7 March 2017
THOR MINING PLC
51 METRES OF MINERALISATION INTERSECTED
PILOT MOUNTAIN - NEVADA
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise the intersection of 51 metres of mineralisation from the second drill hole designed to test for extensions to the Desert Scheelite deposit at the Company's wholly owned Pilot Mountain tungsten project in Nevada, USA.
Highlights:
· 51 metres of scheelite mineralisation, including 9 metres of visible sulphide mineralisation, including visible chalcopyrite, intersected 25 metres to the east and approximately 50 metres closer to surface from high grade Desert Scheelite intersection from DSDD015;
· Drill hole designed to follow up the 2012 high grade intersection at DSDD015 (17.5m @ 5.7% Cu equivalent) which comprised; 13.9 metres (m) @ 0.89% tungsten trioxide (WO3) from 198m, and 17.5m @1.80% copper and 2.2% zinc from 196m (Figure 2);
· Drill hole sample assays expected within several weeks;
· Following this very encouraging result, a previously unplanned third hold hole has commenced targeting a further 25 metre extension of the Desert Scheelite deposit;
· The first hole at Desert Scheelite terminated without intersecting any visible mineralisation, due to what appears to be a fault displacement above the targeted zone of mineralisation.
Mr Mick Billing, Executive Chairman of Thor: "The objective of testing for potential extension of high grade mineralisation at the eastern end of the Desert Scheelite resource appears to have achieved that aim. While we await assays to have an indication of the grade of mineralisation, and estimation of the true thickness, extension of the zone with an apparent thickening, is an exciting development for the project."
"While the initial planning for this program at Desert Scheelite included plans for only two holes, we are sufficiently encouraged by this result to immediately conduct a third drill hole to test for further extensions".
The Desert Scheelite deposit currently comprises 100% of the Pilot Mountain Resource estimate of 6.7Mt. The objective of the two holes programmed at this deposit is to test for extensions to the high grade mineralisation intersected in the last hole drilled into this deposit in 2012.
Table 1: Pilot Mountain Resource Summary 2014 (JORC 2012), announced 10 June 2014. 100% owned by Thor Mining Plc
Desert Scheelite |
Resource |
WO3 |
Ag |
Cu |
Tonnes |
Grade % |
Contained metal (t) |
Grade g/t |
Contained metal (t) |
Grade % |
Contained metal (t) |
Indicated |
6,090,000 |
0.31 |
18,900 |
24.2 |
150 |
0.16 |
10,000 |
Inferred |
700,000 |
0.30 |
2,100 |
9.1 |
10 |
0.24 |
2,000 |
Total |
6,790,000 |
0.31 |
21,000 |
22.8 |
160 |
0.17 |
12,000 |
The two initially planned drill holes targeting Desert Scheelite mineralisation in the vicinity of previously drilled DSDD15 have now been completed.
The first of these (Hole 1) was designed to test for mineralisation 100 metres vertically above DSDD15. This hole failed to intersect mineralisation due to what appears to be fault displacement.
Hole 2 targeted mineralisation 75 metres above and 25 metres to the east of DSDD15 and intersected 51 metres of visible scheelite mineralisation from 142 metres down hole including 9 metres of higher sulphide style mineralisation, including visible chalcopyrite from 172 metres down hole. While this very encouraging drill intersection appears to be comparable with the intersection of DSDD15, assay results are required to confirm actual metal content.
Intersections quoted in this hole, and also for previous drilling results for DSDD15, are down hole measurements only, as at this stage there is insufficient data to adequately assess true width of mineralisation.
A third hole has now commenced targeting mineralisation a further 25 metres to the east of this second hole, following which drilling will commence on the Garnet prospect.
Link to Figure 2: Desert Scheelite drill intersections viewed in long section looking northwards. Proposed drill targets and hole paths shown at the eastern (right hand) end.
http://www.rns-pdf.londonstockexchange.com/rns/6798Y_-2017-3-6.pdf
Enquiries:
Mick Billing |
+61 (8) 7324 1935 |
Thor Mining PLC |
Executive Chairman |
Ray Ridge |
+61 (8) 7324 1935 |
Thor Mining PLC |
CFO/Company Secretary |
Colin Aaronson/ Daniel Bush/ Richard Tonthat |
+44 (0) 207 383 5100 |
Grant Thornton UK LLP |
Nominated Adviser |
Elliot Hance |
+44 (0) 207 382 8300 |
Beaufort Securities Limited |
Joint Broker |
Nick Emerson / Andy Thacker |
+44 (0) 1483 413 500 |
SI Capital Ltd |
Joint Broker |
Tim Blythe/ Camilla Horsfall |
+44 (0) 207 138 3222 |
Blytheweigh |
Financial PR |
Competent Person's Report
The information in this report that relates to exploration results and exploration targets 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.
