23 Nov

Over 45m of W-Mo-Cu Mineralisation Intercepted, Molyhil NT

ASX Code: “THR” 23 November 2021 2021 Page | 1 THOR MINING PLC Registered Numbers: United Kingdom 05276 414 Australia 121 117 673 Registered Office: 58 Galway Avenue MARLESTON, SA, 5035 Australia Ph: +61 8 7324 1935 Email: corporate@thormining.com Website: www.thormining.com Twitter @ThorMining Enquiries: Nicole Galloway Warland Managing Director Thor Mining PLC +61 8 7324 1935 Nominated Advisor Jessica Cave WH Ireland Ltd +44 (0) 20 7220 1666 AIM & ASX Listings: Shares: THR OTCQB Listing Shares: THORF Directors: Nicole Galloway Warland Mark Potter Mark McGeough Alastair Clayton Key Projects: • Gold Ragged Range Pilbara WA • Copper Alford East SA • Uranium / Vanadium Colorado / Utah U SA • Tungsten Molyhil NT Company Announcements Office ASX Securities Limited, 20, Bridge Street, Sydney, N.S.W. 2000 Over 45 m of Tungsten - Molybdenum - C opper M ineralisation Intercepted Molyhil Project, Northern Territory The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR , OTCQB: THORF ) are pleased to announce that the second hole in the diamond drilling program (21MHD002) intercepted scheelite, molybdenite and chalcopyrite mineralisation with in a magnetite skarn , at the Molyhil tungsten - molybdenum - copper Project in the Northern Territory . Project highlights: ? 21MHDD002 intercepted over 4 5 m of disseminated scheelite - molybdenite - chalcopyrite mineralisation in a massive magnetite - rich skarn. ? Drilling confirm s that the newly identified magnetic target to the south of the Molyhil deposit is a continuation ( possibly offset) of the Molyhil deposit tungsten - molybdenum - copper mineralisation . ? Based on the success of the second drillhole , a third hole is now underway , designed to target the projection of the 21MHDD002 mineralisation down plunge. Photo 1: 21MHDD002 ( 275.4 m) – massive magnetite skarn with disseminated scheelite and molybdenite mineralisation and bands of chalcopyrite . Nicole Galloway Warland , Managing Director of Thor Mining, commented: “ We are excited to be sharing this new discovery at our Molyhil critical metals project . Testing a new geological concept , in this case an interpreted magnetic target from 3D modelling to the south of existing mineralisation , has paid off significantly . The tungsten - molybdenum - copper mineralisation is open to the south and the third hole is designed to test this south plunging model. The extension of this mineralisation , directly south of the deposit , in a previously untested area , is pivotal to the overall Molyhil project . We look forward to updating shareholders as more information becomes available.” ASX Code: “THR” 23 November 2021 Page | 2 Diamond D rilling Program During a 3D geological and geophysical modelling exercise completed in March /April 2021 , a potential extension to the known Molyhil tungsten - molybdenum - copper mineralisation was defined by a large magnetic target (Figure 1 and 2 ) . It was noted that previous drilling in this area had not tested the newly identified magnetic body . Two drillholes (2 1MHDD001 and 21MHDD02) of the planned diamond drilling program are near complete and based on the success of the second hole a third hole is now underway (DD hole C) (Table A and B and Figure 1 and 2 ). 21MHDD002 intercepted over 45m of disse minated mineralisation , consisting of scheelite - molybdenite and chalcopyrite with in massive magnetite skarn from 249.7 m (Photo 1 and 2) . It appears 21MHDD001 hit the edges of the magnetite skarn however , with negligible mineralisation . Initial interpretation of data highlights a potential south plunging lode extending south of the Southern lode with a possible offset (yet to be determined) (Figure 2 ) . The 3D geological mod elling of the Molyhil deposit identified two prominent structures – Yacht Club fault and South Offset fault (Figure 1 and 2 ). B ased on the geological timing of these faults , they appear to have had a significant impact on minerali s ation , such as offsetting the Yacht Club mineralisation from the Southern Lode, hence creating targets for potential extensions. Modelling of the South Offset Fault, relative to the magnetics, strongly implies an offset of the magnetic material ( interpreted to be magnetite skarn ) , host to the tungsten - molybdenum - copper mineralisation, south of the South Offset fault. Diamond drilling is being carried out by Durock Drilling Pty Ltd and is anticipated to take approximately one week to comp lete hole 3 . Thor expects to rec eive assay results back in the first quarter of 2022. The drilling program is co - funded by the Geophysics and Drilling Collaborations (GDC) program as part of the Resourcing the Territory initiative , with Thor Mining granted A$110,000 (ASX: THR 4 June 2021). Full details can be found on the NTGS website: www.resourcingtheterritory.nt.gov.au/about/gdc . Photo 2: 21MHDD002 ( 272.2 – 275.7m ) – massive magnetite skarn with disseminated scheelite and molybdenite ( metallic silver ) mineralisation and bands of chalcopyrite (yellow) . ASX Code: “THR” 23 November 2021 Page | 3 Figure 1 : Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO 3 isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in transparent red. The yellow dashed line shows the location of the long section ( Figure 3 ). 