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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Thor Mining PLC    THR   AU000000THR2

THOR MINING PLC

(THR)
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Thor Mining : Jervois Vanadium Project Development Plan

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07/03/2019 | 01:08am EDT

3 July 2019

Company Announcements Office

ASX Securities Limited,

20, Bridge Street, Sydney,

N.S.W. 2000

JERVOIS VANADIUM PROJECT

DEVELOPMENT PLAN`

Thor Mining Plc ("Thor") (AIM, ASX: THR) and Arafura Resources Limited ("Arafura") (ASX: ARU) are pleased to advise a plan to further advance exploration of and assess potential development options for the Jervois Vanadium Project in the Northern Territory of Australia.

The project is held in joint venture between Arafura (60%) and Thor (40%).

Highlights

  • Substantial exploration history including 60 RC (reverse circulation) holes drilled between 2006 and 2008 intersecting extensive potentially economic grades of vanadium and titanium.
  • Selected samples from 14 holes only, assayed for gold and platinum group elements (PGEs), returned up to 1.59 ppm (grams/tonne) combined gold, plus platinum and palladium.
  • Exploration Target range of 90 to 110 million tonnes @ 0.3% - 0.8% V₂O₅, and 4% - 8% TiO₂ determined from 1,295m of assayed mineralisation. The potential quantity and grade of the Exploration Target is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
  • Substantial laboratory testwork has demonstrated potential to produce concentrates with grades of 1-2% V₂O₅, which are comparable to others around the globe, with attractive (61- 69%) recoveries.
  • Future work to focus on; resource drilling the Casper, Coco, and RD (previously known as "Misty") deposits, testing other prospects for potential economic grades of vanadium and titanium, and follow up work on the gold and PGE potential on all prospects. Subject to successful completion of these activities, next steps would include further metallurgical studies, along with environmental and social impact studies.
  • The joint venture objective is to seek project level investors to advance this project through resource development and subsequent feasibility and permitting activities.

Figure 1: Map showing location of the Jervois vanadium project

Project Location and Access

Jervois is located in the Northern Territory of Australia, approximately 290km east-northeast of and 360km by road (the first 170km sealed) from the nearest city Alice Springs (population 29,000).

Historical Exploration and Evaluation Activity

Whilst substantial work was performed by others previously, in 2004, Arafura completed a review of all of the previous exploration data available for the Jervois Project area. From this work, the Attutra Metagabbro was identified as an area of interest for Fe/V and Au/PGE potential.

In 2005, Arafura commissioned a high-resolution airborne magnetic/radiometric survey over the project area. This survey highlighted several magnetic targets within the Attutra Metagabbro.

Between November 2006 and June 2008, a total of 60 RC holes for 5,774m were drilled at the Jervois Project (refer to appended drill hole location table). This drilling successfully targeted numerous magnetite rich zones of the Attutra Metagabbro for Fe/V mineralisation.

The original objectives of the exploration drilling programs were to:

  • drill test the Casper, Coco and RD magnetic anomalies
    1. determine continuity and source of these magnetite bodies o confirm V recovery and variability
      o assess the overall size potential and geometry of magnetite bodies that demonstrated a potential for significant V recovery, based on the 2006 results
  • determine the amount of intrusive granite and/or pegmatite within the magnetite bodies
  • better understand the geological relationships and controls on mineralisation.

Figure 2: Drill hole plan and location of Coco, Casper, Prince, and RD prospects overlain on an aeromagnetic

image.

During the 2006 drilling campaign, 1m samples were collected and analysed in June 2007 as part of preliminary metallurgical testwork. The samples were composited together into between 1 and 22m composites. These composites were selected based on drill logs, magnetic susceptibility measurements and composite requirements.

The 2008 drilling program was designed to further test and explore the mineralisation. 1m samples were collected and composited together and analysed. Composites of between 2 and 6m were determined for 11 of the 45 holes drilled.

In total, 1,295m of mineralisation was assayed for V₂O₅, TiO₂ and Fe. Significant drill intersections include:

  • 44m @ 0.76% V2O5 & 8.30% TiO₂ in UNRC001 - reported 19 June 2010
  • 22m @ 0.77% V2O5 & 8.13% TiO₂ in UNRC002 - reported 19 June 2010
  • 21m @ 0.62% V2O5 & 7.56% TiO₂ in UNRC005 - reported 19 June 2010
  • 49m @ 0.96% V2O5 & 8.55% TiO₂ in UNRC018 - reported 29 July 2010
  • 54m @ 0.72% V2O5 & 6.89% TiO₂ in UNRC019 - reported 29 July 2010
  • 50m @ 0.62% V2O5 & 5.65% TiO₂ in UNRC024 - reported 29 July 2010
  • 35m @ 0.60% V2O5 & 5.70% TiO₂ in UNRC043 - reported 26 April 2012
  • 23m @ 0.50% V2O5 & 5.60% TiO₂ in UNRC044 - reported 26 April 2012
  • 34m @ 0.40% V2O5 & 4.40% TiO₂ in UNRC057 - reported 26 April 2012

Drilling results reported to ASX by Arafura on 19 June 2007 can be accessed via the following link: https://www.asx.com.au/asxpdf/20070619/pdf/3130nxq19wp71q.pdf.

