Receipt of Additional Vendor Shares in Hawkstone
14 October 2019
THOR MINING PLC
RECEIPT OF ADDITIONAL VENDOR SHARES IN HAWKSTONE MINING LIMITED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise that Thor is to receive an additional 7,812,500 ordinary shares in Hawkstone Mining Limited ("Hawkstone") (ASX: HWK) following publication of a maiden Mineral Resource Estimate for the Big Sandy Lithium Deposit in Arizona, USA.
Hawkstone is issuing 125 million ordinary share to the vendors of the Big Sandy and Lordsburg Lithium projects, which Hawkstone acquired (details per HWK announcement of 4 July 2018). Of the total consideration, 50% was payable upon the announcement of a 30 million tonne Lithium Resource at Big Sandy, which was announced by Hawkstone to the market in an ASX release dated 26 September 2019.
Thor will now hold 15,234,375 ordinary shares in Hawkstone representing approximately 1.87% of the issued capital of Hawkstone. Hawkstone's shares are currently trading at approximately A$0.01 per share.
Mr Mick Billing, Executive Chairman, commented:
"We welcome confirmation from Hawkstone that the Maiden resource estimate satisfies the requirement for the issue of the additional shares representing 50% of the sale consideration."
"The additional shares in Hawkstone represents a welcome boost to the value of our holding."
The latest Hawkstone announcement may be found on the ASX website via the following link:
https://www.asx.com.au/asxpdf/20191009/pdf/449bfrh61nty69.pdf
Information about Hawkstone and its Big Sandy project can be found at Hawkstone's website:
http://hawkstonemining.com.au/.
Enquiries:
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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) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁵ of:
• A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
Notes
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
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