Thor Mining announces strong gold showings at Pilbara Goldfields (THR)

Thor Mining (LSE:THR) is currently trading at 0.4p after announcing strong initial sampling results from its 100%-owned Pilbara Goldfield tenements in Western Australia.

On Thursday, the company revealed that three samples from a preliminary geochemistry reconnaissance programme at the projects assayed above 0.3 grams per tonne (“g/t”) gold, while one assayed above 0.9 g/t gold. Thor also encountered anomalous nickel and chromium up to 1,272 parts per million (“ppm”) nickel and 2,074 ppm chromium.

The work involved collecting stream sediment samples from 44 sites to broad, project-wide coverage and followed a successful programme of panning announced in November last year. These earlier efforts provided strong evidence of gold prospectivity, with visible gold in 13 of the 44 sediment trap sites sampled.

Thor said that the latest round of work provides “further support” for the Pilbara Goldfields’ gold potential while also indicating that the tenements could be prospective for nickel and chrome. As executive chairman Mick Billing put it:

“Very encouraging results from our initial reconnaissance survey on this ground, with plenty of follow up targets, focussing on gold, nickel & chrome. The elevated nickel & chrome samples either side of the ultramafic ridge on the western side of the licence area is particularly intriguing.”

Billing added that the next phase of work is likely to involve further detailed stream sediment sampling along soil sampling and geological mapping to confirm and extend existing results. Thor acquired the Pilbara tenements last year when it purchased two private companies – Pilbara Goldfields and Hamersley Metals.

Meanwhile, this month has also seen Thor announce a series of high-grade tungsten and copper assays at its Bonya deposits 30 kilometres to the east of its flagship Molyhil project. On this, Billing said:

"The Bonya tungsten deposits are delivering robust results which we believe can add significantly to the economic life and commercial outcomes of the nearby proposed Molyhil project. The Bonya project hosts additional tungsten and copper deposits, and these will be tested in due course, however our initial focus is likely to remain with the White Violet tungsten deposit, the Samarkand tungsten/copper deposit, and the Bonya copper deposit.  It is hoped that these can extend the Molyhil project life of mine towards 10 years."

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

Thor Mining rises following a strong company-wide update (THR)

Shares in Thor Mining (LSE:THR) were trading up by 10.7pc at 0.27p on Wednesday following a strong update covering its entire portfolio.

In its release, the firm said it has now completed a 19-hole second drill programme at its Bonya project in Australia with ‘very encouraging’ preliminary XRF results expected to precede the receipt of assays next month. Work on a maiden mineral resource estimate for the first Bonya deposits will then begin, with completion expected to complete during January next year. The resource is expected to add significant value to the nearby Molyhil project through an improved production profile and increased mine life. An updated mineral resource estimate was announced at Molyhil – which is 100pc owned by Thor – last month, increasing tungsten and molybdenum resources by 1.5% and 9.3% respectively.  

Elsewhere, Thor said it had begun discussions with several US investors to advance its Pilot Mountain project. Meanwhile, the organisation is planning the next stage of work at its Pilbara Gold asset following the discovery of visible gold earlier this month. This is likely to be infill work and upstream sampling with a view of establishing drill targets.

Finally, Thor said that it is reviewing all options relating to its royalty investment in the Spring Hill gold project, and said its board has reduced director remuneration and deferred non-essential project expenditure to reduce costs.

Thor’s executive chairman Mick Billing said: ‘We continue to advance exploration activities at the Bonya joint venture to enhance the value of the Molyhil project.  Drill results have so far been very pleasing with higher than expected grades at White Violet. We look forward to our initial resource estimate at Bonya scheduled for January 2020.  Our objective of increasing the resource inventory available for the proposed Molyhil processing plant will, we believe, significantly enhance the prospects for funding the Molyhil development.

‘Our copper investment, and our recent early stage success with Pilbara gold exploration are very exciting and we plan to build upon these while keeping outlays to a minimum.  The Australian government grant funding for Kapunda for example, ensures ongoing development at this project, without requiring significant funding from Thor.

‘We have now implemented cost saving initiatives, including significant reductions in director remuneration and deferral of non-essential project expenditure which will conserve cash resources as we progress discussions with potential investors for Molyhil and Pilot Mountain. We have also taken steps towards monetising several of our non-core assets, and will report on each of these as progress is made. Our core assets, however, still hold significant value, and we firmly believe that these will, in due course, deliver substantial returns for our shareholders".

Earlier this week, Thor revealed positive drilling results at its part-owned Kapunda in-situ recovery (ISR) copper project in South Australia. Three holes were drilled, and two screened wells installed, to complete initial hydrogeological investigations at the asset – in which EnviroCopper has entered a two-stage agreement to earn a 75pc stake. Thor, in turn, holds a 25pc interest in EnviroCopper with rights to increase that stake to 30pc.

