15th Nov 2006 07:01
Thor Mining PLC15 November 2006 THOR MINING PLC Uranium Exploration Update - Harts Range tenements Dated: 15 November 2006 Thor Mining PLC ("Thor") the specialist metals company currently focussed onadvancing tungsten-molybdenum and uranium projects in the Northern Territory ofAustralia, today announce the results of the reconnaissance sampling at itsHarts Range uranium project in the Northern Territory. These results will be animportant focus of Thor's ongoing exploration activity. Highlights • encouraging initial results including elevated uranium values; and • sampling returns anomalous uranium values, confirming the potential of the central corridor of the Harts Range tenements. First-pass reconnaissance sampling of the Harts Range tenement area wascompleted during October, with several areas traversed. The main objective ofthe sampling program was to identify known prospects and determine optimalaccess routes and logistics for follow-up exploration in 2007. Eleven rock chipswere taken on two out of the six granted tenements. Analysis was completed for39 elements, with the following results returned: SAMPLE Ba Ce Cs Ga Nb Pb Rb Th U Y Zn Zr ID HR001 627 55.7 0.46 36.4 5.2 67 92.7 28.4 7.61 103.5 35 82HR002 101.5 35 0.13 50.8 3.2 120 12.5 9.04 6.71 115 0.52% 71HR003 122.5 71.2 0.11 36.1 0.4 92 9.1 35.5 7.19 57.9 45 59HR004 137 114 0.19 45.2 16.7 20 19.2 8.49 6.65 95.7 13 189HR005 86 103.5 0.03 52.3 9.5 39 3.1 19.55 6.36 60.5 19 274HR006 22.3 19.7 0.07 27.2 4.2 50 2 3.55 16.45 21.7 99 86HR007 862 173.5 3.84 15.4 10.8 1.62% 100.5 684 31.60% >10000 48 923HR008 1395 90.3 5.23 21.3 14.5 50 197.5 5.52 227 36 90 457HR009 1225 89.3 5.41 22.6 13.6 33 153 5.5 120.5 38.3 91 369HR010 185.5 69.8 1.16 13.1 3.5 60 81.9 50.3 210 117.5 12 10HR011 240 12.5 1.43 17.3 647 294 84 50.1 0.61% 245 9 29 All units are in ppm unless otherwise stated > 10,000 ppm - beyond detection limits Six samples HR1-6 were taken in the Eagle Beak area on EL24827. Strong epidotealteration was noted related to shearing of altered felsic rocks, although nosignificant uranium values were returned. Samples HR1-3 were elevated instrontium and sample HR2 returned a value in excess of 0.52% Zn. Five samples were taken at the Ryoma and Casper prospects on EL24735, withresults confirming the prospectivity of this area returning elevated uraniumvalues ranging from 121ppm to 227ppm U. Results were also elevated in rare earthelements (REE) such as Yittrium and Zirconium. Sample HR8 also returned up to1.62% Pb. Sample ID East(GDA94) North(GDA94) Prospect Tenement Description HR1 512496 7454754 Eagle Beak EL24827 Epidote alt HR2 512440 7454848 Eagle Beak EL24827 Epidote alt 10m HR3 512544 7454964 Eagle Beak EL24827 Epidote alt 5m HR4 511278 7454386 Eagle Beak EL24827 Epidote alt HR5 511510 7454706 Eagle Beak EL24827 Epidote alt HR6 512496 7454754 Eagle Beak EL24827 Epidote alt HR7 518760 7418900 Ryoma EL24735 Biotite/Amph- vis Uraninite HR8 518760 7418900 Ryoma EL24735 Biotite/Amph- vis Uraninite HR9 518760 7418900 Ryoma EL24735 Biotite/Amph- vis Uraninite HR10 518170 7419160 Casper EL24735 Quartz Plagioclase HR11 518170 7419160 Casper EL24735 Quartz Plagioclase The results included a single sample result of 31.6% U. This hand-picked samplecontained a significant portion of visible uraninite, and is not representativeof the complete zone of shearing noted in mafic amphibolites. Results were alsoelevated in REE, which is often associated with late-stage intrusives.Significantly, a number of large pegmatite bodies are located within the HartsRange project. The result of 0.61% U from the Casper Prospect confirms this,with the sample also anomalous in Nb, Ta and Cs Work to date in the Harts Range Project indicates that sporadic high uraniumgrades occur along NW trending structural corridors, suggesting a vein-typemodel for mineralisation such as that at Schwartzwalder in Colorado (USA).Mineralisation here occurs in numerous lenses associated with a major shearfault network and along contacts between mica schist and gneissic rocks. Theyoccur generally in clusters and are of smaller tonnage but high in grade andhave the potential to host resources in the order of 10 to 20,000 tonnes ofuranium. Uranium is also associated with REE in large-scale pegmatite intrusives, similarto the Rossing Mine in Namibia. This type of deposit generally has lower gradesand high tonnage. In light of these encouraging initial results, Thor is mobilising a field teamto complete a detailed ground-based