Drilling results reported to ASX by Arafura on 29 July 2010 can be accessed via the following link: https://www.asx.com.au/asxpdf/20100729/pdf/31rkpl7q8yfn81.pdf.

Drilling results reported to ASX by Arafura on 26 April 2012 can be accessed via the following link: https://www.asx.com.au/asxpdf/20120426/pdf/425v5kmj6n796n.pdf.

These significant intersections are spread across four of the known magnetic targets including the Casper, Coco and RD anomalies, with thicknesses and grades in line with known gabbro-hostedvanadium-bearing magnetite elsewhere within Australia.

Composites were also submitted for Davis Tube Recovery ("DTR") analysis. Laboratory testing at grind sizing using 100% passing 75micron typically shows DTR concentrate grades of 61-69% Fe and 1-2% V2O5, considered very acceptable for this type of activity.

A review of the quality and recovery of DTR concentrates reported to ASX by Arafura on 11 July 2007 can be accessed via the following link: https://www.asx.com.au/asxpdf/20070711/pdf/313dgxv7kvsz9t.pdf.

Significant exploration potential still exists and therefore it is possible to define an Exploration Target based on the knowledge gained from the existing drilling and assaying together with the magnetic data and modelling.

In addition, multiple other prospective magnetic targets remain untested.

Exploration Target

The Exploration Target has been divided into two parts based on the confidence in the expected geology.

Table A: Summary of Exploration Target

Target Type

Volume (m3)

Tonnage

V2O5% Range

Fe2O3 %

TiO2 %

Range (Mt)*

Range

Range

Known Gabbro

18,000,000

50

- 60

0.3 - 0.8

25 - 45

4 - 8

Hosted

Gabbro Below

15,000,000

40

- 50

0.3 - 0.8

25 - 45

4 - 8

Schist

Total

33,000,000

90

- 110

0.3 - 0.8

25 - 45

4 - 8

* Totals subject to rounding

The potential quantity and grade of the Exploration Target is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Some of the assumptions made in determining the Exploration Target are:

  • Magnetic bodies are sub vertical in nature similar to those modelled and have a mineralised vertical extent of 50m,
  • Volumes are determined by multiplying the surface area of each prospect shape by the vertical extent,
  • Specific gravity values used to determine the tonnages vary between 3.0 and 3.4 g/cm3,
  • The grade ranges for V2O5, Fe2O3 and TiO2 are determined from the range of results for each element from the drilling already undertaken by Arafura.

In 2012, further representative drill intervals of the magnetite mineralisation from Coco and RD magnetic anomalies were tested to determine their Fe-Ti-V mineral potential. Representative sample intervals from Casper, Coco and RD were also selected for Au-Pt-Pd assays.

Precious Metal Potential

536 samples from the 2008 drilling were analysed for Au, Pt and Pd. Samples were selected from 14 holes from across the major magnetite rich areas. The samples represented the same magnetite rich intervals that were sampled and analysed for Fe/Ti/V mineralisation.

The precious metal analysis was undertaken on single metre samples as opposed to the composite samples used for the Fe/Ti/V analysis.

Summary of the Precious Metal Analyses

All of the mean values are low for the whole population, however, maximum values for Pd in particular provide encouragement that economic levels of mineralisation may be present.

Metal

Max (ppm)

Min (ppm)

Mean (ppm)

n

Au

0.389

0.001

0.013

536

Pd

1.555

0.001

0.074

536

Pt

0.562

0.003

0.034

536

Pd+Pt

1.777

0.003

0.108

536

Au+Pd+Pt

1.808

0.004

0.121

536

  • RD Prospect

o

UNRC052

9m

@ 0.52 ppm Au+Pd+Pt from 70m

o

Incl 2m @ 1.09 ppm from 70m

UNRC057

10m @ 0.60 ppm Au+Pd+Pt from 47m

Incl 6m @ 0.85 ppm from 51m

Coco Prospect

o

UNRC038

9m

@ 0.42 ppm Au+Pd+Pt from 0m

  • Casper Prospect

o UNRC032 47m @ 0.57 ppm Au+Pd+Pt from 26m Incl 2m @ 1.59 ppm from 26m Incl 2m @ 1.30 ppm from 32m Incl 4m @ 1.37 ppm from 69m

These results were reported to ASX by Arafura on 26 April 2012 and can be accessed via the following link:

https://www.asx.com.au/asxpdf/20120426/pdf/425v5kmj6n796n.pdf.

Although elevated levels of all three elements were identified, there is little correlation between the higher-grade intersections due to the drill hole spacing and the sample selection process.

However, many of the holes tested are isolated and therefore remain open with regard to the precious metal concentrations. This is the case both up and down dip as well as along strike.

The best example is the large intersection in UNRC032 at the Casper Prospect. Hole UNRC032 occurs at the northern end of the prospect and therefore the mineralisation identified in this hole remains

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Thor Mining plc published this content on 03 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 July 2019 04:07:06 UTC


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Michael Robert Billing Executive Chairman & Chief Executive Officer
Ray Ridge Chief Financial Officer & Co-Secretary
Richard Simon Bradey Executive Director & Chief Exploration Geologist
Mark Roderick Potter Non-Executive Director
Mark McGeough Non-Executive Director