Not only did this work reveal that the project’s water table is quite shallow, but it also confirmed connectivity between screened intervals along with its predominant fracture directions. These are both critical requirements for the ISR process, which centres around a chemical process called ‘leaching’. In layman’s terms, this involves dissolving minerals underground in a solution before extracting them at the surface. As ISR is much cheaper and quicker than actually building a copper mine, EnviroCopper believes that the technique can bring lower-grade projects into economic territory.

Elsewhere, Thor said the first round of drilling at Kapunda had revealed that the fracture zone contains significant copper mineralisation thought to be amenable to the ISR process. Indeed, the pilot hole encountered 66m at 0.27pc copper including 5m at 0.72pc copper and 11m at 0.54pc copper. Meanwhile, the two additional holes intersected 8m, 23m at 0.49pc copper to end of hole and 22m, 6m at 0.47pc copper to end of hole respectively.

EnviroCopper’s next stage of work includes large-scale column leach recovery tests leading on to a full-scale field trial.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

Thor Mining reveals strong initial drilling results at Kapunda ISR project (THR)

Tuesday saw Thor Mining (LSE:THR) rise after revealing positive drilling results at its part-owned Kapunda in-situ recovery (ISR) copper project in South Australia.

Three holes were drilled, and two screened wells installed, to complete initial hydrogeological investigations at the asset – in which EnviroCopper has entered a two-stage agreement to earn a 75pc stake. Thor, in turn, holds a 25pc interest in EnviroCopper with rights to increase that stake to 30pc.

Not only did this work reveal that the project’s water table is quite shallow, but it also confirmed connectivity between screened intervals along its predominant fracture directions. These are both critical requirements for the ISR process, which centres around a chemical process called ‘leaching’. In layman’s terms, this involves dissolving minerals underground in a solution before extracting them at the surface. As ISR is much cheaper and quicker than actually building a copper mine, EnviroCopper believes that the technique can bring lower-grade projects into economic territory.

Elsewhere on Tuesday, Thor said the first round of drilling at Kapunda had revealed that the fracture zone contains significant copper mineralisation thought to be amenable to the ISR process. Indeed, the pilot hole encountered 66m at 0.27pc copper including 5m at 0.72pc copper and 11m at 0.54pc copper. Meanwhile, the two additional holes intersected 8m, 23m at 0.49pc copper to end of hole and 22m, 6m at 0.47pc copper to end of hole respectively.

EnviroCopper’s next stage of work includes large-scale column leach recovery tests leading on to a full-scale field trial.

Thor’s executive chairman Mick Billing said: ‘It is very exciting to have confirmation of both consistency of mineralisation and possible hydrogeological connectivity along strike in the facture zone. This adds considerable weight to the potential for a successful ISR operation in due course. ‘It is also pleasing to note that the preliminary copper grades are above the average for the resource.  We are very keen to have laboratory assays to confirm these, and also to provide any gold values, as gold is most unlikely to be picked up in portable XRF readings.

‘These holes were drilled on the very southern tip of the main resource area, and previously conducted IP surveys further south show additional chargeable anomalies which should be investigated to see if they contain additional mineralisation, which could significantly extend the resource.’

As we have written before, by achieving production at Kapunda, EnviroCopper hopes to demonstrate ISR’s operational viability in the copper market and take the technology to other projects.

Aided by historical mining data and environmental and hydrogeological work, EnviroCopper has estimated Kapunda contains an ISR-amenable inferred copper resource of 119,000ts. As announced in April, the company has also been able to recover gold from samples taken from the project and work to ascertain whether it can establish a resource for the precious metal is ongoing.

Before commercialisation, EnviroCopper must complete a pre-feasibility study and a definitive feasibility study at Kapunda.  It will also have to meet any necessary environmental, social, and regulatory requirements and secure financing.  Handily, its $2.8m government-issued research grant will support it in these efforts- indeed, the firm expects these funds to take the project through to demonstration of feasibility.

Once progress has been made at Kapunda, EnviroCopper will move on to Moonta - its second 75pc-held project. Moonta is located around 160km north-east of Adelaide within the historical copper triangle of South Australia, where around 300,000ts of copper were mined and processed between the 1860s and 1920s.

Although it is an earlier-stage project than Kapunda, Moonta is also thought to be a much larger opportunity. In August 2019, EnviroCopper announced an initial inferred resource estimate for the asset of 66.1MMts grading 0.17pc copper. This translates to 114,000ts of contained copper considered amenable to ISR, taking EnviroCopper’s business-wide managed resource inventory 233,000ts. However, this initial figure was formed from the analysis of just 164 drill holes at Moonta. This lead to the identification of three copper deposits, called Wombat, Bruce, and Larwood. A further 308 holes already drilled over these deposits will feature in future resource modelling once quality assurance has been completed, providing an obvious opportunity for upside. What’s more, all three deposits remain open along strike or at depth – providing EnviroCopper with a chance to identify mineralisation beyond that already discovered.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

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