21MHD D001 and 21MHDD002 completed with DD Hole C underway . ASX Code: “THR” 23 November 2021 Page | 4 Figure 2 : Long section of the Molyhil project looking west - northwest, showing two drilled holes and a third planned hole . Drilled holes , 21MHDD001 and 21MHDD002 , were targeted into the magnetic anomaly where it appears offset at depth by faulting. The next planned hole, DD Hole C, is planned to intersect the geological plunge of the mineralised intercept in 21MHDD002. The conceptual pit shell is shown in brown, 0. 3% WO 3 isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a transparent red envelope (0.15 SI) and a conceptual shape representing the down - plunge mineralised zone in yellow. ASX Code: “THR” 23 November 2021 Page | 5 Project B ackground The Molyhil deposit is located 220 kilometres north - east of Alice Springs (320 km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block , in the Northern Territory (Figure 3 ). In April 2021 (THOR:ASX Announ cement 8 April 2021) a revised Mineral Resource estimate comprising Measured, Indicated, and Inferred Mineral Resources , totalling 4.4 million tonnes at 0.27% WO 3 (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO 3 cut - off . https://www.thormining.com/sites/thormining/media/pdf/asx - announcements/20210408 - molyhil - mineral - resource - estima te - updated.pdf F igure 3 : Tenement & Prospect Location Plan ASX Code: “THR” 23 November 2021 Page | 6 Table A: Drill Hole Collar Summary DRILLHOLE EASTING NORTH ING ELEVATION A ZIMUTH DIP EOH 21MHDD001 577207 7482773 409 262 60 324.5 21MHDD002 577220 7482774 409 278 60 TBA DDH Plan C 577069 7482780 412 082 87 340 (Planned) Coordinates in GDA 94 Zone 53 Table B: Geology DRILLHOLE GEOLOGY FROM (M) TO (M) DOWNHOLE INTERCEPT (M) 21MHDD001 Calc - Silicate 159.1 255.8 96.7 21MHDD002 Magnetite Skarn 249.7 296.6 46.9 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 +61 8 7324 1935 nicole@thormining.com Competent Persons Report The information in this report that relates to Exploration Results and the Estimation and Reporting Molyhil Mineral Resource Estimation 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 matt ers 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 . ASX Code: “THR” 23 November 2021 Page | 7 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 Aust ralia 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, g old, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets. Thor owns 100% of the Ragged Range Project, comprising 92 km 2 of exploration licences with highly encouraging early - stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is currently underway. At Alford East in South Australia, Thor is earning an 80% interest in copper - gold deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In Jan uary 2021, Thor has 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 t o 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.²³ Thor hold s 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 - kapund a - copper - resource - estimate.pdf ³ www.thormining.com/sites/thormining/media/aim - repor t/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.p df 5 www.thormining.com/sites/thormining/media/pdf/asx - announcements/20200129 - mineral - resource - estimat es --- bonya - tungsten -- copper.pdf ASX Code: “THR” 23 November 2021 Compliance with the JORC Code Assessment Criteria The JORC Code (2012) describes a number of criteria, which must be addressed in the documentation of Mineral Resource estimates, prior to public release of the information. These criteria provide a means o f assessing whether or not the data inventory used in the estimate is adequate for that purpose. The resource estimate stated in this document was based on the criteria s et out in Table 1 of that Code. These criteria have been discussed in the main body o f the document and are summarised below. Only sections relevant to the reported resource have been addressed. The JORC Code Assessment Criteria in the following table are italicis ed. Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) 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. • Report refers to visual geological logging only • Dri lling was conducted by Durock Drilling Pty Ltd • Core to be cut for sample preparation • pXRF taken every 0.5m down hole • Magnetic susceptibility recorded every 0.5m down hole • UV light used for tungsten /scheelite visual estimates ASX Code: “THR” 23 November 2021 Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. 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 an d if so, by what method, etc). • Diamond drilling • 21MH001 – HQ 0 - 20m followed by NQ2 • 21MHDD02 HQ • Oriented core 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. • Recover y from diamond core was recorded for all core runs, with overall recovery very good. All diamond core was oriented where possible . • Diamond core was reconstructed into continuous runs for orientation marking with depths checked against core blocks. • No relationship was no ted between recorded sample recovery and grade . 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. • Whet her logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • All holes were field logged by company geologists to a high level of detail. • Core was oriented and routinely logged for RQD, alpha/beta angles, dips, azimuths, and true dips. • All drill samples were logged for lithology, rock type, colour, mineralisation, alteration, and texture. It has been standard practice by Thor (since 2005), that a ll diamond core be routinely photographed. • All drill holes were logged in full. Sub - sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non - core, whether riffled, tube sampled, rotary spl it, etc and whether sampled wet or dry. • Diamond core to be cut in half using a core saw with half core submitted for assay. ASX Code: “THR” 23 November 2021 • For all sample types, the nature, quality and 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. 