Dundas Project Update

RNS Number : 7669O

Thor Mining PLC

05 July 2010

 



THOR MINING PLC

DUNDAS PROJECT - NEW "GOLD IN CALCRETE" ANOMALIES

Dated: 5 July 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 Australia, advise that the remaining assay results have been received from the initial calcrete sampling across the new Dundas gold project in Western Australia.  The results have revealed additional anomalies with new drilling targets, the greatest concentration of high gold values encountered to date and a further substantial increase in that part of the project area offering potential drill targets.

HIGHLIGHTS:

·    Infill sampling identifies two new high intensity gold anomalies;

·    Previously identified gold anomalies extended;

·    Immediate drill targets defined; and

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

The assay results are from the remaining 200 of 486 calcrete samples collected in March and April this year on exploration licences E63/872 and E63/1102, part of the Company's 51%-owned Dundas project, and for which Thor has rights to increase that equity to 100%.  The project is situated within the highly prospective Albany-Fraser Belt, host to the Tropicana gold deposit and numerous other gold occurrences discovered in recent years.

Geochemical Survey Results

Full survey results show clusters of elevated gold values which have identified five previously unknown areas of gold anomaly in addition to the target area identified by previous exploration. Each of these warrants systematic follow-up sampling.

A total of 52 samples have returned gold values of between 8 parts per billion (ppb) and 26ppb.  These are of similar tenor to soil sample assays which led to the Tropicana discovery further to the north on the Albany-Fraser belt.  In addition, several samples returned elevated copper values in addition to the earlier reported sample assayed at 142ppm copper (Cu).

A new area of significant anomalism over an area of approximately 6 sq.km, including one sample returning gold values of 26 ppb, has been identified in the south eastern area of the tenements.  This anomaly contains the greatest concentration of high values encountered in the project to date.  This area remains open to the north and to the south, and it is proposed that this area should be drill tested as soon as the necessary permitting process is complete.

The area of anomalism from the previously calcrete-sampled by BHP has also been extended and drill-testing this area will also be scheduled as soon as practicable.

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.  Concurrently, Thor will be preparing permitting for an initial rotary air blast drilling program to be scheduled as soon as practicable.

About the Dundas Project

The Thor 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.

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.

 

END

 

 

MSCBSGDRBUGBGGD