Exploration Update

RNS Number : 5151Y

Thor Mining PLC

07 September 2022

 

7 September 2022

Thor Mining PLC

 

("Thor" or the "Company")

Exploration Update

 

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an exploration update on the Company's 100% owned Wedding Bell and Radium Mountain uranium and vanadium projects in the Uravan Mineral Belt, USA, Ragged Range gold-nickel project in the Pilbara, WA and Molyhil tungsten-molybdenum project, NT.

Project highlights:

§ Maiden 2000m drilling program to commence in mid-September 2022 at the priority Rim Rock, Groundhog and Section 23 prospects within the Wedding Bell and Radium Mountain Projects (Figure 2). Site preparation has commenced.

§ Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25% uranium (U₃O₈₎ and 3.47% vanadium (V₂O₅) (THOR ASX, AIM: 21 July 2020).

§ Section 23 is the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the perspective "Salt Wash" Member precluded from historic prospecting, drilling and mine production.

§ Drill assay results from the recently completed 3000m RC drilling program at Sterling Prospect, Ragged Range Project are pending due to delays with the laboratory (THR ASX, AIM; 11 July 2022).

§ Sampling at Kelly's prospect, Ragged Range continues to return high-grade gold and copper rock chip results including 15.5g/t Au (and 185 g/t Ag) and 0.91g/t Au (and 535 g/t Ag).

§ Airborne Magnetics Survey over the eastern portion of Ragged Range tenure completed with interpretation underway, with emphasis on Kelly's copper-gold area and lithium prospective ground associated with the Split Rock super suite (THOR ASX, AIM 1 August 2022).

§ Downhole Electromagnetic Survey (DHEM) completed on Krona nickel drill hole with data interpretation underway.

§ Discussions have commenced with potential Joint Venture partners to progress the Molyhil tungsten-molybdenum project, NT towards development.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"The Thor team has been busy on the ground at our Ragged Range Project, WA and in the US, at the Wedding Bell Uranium-Vanadium Project, as such we are keen to provide a brief exploration update.

" We are seeing an increase in the uranium price as it becomes clear that many countries, including the UK, USA and Japan, are revisiting nuclear power as a response to rising energy prices driven by the Ukraine war and as a 'green baseload energy' source to meet decarbonization goals. Thor is positioned well as we advance our uranium-vanadium projects and looking forward to the commencement of our upcoming drilling program. "

US Uranium and Vanadium - Wedding Bell and Radium Mountain, Colorado Drilling Program

Thor's maiden 2000m drilling program is to commence mid-September at the Company's 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan mineral belt, southwest Colorado, USA (See Figure 1).

Douglas Exploration LLC has been contracted to undertake the drilling program, with local contractors commencing the site preparation work in readiness.

Based on initial due diligence completed by Thor, confirming uranium and vanadium mineralisation within the Salt Wash member of the Morrison Formation within the claim area, drilling will test three priority targets at Groundhog, Rimrock and Section 23 Prospects (See Figure 1).

Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25%U₃O₈ and 3.47% V₂O₅ (THOR ASX, AIM: 21 July 2020).

Section 23 (Figure 2) in the southeast corner of the Wedding Bell claim blocks has been identified by Thor Mining and World Industrial Minerals LLC (US Consulting team) as the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the "Salt Wash" Member precluded from historic prospecting, drilling and mine production.  Proposed drill holes for this area are designed to target potential mineralisation in the third sandstone unit estimated to be within 30-40m of surface, stratigraphically, the mapped contact with the overlying upper Brushy Basin Member of the Morrison Formation.

Full details on Thor's US uranium and vanadium projects may be found on Thor's website https://www.thormining.com/projects/us-uranium-and-vanadium .

 

Figure 1: US Uranium and Vanadium Project location map showing Wedding Bell and Radium Mountain in Colorado and Vanadium King in Utah, USA.

