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Thor Mining Plc
Summary
| Project: | Molyhil | |
|---|---|---|
| Deposit: | Molyhil | |
| Location: | Australia | |
| Commodities: | Titanium-Iron-Tungsten | |
| Date: | 9/16/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-9-2016: Thor Mining Plc announces an Exploration/Drilling Update report for its Molyhil deposit at the Molyhil project. Preliminary drilling results (XRF analysis) incl. 1.5m @ 37ppm W from 3.0m. The Board of Thor Mining Plc (“Thor” or the “Company”) ( | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Richard Bradey (Internal) | |
| ABSTRACT: | The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR) is pleased to announce the completion and preliminary findings of the exploration drilling program to test for additional tungsten mineralisation satellite to the Company’s existing Molyhil tungsten deposit in the Northern Territory. Mr Mick Billing, Executive Chairman, commented: “This program consisted of very shallow and very broadly spaced drilling, and we are delighted with the outcome. The immediate next steps will be to schedule additional shallow, but more closely spaced, drilling on the Cattle Track targets to the north east of the Molyhil resource. While the tungsten values are low, these particular holes penetrated no more than 4 metres below surface and into near surface bedrock. Further follow up work on the Gap Track and Think Big targets is also warranted.” The program comprised 65 short holes up to 18m in depth, drilled to sample bedrock beneath shallow alluvium in five target areas. The targets were selected principally on the basis of elevated magnetic signature depicted in Figure 1 by the warmer colours. While the intention of any drill program is a direct hit of economic mineralisation, given the target size (Molyhil 150m by 50m) and the drill spacing (between 50m and 400m), program success will be achieved if any one, or more, of the many characteristics of the Molyhil deposit are intersected thus substantiating the magnetic targeting and vectoring follow up evaluation efforts. The program commenced with air-core drilling but reverted to RAB (rotary air blast) after 31 holes due to difficulty penetrating boulders in transported alluvium. While RAB drilling has a greater chance of sample contamination than aircore, this was deemed acceptable due to the reconnaissance nature of the program and the superior penetration of the underlying bedrock. None of the sample analyses will be used for resource estimation. | |
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