10th Jul 2006 07:00
Thor Mining PLC10 July 2006 THOR MINING PLC Exploration Update - Thring Creek Project Dated: 10 July 2006 Thor Mining PLC ("Thor" or the "Company") the specialist metals companycurrently focussed on advancing molybdenum and tungsten projects in the NorthernTerritory of Australia announces exploration results at the Thring CreekProject. The Thring Creek Project is located approximately 24km east of theMolyhil Tungsten - Molybdenum Project (the "Molyhil Project"). Highlights • Thor completed 50 RAB holes for 1433m covering nine aeromagnetictargets; • Drilling intersected a combination of magnetic rocks with low metalvalues, no magnetite Skarns were detected by the RAB program. Thring Creek Project - Exploration Summary Thring Creek is located about 24km east of the Molyhil Project. The area isgenerally flat, but is dissected by the Elua Ranges and Oorabra quartz reefs. Inspring 2005, Thor's wholly owned subsidiary Sunsphere completed a groundmagnetic survey over the aeromagnetic anomalies defined from the regionalaeromagnetic survey. This resulted in nine anomalies worthy of follow up RABdrilling. The magnetic model is based on the nearby Molyhil deposit (located20km to the west). This is a magnetite-rich skarn that comprises a JORCcompliant resource of 2.4 million tonnes grading 0.8% combined tungsten andmolybdenum. In April-May 2006 at total of 50 RAB holes were completed for 1433m covering thenine anomalies. The samples were assayed for W, Mo, Pb, Cu, Fe, and Zn, all ofthe anomalies resulted in low tungsten and molybdenum values. A combination ofmagnetic granites, magnetite bands in gneissic rocks, and minor magnetite in aquartz-chlorite schist explains all but one of the anomalies. One drill hole wasof particular interest, hole TCR49 recorded 11m of magnetite - biotite richrock. Minor amounts of Ti and Cr were identified. One sample from this hole wassubmitted for whole rock analysis and the entire hole was also analysed forbroad multi-element geochemistry. This appears to have similarities to themagnetite-rich (Fe-Ti-V) rocks discovered by other companies in the region. Noeconomic mineralisation was intersected by the drilling. The maximum tungstengrade received was 4m @ 60ppm. The highest Mo result was 4m @ 5ppm. Base metaland indicator mineral assays were likewise low. As a result of this the prospectivity for Tungsten - Molybdenum - MagnetiteSkarn related mineralisation within this tenement has been downgraded. In lightof the results and field observations, the prospect is under review. JORC Compliance The information in this report that relates to exploration results, mineralresources or ore reserves is based on information compiled by John Young, who isa Member of The Australasian Institute of Mining and Metallurgy. John Young hassufficient experience which is relevant to the style of mineralisation and typeof deposit under consideration and to the activity which he is undertaking toqualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources andOre Reserves'. John Young consents to the inclusion in this RNS announcement of the mattersbased on his information in the form and context in which it appears. Enquiries: John Young +61 419 954 020 Thor Mining PLC Chief Executive Officer John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser Abigail Singleton 020 7429 6606 Conduit PR Public Relations or 07739 461 061 Updates on the Company's activities are regularly posted on Thor's website,www.thormining.com, which includes a facility to register to receive theseupdates by email. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Thor Energy