20th Jun 2007 07:00
Thor Mining PLC20 June 2007 THOR MINING PLC MOLYHIL AND URANIUM UPDATE Dated: 20 June 2007 Thor Mining PLC ("the Company" or "Thor"), AIM, ASX: "THR" the specialist metalscompany focused on advancing tungsten-molybdenum and uranium projects in theNorthern Territory of Australia, announces an update on drilling and explorationprograms at both its Molyhil Tungsten-Molybdenum Project ("Molyhil") and itsHale River and Bundeya Uranium Project ("Hale River") in the Northern Territory. Highlights • Further results received from resource drilling at Molyhil, with all assay results now received; • Updated resource estimation in progress to be followed by revised mining reserve; • Final metallurgical results received, confirming expected concentrate specifications, indicating primary concentrate grades of MoS2 at @ 51.4% Mo with a recovery of 77.8% and WO3 at 72.9% with a recovery of 65.4%; and • Reconnaissance air core drilling at Hale River now 50% complete, with 24 holes drilled for 1,549m. Molyhil - Drilling Results All results from the recent program of Reverse Circulation ("RC") resourcein-fill drilling have now been received, including drill holes 07MHRC007 and07MHRC011. The drilling program was completed in March 2007 with a total of 25RC holes drilled for 2,586 metres (previously reported). Additional results have now been received, including: Table 1 Hole ID Width Depth % MoS2 % WO3 Combined % (m) From (m) WO3 + MoS2 07MHRC007 9 0 0.11 0.44 0.55 07MHRC011 13 13 0.52 0.13 0.65 Inc 5 18 0.18 0.32 0.50 With the receipt of these final assays, work can now commence on the estimationof a revised JORC resource as well as a revised mining reserve. Final Metallurgical Results Final metallurgical test work on the Molyhil deposit has been carried out byindependent consultants Nagrom and IMO under the supervision of ProteusEngineering, with the following results received: Table 2 Primary Molybdenum Concentrate Primary Tungsten Concentrate Concentrate grade at @ 51.4% Mo, the Concentrate grade at 72.9% WO3 therecovery is 77.8% recovery is 65.4% • Mo 51.4% • WO3 72.9% • WO3 0.088% • Cu 0.004%• Cu 1.2% • Pb 0.014%• Fe 5.2% • SiO2 1.10%• Si 1.6% • Mo 1.68%• Al 0.46% • SnO2 1.65%• Bi 17 ppm • Al2O3 0.07%• Pb 245 ppm • Fe 0.2%• Zn 0.152% • S 0.09%• P 100 ppm • U3O8 0.058%• S Total 37.7% • Th 0.002%• U 15 ppm• Th 2 ppm Finance and Off-take Negotiations With the receipt of final concentrate specifications and the updated resourcedue to be completed shortly, information packages have been sent to prospectiveoff-take parties. Thor expects to be able complete off-take negotiations by theend of August 2007. Hale River Reconnaissance air core drilling at Hale River is now approximately 50%complete, with a total of 24 holes completed to date for 1,549m. The drillingrig has suspended operations for approximately 10 days while new equipment issent to site, but drilling should recommence shortly. Four out of the planned six prospective areas at Hale River have been drilled sofar. Where channel sands are shallow (Related Shares:
Thor Energy