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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Thor Mining PLC    THR   GB00BD0NBV71

THOR MINING PLC

(THR)
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10/24THOR MINING : Ragged Range Project - Visible gold in follow up sampling
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Thor Mining : Ragged Range Gold - Historic Sampling Assays support Thor Sampling

10/24/2020 | 03:35pm EST

ASX Code: "THR"

8 October 2020

THOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

Ph: +61 8 7324 1935

Fx: +61 8 8351 5169

Email:

corporate@thormining.com

Website:

www.thormining.com

Twitter @ThorMining

Enquiries:

Mick Billing Executive Chairman Thor Mining PLC +61 8 7324 1935

Nominated Advisor Samantha Harrison Grant Thornton

+44 (0) 20 7383 5100

AIM & ASX Listings:

Shares: THR

Directors:

Michael Billing

Richard Bradey

Mark Potter

Mark McGeough

Key Projects:

  • Tungsten Molyhil NT
    Pilot Mountain USA
  • Copper Kapunda SA Moonta SA
  • Gold
    Ragged Range WA

Company Announcements Office

ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000

PILBARA GOLDFIELDS RAGGED RANGE PROJECT

HISTORIC STREAM SEDIMENT SAMPLES CORRELATE WITH 13KM GOLD TREND

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to announce the correlation of anomalous historic stream sediment results to those results recently collected by Thor over their 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

The historic stream sediment Bulk Leach Extractable Gold (BLEG) samples collected in the mid-1990's by Great South Mines ( https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A50141) validates gold results from the two recent geochemistry programs undertaken by Thor, which delineated a 13km gold target zone along the faulted greenstone belt (Announced 2 September 2020).

Highlights:

  • Data review identifies anomalous historic stream sediment samples up to 68ppb (Sample No. 4057: Table A).
  • Historic stream sediment sampling results confirms 13km anomalous gold trend along the eastern thrust faulted mafic/ultramafic contact.
  • Samples delineating the 13km gold target zone are from separate drainage catchments supporting the potential of gold mineralisation along the entire strike length.
  • Widespread anomalous gold also prevalent across adjoining tenement EL46/1355, under application by Thor.
  • Airborne Magnetic survey underway (Announced 6 October 2020)
  • Follow up geochemical sampling program including infill stream sediment sampling, mapping and rock chip sampling is scheduled to commence during October.

Mick Billing, Executive Chairman of Thor Mining, commented:

"It is very encouraging to find further evidence of anomalous gold along the 13 kilometre target zone previously identified from this historical work."

"Evidence of anomalous gold within the new licence application area, also adds potential value to the total Ragged Range suite of tenements."

"We look forward to the results of the airborne magnetic survey in progress, and the next phase of sampling, scheduled to begin shortly."

Page | 1

ASX Code: "THR"

8 October 2020

Figure 1: Ragged Range Location map showing Gold Target Zone

Table A: Ragged Range Historic Stream Sediment Results > 5ppb

SAMPLE MEDIUM

SAMPLE TYPE

Sample No

Easting

Northing

AU ppb

Stream sediment

BLEG

4057

783729

7583169

68

Stream sediment

BLEG

405

780222

7585505

53

Stream sediment

BLEG

4070

781368

7584229

26

Stream sediment

BLEG

1018

779499

7588818

20.5

Stream sediment

BLEG

189

780463

7586497

16.5

Stream sediment

BLEG

200

781068

7590713

16

Stream sediment

BLEG

412

779372

7588160

9

Stream sediment

BLEG

2004

786481

7579483

8.6

Easting/Northing Coordinates in GDA94/MGA Zone 50

Page | 2

ASX Code: "THR"

8 October 2020

Figure 2: Correlation of Stream Sediment Gold Results a) Great Southern Mines (left) and b) Thor (right)

Authorised by Mick Billing, Chairman and Chief Executive officer

For further information, please contact:

THOR MINING PLC

Mick Billing, Executive Chairman +61 8 7324 1935

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.

Page | 3

ASX Code: "THR"

8 October 2020

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 2018¹ 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 deposit².

Thor is also acquiring up to a 30% interest in Australian copper development company EnviroCopper Limited, which in turn 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 recovery⁴. Thor also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery⁵.

Thor holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ 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 ⁶2018.

At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned."

"Thor holds mineral claims in the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results."

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

  • Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
    ⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018 ⁵ Refer ASX and AIM announcement of 15 August 2019

Page | 4

ASX Code: "THR"

8 October 2020

1 JORC Code, 2012 Edition - Table 1 report template

1.

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (eg cut channels, random

The historic programme

techniques

chips, or specific specialised industry standard

comprised stream sediment trap

measurement tools appropriate to the minerals under

site sampling for geochemical

investigation, such as down hole gamma sondes, or

analysis for Au 2.5kg BLEG (-

handheld XRF instruments, etc). These examples should

20mesh/850um), and B/AAS for

not be taken as limiting the broad meaning of sampling.

Cu, Pb, Zn, Ag, Sb, As, Ni, &

Include reference to measures taken to ensure sample

Mn. Bulk cyanide Leach with

representivity and the appropriate calibration of any

DIBK and graphite furnace

measurement tools or systems used.

finish for Au & Pb to 0.1ppb

Aspects of the determination of mineralisation that 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

Drill type (eg core, reverse circulation, open-hole hammer,

Not applicable

techniques

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

Method of recording and assessing core and chip sample

Not applicable

recovery

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

Whether core and chip samples have been geologically and

No logging was undertaken

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-

If core, whether cut or sawn and whether quarter, half or all

Stream Sediment 2.5kg BLEG

sampling

core taken.

sample collected in the field for

techniques

If non-core, whether riffled, tube sampled, rotary split, etc

analysis

and sample

and whether sampled wet or dry.