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.Ba, Mo • 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. • Core currently be prepared for cutting - half core – prior to submiss ion to laboratory. • Magnetic susceptibility recorded every 0.5m down hole. • pXRF recording recorded every 0.5m down hole. 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. • No assay data reported – samples being prepared for labora tory submission ASX Code: “THR” 23 November 2021 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. • Drill hole collars and starting azimuths have been surveyed using GPS ( - /+ 5m) – for later DGPS pick ups • Drill hole locations were positioned using the MGA Grid System. • The topographic surface is highly accurate with DPG ( - /+1m) 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. • Drill holes have been located to test a newly defined magnetic target to the south of the Molyhil lodes. • Drillhole spacing is sufficient to test geological target 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. • Drill holes are orienta ted / predominantly drilled at an angle of - 60° to the west which is approximately perpendicular to the orientation of the interpreted target. Sample security • The measures taken to ensure sample security. • Core is onsite where it will be cut prior to sample submission with chain of custody measures implemented. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • A review of sampling techniques and data has been carried ou t as Thor transition from inhouse based database to online hosted database with MaxGeo. ASX Code: “THR” 23 November 2021 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) 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. • The tenements at Molyhil comprise EL22349, ML 23825, ML24429 and ML25721. For all tenements Thor Mining PLC hold 100% Project Equity. • Thor has completed the Public Environmental Report for the Molyhil Tungsten and Molybdenum Project. This report has been accepted by the Department of Regional Developm ent, Primary Industry, Fisheries and Resources in the Northern Territory • This report was approved on the 15th July 2007 by the DRDPIFR (NT), who also confirmed in December 2011 that the approval remains current. The report is available on request. • Thor Min ing PLC has also obtained all the required agreements between the Traditional Owners of the land, and Thor Mining PLC, to enable the Molyhil Operations to proceed with the recognition and support of the Traditional Owners. • The Tripartite Deed records the t erms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, the Central Land Council and Thor Mining PLC. ASX Code: “THR” 23 November 2021 • There are no known impediments to obtaining a licence to operate in the area. Exploration d one by other parties • Acknowledgment and appraisal of exploration by other parties. • Tungsten and molybdenum mineralisation was originally discovered at Molyhil in 1973. The Molyhil deposit was initially drilled in 1977 with further drilling carried out in 1981. The work was carried out by Fama Mines Pty Ltd, Petrocarb NL, Nicron resources NL and Geopeko. Between 1975 and 1976 approximately 20kt of molybdenum and tungsten mineralisation were mined from the northern Yacht Club skarn body to a depth of approximately 25m. Geology • Deposit type, geological setting and style of mineralisation. • T he Molyhil deposit consists of two adjacent outcropping iron rich skarn bodies, marginal to a granite intrusion, that contain scheelite (tungsten mineralisation as CaWO 4 ) and molybdenite (molybdenum as MoS 2 ) mineralogy. Both the outlines of, and the bandin g within, the skarn bodies strike approximately north - south and dip steeply to the east. The bodies are arranged in an en échelon manner, the northeast body being named the Yacht Club and the southwest body the Southern. 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 a bove sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth • A collar summary table is included in report • In the opinion of Thor, historic drill results have been adequately reported previously to the market as required under the reporting requirements of the ASX Listing Rules ASX Code: “THR” 23 November 2021 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. 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 sta ted and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • No data aggregation reported . Relationship between mineralisation widths and intercep t 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’). • Drill holes were orientated predominantly to an azimuth of 2 70 ° and angled to a dip of - 60°, which is approximately perpendicular to the orientation of the mineralised trends. 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. • Location, section and plans included in report . ASX Code: “THR” 23 November 2021 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. • Exploration results are not being reported. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported includin g (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 de leterious or contaminating substances. • 3D geological and magnetic modelled data included in report. 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 c ommercially sensitive. • Based on revised modelling of data additional drilling is planned. • Possible extensions are shown on diagrams
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