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(THR) Thor Mining Share Chat

Discussion in 'General Share Chat (THR)' started by jackjack, May 17, 2016.

  1. Powerteam

    Powerteam A Legendary Member

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    Trust me, you are not on your own inspiration and I like you don't look as often as I used to because it's like the news, always negative or depressing.
    I do remain positive though and does give me something to look forward to and hoping one day it was worth it.
     
    Keith Mullins, Makaira88 and Megster like this.
  2. mart101

    mart101 Demi God of BlueShare

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    Likewise here. I am still convinced though that all the metals are very much still a good bet. Whether it's Tungsten, Gold , Vanadium Copper or any others the day will come when all the long wait and boredom will pay off.
     
  3. Groucho

    Groucho Member

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  4. Groucho

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    JJ15 and Megster like this.
  5. Groucho

    Groucho Member

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  6. Groucho

    Groucho Member

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    10 October 2019


    MOLYHIL MINERAL RESOURCE ESTIMATE ENHANCED

    The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise of an update to the Mineral Resource Estimate for the Company's flagship Molyhil project in the Northern Territory of Australia.

    Highlights

    · The Molyhil Mineral Resource now comprises Indicated and Inferred Mineral Resources of 4.7 million tonnes at 0.28% WO₃(Tungsten trioxide), 0.14% Mo (Molybdenum), 0.05% Cu (Copper), and 18.0% Fe (Iron) (above a cut-off grade of 0.12% WO3 equivalent) (Refer to Table A below);

    · The revised resource estimate increases contained WO₃ by 1.5% , and contained Mo by 9.3% compared with the previous estimate;

    · The Mineral Resource, is further boosted with the inclusion of copper in the resource inventory, contributing an additional potential by-product stream for the project;

    · Metallurgical process test work has demonstrated the capacity to produce a separate copper concentrate from Molyhil ore with minimal additional cost.


    Mr Mick Billing, Executive Chairman, commented:

    "This revised Mineral Resource Estimate is a welcome boost for the Molyhil project with a 1.5% increment in contained tungsten metal along with a very impressive 9.3% increase in contained molybdenum."

    "The inclusion of copper in the Molyhil Mineral Resource further enhances the potential of this project as we work toward a project financing package for Molyhil".

    "While the copper grades in the Molyhil Mineral Resource are modest, the copper minerals are extracted as a by-product of the molybdenum and other sulphide products flotation stage without additional reagent addition, and virtually therefore at no additional cost".


    In recognition of consistent recoveries of copper in process testwork on Molyhil ore samples, Thor Mining commissioned mining consultants RPM Global to review the Mineral resource Estimate for Molyhil to establish if the resource estimate could be augmented accordingly. The revised estimate is based upon no new sample data other than for these historical copper intersections.

    The Mineral Resource for the Molyhil deposit is reported at a cut-off grade of 0.12% tungsten equivalent and above an elevation of 200m RL as at 18th September, 2019. Readers should note that the Mineral Resource has an applied grade adjustment factor for the RC drilling assays. The adjustment factor is supported by review of RC tungsten and molybdenum assays compared to underground bulk samples, diamond core samples and recent metallurgical hole core samples.

    Although the adjustment factor has been applied, the reader should note there are a number of risks associated with it that should be further investigated and their impact reduced or mitigated before proceeding with classification of confidence categories higher than an Indicated Mineral Resource, any higher confidence economic evaluation of the deposit or progression to a feasibility study.

    Table A: Molyhil Summary JORC (2012) Mineral Resource Estimate As At 18th September, 2019
    8B810795-2B1F-45F3-BD56-8A994839AFC5.jpeg

    Thor Mining PLC - Molyhill Mineral Resource Estimate Enhanced @ThorMining https://www.voxmarkets.co.uk/rns/announcement/0d49866b-46f2-4112-8493-0b37ea361502
     
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  7. Groucho

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  8. Groucho

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  9. Groucho

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  10. Groucho

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  11. Groucho

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  12. Groucho

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  13. Groucho

    Groucho Member

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    22 October 2019

    THOR MINING PLC

    Placing and Subscription


    The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) are pleased to announce a placing and subscription by directors to fund planned activities to progress the Company's tungsten and copper projects and provide working capital.

    Highlights:

    · The Company has raised gross proceeds of £510,000 through the placing of 113,333,333 new ordinary shares of 0.01p each ("Ordinary Shares") and the conditional placing of 141,666,667 new Ordinary Shares at a price of 0.2p each (the "Placing and Subscription");

    · Chairman Mick Billing to invest £20,000, and Non-executive Director David Thomas to invest £5,000 in the placing, subject to shareholder approval;

    · The Company's largest shareholder, Metal Tiger plc, is to participate in the Placing and Subscription; and

    · Funds raised increase existing cash balances and enables the Company to progress work primarily at its core Molyhil (100% Thor) and adjacent Bonya (40% Thor) tungsten and molybdenum projects in the Northern Territory in Australia, and the EnviroCopper Ltd. In-Situ Copper Recovery project in South Australia, in which Thor currently holds a 25% stake.

    Mr Mick Billing, Executive Chairman, commented:

    "We are delighted by the continuing support of our existing shareholders and of course welcome new investors to the Company.

    The use of proceeds will be directed towards continuing to develop, primarily, our flagship Molyhil project, including drilling, scoping, and permitting studies at nearby Bonya, and field pump and recovery trials at EnviroCopper. This is expected to advance both projects materially, as well as giving Thor an increased runway to develop its ongoing discussions regarding securing project finance for Molyhil, about which we look forward to updating investors in due course.

