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Spring Hill could yield major gold resources for Thor Mining

By BFN News | 09:42 AM | Wednesday 08 August, 2012


Thor Mining has reported positive results from its initial drilling results from the Spring Hill gold project south of Darwin in Australia's Northern Territory. Initial assay results of up to 12 grams per tonne gold have been reported and these are only the beginning of the drillholes - part of a three pronged approach by Thor in 2012 to test different gold resource options presenting at Spring Hill. Diamond drilling extensions for each hole will provide core for the main target area of each hole. The diamond tail for the deep Callie hole extending from SHDD009's pre-collar is nearing completion at more than 900 metres in depth. Core logging and assay is progressing close behind the drilling with an update on results due soon. On the basis of last year's drilling results, part of the programme is directed to test the overall continuity of the gold mineralising system below the known Hong Kong lode. As a result, the 2012 holes will aim deeper and have a broader spacing than 2011. Three holes are planned for this component ofthe programme totalling 1,050 metres, with the first 100 metres of each hole using reverse circulation (RC) drilling, and the deeper portion with diamond drilling. The drill target zone has been selected to correspond with the strongest Hong Kong mineralisation. It is the assays from the RC portion of this drilling, intersecting gold mineralisation of the Main and Central Lodes, to the east of the target Hong Kong Lode that are reported in this announcement. The Spring Hill gold deposit is potentially an indicator of more substantial mineralisation at depth. The structural and stratigraphic setting of the >5Moz Callie deposit in the Northern Territory Tanami region is analogous to the neighbouring >1Moz Cosmo Howley gold deposit. This geological setting comprises a sheeted vein system which may also exist deeper in the anticline, physically below the Spring Hill deposit and has the potential for substantial gold mineralisation. The Callie mineralisation model which is a separate deposit in a separate but related setting, is targeted as part of Thor's 2012 Spring Hill drilling programme. One deep (900m) diamond drill hole is being drilled, with 150 metres RC precollar (SHDD009). Satellite targets' comprising lightly explored occurrences of gold mineralisation in several locations in proximity to the main Spring Hill resource, are planned to be drill-tested in a separate RC drill program later in the season, following receipt of regulatory approvals. Commenting, Mick Billing, Executive Chairman of Thor Mining, said: "We are delighted with this early level of mineralisation in the near surface sections of our drilling. While our main targets are below the areas drilled thus far, the extensive gold mineralisation above and east of these is very welcome." At 9:42am: (LON:THR) share price was +0.08p at 1.03p Story provided by StockMarketWire.com

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