Ragged Range Project, Pilbara WA

Thor has continued to undertake mapping and rock chip sampling at Kelly's copper-gold prospect, targeting areas along strike of known copper mineralisation, zones of alteration, shears/faults and zones of brecciation, including sampling along the northwest trending, 1.2km long x 25m wide ridge between Euro Basalt and Boobina Porphyry (Figure 2 and Figure 3).  In addition to the previously reported anomalous gold (up to 1.46g/t) and copper (up to 4.28% Cu) identified (THR ASX: AIM 25 July 2022), new sampling has returned up to 15.5g/t Au (R0070) and up to 535g/t Ag along strike (Table A, Figure 3 and Figure 4).

Drill assay results from the recently completed 3000m RC drilling program at Sterling gold prospect, remain pending due to delays with the laboratory (THR ASX, AIM; 11 July 2022) (Figure 2).

A close-spaced high-resolution airborne magnetics survey over the eastern portion of Ragged Range tenure has been flown, with interpretation underway (Figure 2). Key areas of interest include Kelly's copper-gold prospect and lithium prospective ground associated with the Split Rock Super Suite (THOR ASX, AIM 1 August 2022).

One drill hole was drilled beneath the nickel gossan at Krona Prospect testing a modelled conductor identified from the Fixed Loop Electromagnetic survey.  A downhole electromagnetic survey (DHEM) was subsequently completed with data interpretation underway.

Thor will update the market as soon as assays have been processed, along with interpretations from the two geophysics surveys.

Figure 2 : Key Prospects within the Ragged Range Project TenureTable A: Significant samples above 0.1g/t Au and 0.6% Cu (Projection: GDA94 Zone 50)

PROSPECT	SAMPLE ID	EASTING	NORTHING	g/t Au	g/t Ag	% COPPER	Sample Type
Kelly's	R00013	797776	7586901	1.46	31.8	NS	Rock Chip
Kelly's	R00014	794733	7588377	NS	NS	0.87	Rock Chip
Kelly's	R00015	797143	7587790	0.1	2.4	0.69	Rock Chip
Kelly's	R00016	797131	7587762	NS	NS	4.48	Rock Chip
Kelly's	R00017	797234	7587632	0.2	5.6	2.75	Rock Chip
Kelly's	R00042	794076	7586684	0.36	28.8	1.22	Rock Chip
Kelly's	R00070	797778	7586904	15.5	185	NS	Rock Chip
Kelly's	R00076	797618	7587105	0.91	535	NS	Rock Chip
Kelly's	R00075	797646	7587065	0.66	33	NS	Rock Chip
Kelly's	R00069	797792	7586889	0.63	10.6	NS	Rock Chip
Kelly's	R00071	797770	7586902	0.37	40.4	NS	Rock Chip
Kelly's	R00077	797608	7587116	0.33	87.8	NS	Rock Chip
Kelly's	R00074	797646	7587052	0.2	41.8	NS	Rock Chip
Kelly's	R00072	797733	7586951	0.17	9	NS	Rock Chip
Kelly's	R00078	797601	7587123	0.17	133	NS	Rock Chip
Kelly's	R00086	797376	7587411	0.16	29	NS	Rock Chip

NS - Not Significant

Figure 3: Kelly's Sampling Location Map

Figure 4: Kelly's Prospect - prospective ridge looking southeast between Euro Basalt and Boobina Porphyry

(1.  https: //www.mindat.org/loc-122951.html )

Molyhil Tungsten-Molybdenum Project, NT

The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor and is located 220km north-east of Alice Springs within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (Figure 5).

The Molyhil Project is Thor's most advanced project with significant work having been undertaken including a feasibility study completed in 2018, showing the project to be profitable production with low operating costs and early payback of capex (THR ASX, AIM 23 August 2018).

As part of Thor's corporate strategy to add value to projects through discovery or partnerships, the Company has commenced discussions with potential Joint Venture/Earn-in partners to progress Molyhil towards development.

A full background on the project is available on the Thor Mining website: www.thormining.com/projects .

