Source - RNS
RNS Number : 0689I
Thor Mining PLC
14 June 2017
 

14 June 2017

 

THOR MINING PLC

DUNDAS GOLD PROJECT - WESTERN AUSTRALIA

COMMENCEMENT OF BEDROCK GEOCHEMISTRY DRILL PROGRAM

 

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), are pleased to advise that bedrock geochemistry drilling has commenced at the Dundas Project in southern Western Australia.

         

Mr Mick Billing, Executive Chairman of Thor: "The Albany-Fraser belt in Western Australia hosts a number of gold deposits, including the >8million ounce Tropicana deposit north of Dundas, which was discovered after drilling weakly elevated gold anomalism.  The alluvial cover at Dundas can be 30 metres thick, thereby masking or diluting any potential surface anomalism.  By drilling into the top of bedrock, we hope to intersect stronger values of gold and other indicator minerals which would significantly elevate this project."

 

Figure 1: Albany Fraser Belt Showing Dundas Location

http://www.rns-pdf.londonstockexchange.com/rns/0689I_-2017-6-14.pdf

 

Gold Targets

 

The program is designed to test two northwest - southeast trending zones of elevated gold in calcrete identified from a BHP geochemistry survey conducted in the 1990's. The two zones, named Algron and Bifrost (Figure 2), extend over five kilometres trend parallel to the regional aeromagnetic response.

 

Figure 2: Calcrete Geochemistry Results

 

http://www.rns-pdf.londonstockexchange.com/rns/0689I_1-2017-6-14.pdf

 

 Drill Program

 

The drill program will comprise 50 air-core holes to test the bedrock geochemistry beneath the six best surface calcrete geochemistry results to determine if the elevated gold values at the ground surface represent mineralisation in the underlying bedrock.

 

The program is a second exploratory phase where a successful outcome would be the intersection of elevated indicator elements such as arsenic, copper or possibly gold measured in parts per billion. A direct hit on potentially economic grades of mineralisation is possible but not expected for a successful program outcome.  If successful, follow up deeper reverse circulation drilling will be scheduled to test for potentially economic grades.

 

The program should take approximately 10 days with assays results within four weeks.

 

 

About the Dundas Project

 

The Thor Dundas Project is situated in Western Australia within the Albany-Fraser Province.  The project tenement is situated in the prospective Albany-Fraser belt (Figure. 3) where the trend of the belt is displaced south-eastwards by about 50km co-incident with the general strike-extension of the most prolific gold-bearing belt of the Yilgarn Province - the Wiluna-Kalgoorlie-Norseman greenstone belt.  The Albany-Fraser belt hosts a number of gold discoveries including the +8 million ounce Tropicana gold deposit, and other closer discoveries. 

 

 

Thor Mining holds 60% equity in the Dundas project along with rights to increase that equity to 100%. 

 

Enquiries:

Mick Billing

+61 (8) 7324 1935

Thor Mining PLC

Executive Chairman

Ray Ridge

+61 (8) 7324 1935

 

Thor Mining PLC

CFO/Company

Secretary

Colin Aaronson/

Daniel Bush/

Richard Tonthat

+44 (0) 207 383 5100

 

Grant Thornton UK LLP

 

Nominated Adviser

Elliot Hance

 +44 (0) 207382 8300

Beaufort Securities Limited

Joint Broker

Nick Emerson / Andy Thacker

+44 (0) 1483 413 500

SI Capital Ltd

Joint Broker

Tim Blythe/ Camilla Horsfall

+44 (0) 207 138 3222

Blytheweigh

Financial PR

 

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.

 

Competent Person's Report

 

The information in this report that relates to exploration results and exploration targets is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy.  Mr Bradey is an employee of Thor Mining PLC.  He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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'.  Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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