias 
  of data               *    Whether the orientation of sampling achieves unbiased    is not applicable to 
  in relation                sampling of possible structures and the extent to        stream sediment sampling 
  to geological              which this is known, considering the deposit type.       which are essentially 
  structure                                                                           one dimensional. 
 
                        *    If the relationship between the drilling orientation 
                             and the orientation of key mineralised structures is 
                             considered to have introduced a sampling bias, this 
                             should be assessed and reported if material. 
 Sample                                                                              Samples were flown 
  security               *    The measures taken to ensure sample security.           back to Newman and 
                                                                                      trucked to the assay 
                                                                                      laboratory in Perth. 
                                                                                      Sample security levels 
                                                                                      are considered appropriate 
                                                                                      for a preliminary reconnaissance 
                                                                                      assessment. 
 Audits                                                                              None undertaken 
  or reviews             *    The results of any audits or reviews of sampling 
                              techniques and data. 
====================  ============================================================  ================================== 
 
 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 
 Criteria            JORC Code explanation                                               Commentary 
 Mineral                                                                                 Exploration results 
  tenement               *    Type, reference name/number, location and ownership         is reported on E46/1190 
  and land                    including agreements or material issues with third          and E46/1262 in Western 
  tenure status               parties such as joint ventures, partnerships,               Australia held 100% 
                              overriding royalties, native title interests,               by Thor Mining plc. 
                              historical sites, wilderness or national park and 
                              environmental settings. 
 
 
                         *    The security of the tenure held at the time of 
                              reporting along with any known impediments to 
                              obtaining a licence to operate in the area. 
 Exploration                                                                             Not applicable 
  done by                *    Acknowledgment and appraisal of exploration by other 
  other parties               parties. 
 Geology                                                                                 Yet to be determined 
                         *    Deposit type, geological setting and style of 
                              mineralisation. 
 Drill hole                                                                              No drilling has been 
  Information                *    A summary of all information material to the            undertaken or reported 
                                  understanding of the exploration results including a 
                                  tabulation of the following information for all 
                                  Material drill holes: 
 
 
                            o easting and northing of the drill 
                            hole collar 
                            o elevation or RL (Reduced Level - 
                            elevation above sea level in metres) 
                            of the drill hole collar 
                            o dip and azimuth of the hole 
                            o down hole length and interception 
                            depth 
                            o hole length. 
                             *    If the exclusion of this information is justified on 
                                  the basis that the information is not Material and 
                                  this exclusion does not detract from the 
                                  understanding of the report, the Competent Person 
                                  should clearly explain why this is the case. 
 Data aggregation                                                                        Only field observations 
  methods                *    In reporting Exploration Results, weighting averaging       have been reported. 
                              techniques, maximum and/or minimum grade truncations        There has been no data 
                              (eg cutting of high grades) and cut-off grades are          aggregation. 
                              usually Material and should be stated. 
 
 
                         *    Where aggregate intercepts incorporate short lengths 
                              of high grade results and longer lengths of low grade 
                              results, the procedure used for such aggregation 
                              should be stated and some typical examples of such 
                              aggregations should be shown in detail. 
 
 
                         *    The assumptions used for any reporting of metal 
                              equivalent values should be clearly stated. 
 Relationship                                                                            No drilling has been 
  between                *    These relationships are particularly important in the       undertaken or reported 
  mineralisation              reporting of Exploration Results. 
  widths and 
  intercept 
  lengths                *    If the geometry of the mineralisation with respect to 
                              the drill hole angle is known, its nature should be 
                              reported. 
 
 
                         *    If it is not known and only the down hole lengths are 
                              reported, there should be a clear statement to this 
                              effect (eg 'down hole length, true width not known'). 
 Diagrams                                                                                A sample location plan 
                         *    Appropriate maps and sections (with scales) and             including current 1:100k 
                              tabulations of intercepts should be included for any        scale geology has been 
                              significant discovery being reported These should           provided 
                              include, but not be limited to a plan view of drill 
                              hole collar locations and appropriate sectional 
                              views. 
 Balanced                                                                                All results have been 
  reporting              *    Where comprehensive reporting of all Exploration            reported 
                              Results is not practicable, representative reporting 
                              of both low and high grades and/or widths should be 
                              practiced to avoid misleading reporting of 
                              Exploration Results. 
 Other substantive                                                                       All data have been 
  exploration            *    Other exploration data, if meaningful and material,         reported 
  data                        should be reported including (but not limited to): 
                              geological observations; geophysical survey results; 
                              geochemical survey results; bulk samples - size and 
                              method of treatment; metallurgical test results; bulk 
                              density, groundwater, geotechnical and rock 
                              characteristics; potential deleterious or 
                              contaminating substances. 
 Further                                                                                 Subject to assay results, 
  work                   *    The nature and scale of planned further work (eg            it is anticipated that 
                              tests for lateral extensions or depth extensions or         follow up stream sediment 
                              large-scale step-out drilling).                             geochemistry and geological 
                                                                                          mapping will be undertaken 
                                                                                          to locate the source 
                         *    Diagrams clearly highlighting the areas of possible         of gold mineralisation. 
                              extensions, including the main geological 
                              interpretations and future drilling areas, provided 
                              this information is not commercially sensitive. 
====================  ================================================================  ============================= 
 
 

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END

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