Pre-prepared 2kg BLEG

preparation

For all sample types, the nature, quality and appropriateness

standards were submitted

of the sample preparation technique.

every 30-50 samples for

quality control

Page | 5

ASX Code: "THR"

8 October 2020

Criteria

JORC Code explanation

Commentary

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 of

The nature, quality and appropriateness of the assaying

The assay method is

assay data

and laboratory procedures used and whether the technique

appropriate for preliminary

and

is considered partial or total.

exploration.

laboratory

For geophysical tools, spectrometers, handheld XRF

All samples were prepared and

tests

instruments, etc, the parameters used in determining the

analysis including instrument make and model, reading

analysed by independent

times, calibrations factors applied and their derivation, etc.

laboratory Genalysis in Perth,

Nature of quality control procedures adopted (eg standards,

WA.

blanks, duplicates, external laboratory checks) and whether

Samples were analysed for the

acceptable levels of accuracy (ie lack of bias) and precision

have been established.

following:

1. mix and split off 250grams

for drying and pulverised to

75microns.

2. Digestion and analysis for

Cu, Pb, Zn, Ag, Sb, As, Ni,

& Mn using B/AAS sample

method.

3. Remaining 2.25 sample was

Bulk cyanide Leached with

DIBK and graphite furnace

finish for Au & Pb to 0.1ppb

Pre-prepared 2kg BLEG

standards were submitted

every 30-50 samples for

quality control

Verification

The verification of significant intersections by either

Not undertaken

of sampling

independent or alternative company personnel.

and

The use of twinned holes.

assaying

Documentation of primary data, data entry procedures, data

verification, data storage (physical and electronic)

protocols.

Discuss any adjustment to assay data.

Location of

Accuracy and quality of surveys used to locate drill holes

data points

(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.

Aerial photography at 1:25,000 scale used to plan and locate drainage spots. All drainage plotted onto 1:25,000 base and subsequently digitised into Micromine database.

Page | 6

ASX Code: "THR"

8 October 2020

Data

Data spacing for reporting of Exploration Results.

Not applicable - no resource is

spacing

Whether the data spacing and distribution is sufficient to

being reported

and

establish the degree of geological and grade continuity

distribution

appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Orientation

Whether the orientation of sampling achieves unbiased

Orientational bias is not

of data in

sampling of possible structures and the extent to which this

applicable to stream sediment

relation to

is known, considering the deposit type.

sampling which are essentially

geological

If the relationship between the drilling orientation and the

one dimensional.

structure

orientation of key mineralised structures is considered to

have introduced a sampling bias, this should be assessed

and reported if material.

Sample

The measures taken to ensure sample security.

Samples submitted to Intertek

security

Genalysis Perth, WA for

analysis

Sample security levels are

considered appropriate for a

preliminary reconnaissance

assessment.

Audits or

The results of any audits or reviews of sampling techniques

None undertaken

reviews

and data.

1.1

Page | 7

ASX Code: "THR"

8 October 2020

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral

Type, reference name/number, location and ownership

Exploration results are reported

tenement

including agreements or material issues with third parties

on E46/1190 and E46/1262 in

and land

such as joint ventures, partnerships, overriding royalties,

Western Australia held 100% by

tenure status

native title interests, historical sites, wilderness or national

Thor Mining PLC.

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

Acknowledgment and appraisal of exploration by other

Geological mapping and stream

done by

parties.

sediment sampling by Great

other parties

Southern Mines. Open File

Report A050141-Surrender

Report.

Geology

Deposit type, geological setting and style of mineralisation.

Yet to be determined

Drill hole

A summary of all information material to the understanding

No drilling has been undertaken

Information

of the exploration results including a tabulation of the

or reported

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 methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are 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.

Only field observations have been reported. There has been no data aggregation.

Page | 8

ASX Code: "THR"

8 October 2020

Criteria

JORC Code explanation

Commentary

Relationship

These relationships are particularly important in the

No drilling has been undertaken

between

reporting of Exploration Results.

or reported

mineralisation

If the geometry of the mineralisation with respect to the drill

widths and

hole angle is known, its nature should be reported.

intercept

If it is not known and only the down hole lengths are

lengths

reported, there should be a clear statement to this effect (eg

'down hole length, true width not known').

Diagrams

Appropriate maps and sections (with scales) and

A sample location plan including

tabulations of intercepts should be included for any

current 1:100k scale geology

significant discovery being reported These should include,

has been provided with table of

but not be limited to a plan view of drill hole collar locations

significant Au results

and appropriate sectional views.

Balanced

Where comprehensive reporting of all Exploration Results is

All results have been reported

reporting

not practicable, representative reporting of both low and

high grades and/or widths should be practiced to avoid

misleading reporting of Exploration Results.

Other

Other exploration data, if meaningful and material, should

All data have been reported

substantive

be reported including (but not limited to): geological

exploration

observations; geophysical survey results; geochemical

data

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

The nature and scale of planned further work (eg tests for

It is anticipated that further

work

lateral extensions or depth extensions or large-scale step-

stream sediment geochemistry

out drilling).

and geological mapping will be

Diagrams clearly highlighting the areas of possible

undertaken in addition to

extensions, including the main geological interpretations

airborne geophysical survey to

and future drilling areas, provided this information is not

locate the source of any

commercially sensitive.

mineralisation.

Page | 9

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Disclaimer

Thor Mining plc published this content on 08 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2020 19:34:06 UTC


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Stephen Frank Ronaldson Co-Secretary