Figure 5: Molyhil Project

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

Thor Mining PLC
Nicole Galloway Warland, Managing Director Ray Ridge, CFO / Company Secretary	Tel: [phone] Tel: [phone]
WH Ireland Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker)	Tel: [phone]
Nick Emerson
Yellow Jersey (Financial PR)	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

 

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.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km² of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds 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 and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits. ⁵

Notes

¹ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

² www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf  

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

 ⁴ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf  

⁵ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf  

1  JORC Code, 2012 Edition - Table 1 report template

1.1  Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. · 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.	The programme comprised rock chip sampling based on geological outcrops, with analysis for Au by 25g fire assay FA001 and multi-element by mixed acid digest - ICP-AES MA101 and ICP-MS MA102 at Bureau Veritas Minerals Laboratory in Adelaide SA
Drilling techniques	· Drill type (eg core, reverse circulation, open-hole hammer, 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).	Not applicable - no drilling reported
Drill sample recovery	· Method of recording and assessing core and chip sample 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.	Not applicable - no drilling reported
Logging	· Whether core and chip samples have been geologically and 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.	No logging was undertaken. Lithological description recorded for all samples collected
Sub- sampling techniques	· If core, whether cut or sawn and whether quarter, half or all core taken. · If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. · For all sample types, the nature, quality and	Samples were screened in the field as described in "Sampling Techniques" above. The sample sizes are as per industry standard for stream

Criteria		JORC Code explanation		Commentary
and sample preparation		appropriateness of the sample preparation technique. · 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.		sediment geochemistry. Field duplicates and blank samples were submitted for assay with the other samples.
Quality of assay data and laboratory tests		· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. · For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		The proposed assay method is appropriate for preliminary exploration.
Verification of sampling and assaying		· The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data.		Not undertaken
Location of data points		· Accuracy and quality of surveys used to locate drill holes (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.		Hand held GPS - MGA94 zone 50 (GDA)
Data spacing and distribution		· Data spacing for reporting of Exploration Results. · Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied.		Not applicable - no resource is being reported
Orientation of data in relation to geological structure		· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		Orientational bias is not applicable to stream and rockchip sampling at this stage
Sample security		· The measures taken to ensure sample security.		Geochemistry samples were trucked back from Nullagine to the Bureau Veritas Adelaide, SA Sample Security levels are considered appropriate for preliminary surface geochemistry assessment.
Audits or reviews	· The results of any audits or reviews of sampling techniques and data.		None undertaken

1.1  Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national 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 results are reported on E46/1190, E46/1262, E46/1393 in Western Australia held 100% by Pilbara Goldfields Pty Ltd, Thor Mining PLC.
Exploration done by other parties	· Acknowledgment and appraisal of exploration by other parties.	Sporadic surface geochemistry over tenure carried out by Great Southern Mines up to 1997.  No previous lithium exploration.
Geology	· Deposit type, geological setting and style of mineralisation.	Yet to be determined
Drill hole Information	· A summary of all information material to the understanding of the exploration results including a tabulation of the 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.	No drilling has been undertaken or reported
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. · assumptions used for any reporting of metal equivalent · The values should be clearly stated.	Only rock chip and stream assays have been reported. There has been no data aggregation.
Relationship between mineralisation widths and intercept lengths	· These relationships are particularly important in the reporting of Exploration Results. · If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. · If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	No drilling has been undertaken or reported
Diagrams	· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	A sample location plan including current 1:100k scale geology has been provided
Balanced reporting	· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results have been reported
Other substantive exploration data	· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All data have been reported
Further work	· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	It is anticipated that follow up and reconnaissance geochemistry (rockchip, soil & stream) and geological mapping will be undertaken over tenure , including Sterling and Kelly's prospects.

Criteria	JORC Code explanation	Commentary
Other substantive exploration data	· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All data have been reported
Further work	· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	It is anticipated that follow up and reconnaissance geochemistry (rockchip, soil & stream) and geological mapping will be undertaken over tuenure , including Sterling and Kellys prospects.

 

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