    The recent sustained strengthening of the tungsten price and resource upgrade at Molyhil, plus imminent results from Bonya , have the potential to improve the outlook for progressing this late stage project towards development and project financing. We are also looking forward to field test work and feasibility activities at Kapunda by EnviroCopper which we hope will provide further validation to the property as a viable copper (and potentially gold) project amenable to In-Situ Recovery."

    Placing and Subscription summary

    The Placing and Subscription will raise aggregate gross proceeds of £510,000, through the issue of a total of 255,000,000 Ordinary Shares at a price of 0.2p per Ordinary Share. The Placing and Subscription was undertaken by Hybridan LLP, as lead broker, together with SI Capital Ltd.

    The Company will shortly issue 113,333,333 Ordinary Shares, utilising its existing shareholder authorities, and will convene a general meeting of the Company at which shareholders will be asked to grant the Directors the necessary authorities to issue the remaining 141,666,667 (the "Conditional Placing").

    Director Participation in the Placing and Subscription

    Mick Billing and David Thomas, both directors of the Company, propose to participate in the conditional Placing and Subscription by subscribing for 10,000,000 and 2,500,000 new Ordinary Shares respectively on the terms above, for an aggregate subscription of £25,000, subject to shareholder approval at a forthcoming general meeting of shareholders.

    A notice of Annual General Meeting ("AGM"), expected to be held on or around 28 November 2019, will shortly be sent to shareholders, in order to seek, along with normal AGM agenda items, approvals for increased director authorities to issue Ordinary Shares, to be used in the first instance to issue the Ordinary Shares pursuant to the Placing and Subscription. Further announcements will be made in this respect as soon as practicable.

    Subject to receiving shareholder approval at the forthcoming AGM to be convened shortly, and assuming there are no further changes to the shareholdings and warrant holdings of Mick Billing and David Thomas before the completion of the Conditional Placing, the beneficial holdings of these directors and their connected parties will be as follows:

    345463C7-0A53-40AB-B1B0-F70DB8725FEF.jpeg

    The participation by Mick Billing and David Thomas in the conditional Placing and Subscription constitute related party transactions for the purposes of AIM Rule 13. The independent directors, having consulted with the Company's nominated adviser, Grant Thornton UK LLP, consider that the terms of the related party transactions are fair and reasonable in so far as the Company's shareholders are concerned.

    Settlement and dealings

    Application will be made to the AIM Market of the London Stock Exchange ("AIM") for a total of 113,333,333 Ordinary Shares, pursuant to the Placing and Subscription, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 29 October 2019 ("Admission").

    Dealings on AIM for the 141,666,667 Ordinary Shares making up the Conditional Placing are expected to commence at 8:00am on or around 29 November 2019, assuming shareholder approval is received at the forthcoming AGM.



    Total Voting Rights

    For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 934,980,196 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 934,980,196 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

    Subject to receiving shareholder approval at the forthcoming AGM, in order to complete the Conditional Placing, and assuming Thor issues no further Ordinary Shares in the meantime, following the completion of the Conditional Placing expected on or around 29 November 2019, Thor will have 1,076,646,863 Ordinary Shares in issue.
     
    Last edited: Oct 22, 2019
  14. Groucho

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  15. Groucho

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  16. Groucho

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    4 November 2019


    NOTIFIABLE HOLDING IN THE COMPANY


    The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) advise that the Company was informed on 1 November 2019 that Paul and Michelle Johnson no longer have a notifiable interest in the Company.
     
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  17. Groucho

    Groucho Member

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    6 November 2019

    THOR MINING PLC

    VISIBLE GOLD IN PILBARA GOLDFIELDS STREAM SEDIMENT SAMPLES


    The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce visible gold found in panning samples of a reconnaissance stream sediment sampling program at the recently acquired 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

    The program comprised stream sediment samples from 44 sites located to provide a broad coverage across the tenement which is predominantly comprised of mafic and ultramafic units. Laboratory assay work is yet to be completed, however, initial gold panning indications are very encouraging with visible gold evident in several samples.

    Highlights:

    · Visible gold from panning of 13 of the 44 sediment trap sites selected;

    · Maximum gold occurrence of 20 grains (very fine) from one trap site with another of five grains observed in the adjacent creek sample;

    · Other samples held coarser grains;

    · Subject to final assays, follow-up field work may comprise detailed stream sediment sampling, soil sampling and geological mapping.

    Mr Mick Billing, Executive Chairman, commented:

    "These preliminary results are very exciting, and we look forward to confirmatory laboratory assays."

    "To obtain results of this calibre in an initial reconnaissance survey is an excellent result".



    The program was designed and implemented by George Merhi of Bann Geological Services Pty Ltd. The preliminary results presented in this announcement are as reported by Mr Merhi.

    The programme comprised stream sediment trap site sampling (detailed in Table A). Samples comprising coarse (3kg -5mm+2mm) and fine (4kg -2mm) fraction sediment were collected for geochemical analysis for Au 2kg BLEG (fine fraction), aqua regia (fine and coarse fractions) and multi-element analysis.

    This announcement is based on hand panning in the field of an additional 10-12 kg sample of -2mm material.

    Subject to geochemical analysis of the stream sediment samples, follow up field evaluation is likely to comprise detailed stream sediment sampling, soil sampling and geological mapping to better evaluate potential source lithologies.

    BDB37037-8B27-432B-901B-D02DE8B99652.jpeg
    Thor Mining PLC - Visible Gold in Pilbara Goldfields @ThorMining https://www.voxmarkets.co.uk/rns/announcement/07800dfd-9d05-4487-8868-30b1f2fdf05a
     
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