scintillometer survey on the major NWtrending structure associated with the Ryoma and Casper prospects in the centralpart of EL24735. This team will be headed by Thor's recently appointed uraniumconsultant, Mr Phillippe Koehn. Commenting on the results, Thor's Chief Executive Officer, Mr John A. Young,said: "I am encouraged by these initial results from this major NW structurewithin the Harts Range tenements which hosts a number of high-priority uraniumprospects. The next phase of reconnaissance work will focus along this corridor,as well as a parallel structure to the north east. We are currently in theprocess of completing the HoistEM survey at Hale River and Plenty Highway, withresults expected in late December ahead of drilling programs which are scheduledto commence in the first quarter of 2007". Glossary of geological and technical terms Ba The chemical symbol for the element Barium Biotite A brown to black magnesium aluminium silicate mineral, common in most volcanic rocks Ce The chemical symbol for the element cerium Cs The chemical symbol for the element caesium Epidote A yellow to green silicate mineral, formed during low grade metamorphism or hydrothermal processes. Felsic Descriptive of light coloured rock containing an abundance of feldspar (generally Potassium rich) and quartz. Ga The chemical symbol for the element gallium Gneiss High grade metamorphic rock composed of alternating bands respectively rich in light and dark coloured minerals. Granite Light coloured, coarse-grained, intrusive igneous rock; comprises large sections of the Earth's continental crust. Intrusion A body of igneous rock that invades older rocks. Mafic Descriptive of rocks containing major proportions of magnesium and iron silicate minerals. Mineralisation The concentration of metals and their minerals within a body of rock. Mineralogy The science of the study of minerals. Nb The chemical symbol for the element niobium Pb The chemical symbol for the metallic element lead. Pegmatite Very coarse-grained igneous intrusive body, usually granitic, usually in dyke or sill form. ppm Parts per million. Plagioclase Plagioclase is an important rock-forming mineral and occurs widely, primarily in igneous rocks such as basalts. Radiometric Measurement of radiation. An airborne radiometric survey may distinguish different rock units on the basis of their inherent radioactive minerals. Rock Chip Sampling Systematic collection of rock samples at a series of different locations in order to study the distribution of rock geochemical values. REE Rare earth elements Rb The chemical symbol for the element rubidium Scintillometer Instrument used for measuring radiation Shear A zone in which rocks have been deformed, primarily in a ductile manner, as a result of applied stress. Strontium Strontium is a rare alkaline-earth metal Structural Pertaining to geological structure; including folds, faults, shears, cleavage, and joints. Structures range from regional scale to microscopic. Ta The chemical symbol for the element tantalum Th The chemical symbol for the element thorium U The chemical symbol for the element uranium Uraninite The chief ore mineral of uranium. Uraninite has the idealized chemical composition UO2, uranium dioxide. Thorium and rare earths, chiefly cerium, are usually present in variable and sometimes large amounts. Lead always is present by radioactive decay of the thorium and uranium present Vein A thin sheet-like intrusion into a fissure or crack, commonly bearing quartz Y The chemical symbol for the element yittrium Zn The chemical symbol for the element zinc. Zr The chemical symbol for the element zirconium 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, theChief Executive Officer of Thor, has sufficient experience which is relevant tothe style of mineralisation and type of deposit under consideration and to theactivity which he is undertaking to qualify as a Competent Person as defined inthe 2004 Edition of the "Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore 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 (0)419 954 020 Thor Mining PLC Chief ExecutiveCEO John Simpson 020 7512 0191 ARM Corporate Finance Nominated Adviser Limited Leesa Peters 020 7429 6600 Conduit PR Limited Public Relations/UK orAbigail Singleton 020 7429 6606 Nicolas Read + 61 (0) 8 9388 1474 Jan Hope & Partners Public Relations/ Australia Updates on the Company's activities are regularly posted on Thor's websitewww.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