Pilbara Goldfields

  • 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 flies as Pilbara work continues to show strong visible gold (THR)

    Shares in Thor Mining(LSE:THR) enjoyed a boost of more than a fifth on Friday morning after the company delivered a promising gold update from Australia at a time when the precious metal is trading at record highs.

    Thorwas sitting at 0.47p, its highest value since the beginning of the year, at writing after announcing that sample panning of geochemical samples from its Pilbara Goldfield tenements had unearthed visible gold.

    The £4.6 million firm said that 17 of 32 stream sediment samples had visible gold in panning, while two of the tenements' 2019 sample sites showed the yellow metal in "multiple follow-up stream sediment samples".

    The timing of the news is highly fortunate, with gold currently trading above US$1,900 an ounce as investors around the world rush into safe-haven assets amid unprecedented macro uncertainty.

    Thor'sexecutive chairman Mick Billing said finding visible gold in multiple sites at Pilbara in very close proximity to previous gold samples is "very encouraging".

    "This appears to be a highly successful follow-up, to the previous, very successful, sampling program," he added. "We look forward eagerly to confirmatory gold assays along with assays of the potential nickel site samples".

    The latest round of results come after Thorsuccessful revealed gold, nickel, and chromium assays from preliminary geochemistry reconnaissance at Pilbara back in January. Three of these samples assayed above 0.3g/t gold, while one even reached as high as 0.9g/t gold. Elsewhere, the company located anomalous nickel and chromium at the project of 1,272 parts per million and 2,075 parts per million respectively.

    Friday's results come amid a busy period for Thor,which only last week revealed positive test results for its Kapunda copper in-situ-recovery ("ISR") project – also in Australia.

    A hydrogeological testing programme at the project was successful, with a tracer test showing fluid movement from well to well in a "relatively short time period". This is essential for the ISR process, and Thornow believes that cost savings could arise from reducing the number of well at the project to optimise production.

    Some zones within the Kapunda deposit have previously been reported to host highly promising gold values, including 95 metres at 3.06g/t.

    Thor holds a 25% interest in EnviroCopper, which – in turn – holds an agreement to earn, in two stages, up to 75% of the rights over metals that may be recovered via ISR at Kapunda.

    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, owns 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