Dundas Gold Project - Assay R

RNS Number : 7710M

Thor Mining PLC

01 June 2010

 

THOR MINING PLC

DUNDAS PROJECT - NEW "GOLD IN CALCRETE" ANOMALIES

Dated: 1 June 2010

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia, advise that, the Company has received assay results from 280 of 486 calcrete samples collected in March and April from exploration licences E63/872 and E63/1102 in Western Australia.  The tenements, part of the Company's Dundas project, are 51% owned by Thor with rights to increase ownership to 100%.

HIGHLIGHTS:

·      Assays received from 60% of samples collected;

·      Four new areas of gold anomalism identified;

·      Several assays showing elevated copper values;

·      Prospective area substantially expanded; and

·      Project sits within the Albany-Fraser belt which also hosts Tropicana.

The results have revealed anomalies potentially indicating gold mineralisation at depth, and the project area with potential drill targets has substantially increased.  Clusters of elevated gold values identify four previously unknown areas of gold anomaly west of the previously identified target area, centrally within EL E63/1102 and in the north of the licence area. Each of these warrants systematic follow up sampling.  A total of 17 samples have returned gold values of between 8ppb and 20ppb.  These are of similar tenor to soil sample assays which lead to the Tropicana discovery further to the north, also on the Albany-Fraser belt.  In addition several samples returned elevated copper values including one sample assayed at 142ppm Cu.

The assay values are comparable with those achieved in the part of the area previously calcrete-sampled by BHP which the Company also proposes to drill-test as soon as practicable.

A further 200 samples have been submitted for assay, and results from these are expected during June.

Further exploration

It is proposed that a further calcrete sampling program will commence as soon as practicable, both to broaden the coverage and to add detail around newly identified anomalies.  Following this an initial RAB drilling program will be scheduled as soon as practicable.

About the Dundas Project

The Dundas Project is situated in Western Australia within the Albany-Fraser Province.  The project tenements lie on the general strike-extension of the most prolific gold-bearing belt of the Yilgarn Province - the 700km Wiluna-Kalgoorlie-Norseman greenstone belt, in an area where the trend of the Albany-Fraser belt is displaced south-eastwards by about 50km.  The Albany-Fraser belt hosts a number of recent gold discoveries including the +5 million ounce Tropicana gold deposit, and other discoveries including Beachcomber, Socrates, Corvette, and Corona.

Commenting on the results the Chairman of Thor Mr Mick Billing stated "these are very good first pass assay results, and confirm our enthusiasm for the Dundas Project.  We look forward to the balance of the assays and scheduling the drilling phases of work in this exciting project."

Competent Persons Statement

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Stuart Till, who is a Member of The Australasian Institute of Mining and Metallurgy. The services of Stuart Till are engaged by Thor on a contractual basis.  Stuart Till 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 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Stuart Till consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Enquiries:

Mick Billing	+ 61 (0)414 741 007	Thor Mining PLC	Executive Chairman
Laurie Ackroyd	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	+ 44 (0)20 7776 6550	Daniel Stewart & Co. plc	Nominated Adviser

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.

 

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