6th Mar 2008 07:00
Thor Mining PLC06 March 2008 THOR MINING PLC URANIUM EXPLORATION UPDATE Dated: 6 March 2008 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, today releases an update on current explorationactivities on its uranium exploration projects in the Northern Territory ofAustralia. HIGHLIGHTS • Assay results received from detailed soil and rock sampling program over Daicos prospect; • Highest-grade rock chip sample returned a uranium grade of 7.7%; • New anomalies and encouraging soil results have defined drilling targets for 2008; and • Raw data received from Bundey EM survey confirms a number of large conductive horizons in palaeochanels. Harts Range Summary The Harts Range project area lies on the eastern margin of the Entia Dome. TheEntia Gneiss forms the core of the Entia Dome, which is located on the westernpart of the Exploration License area. In late July, a mapping and rock chipsurvey was carried out on tenements EL24736 and EL24734, two of the tenementswithin the Harts Range Uranium Project which is located approximately 200kmeast-northeast of Alice Springs in the Arunta Province of the NorthernTerritory. Daicos Prospect Last quarter reconnaissance rock chip samples and soil samples were taken onpegmatite veins mapped at the Daicos prospect area. These had previouslyreturned a best assay of l9.37% U from highly radioactive samples with visibleuraninite and columbite. The rock samples were taken along a number of contactzones associated with an exposed pegmatite vein system covering an area of 300mby 400m. Thor has conducted 374 soil samples and 24 rock chip samples at the Daicosprospect, part of the Company's Harts Range Project, to follow-up on resultsreceived last year indicating a number of pegmatites with a strong uranium/REEassociation. A total of 374 -80 mesh soil samples were collected over a 100m x 50m gridspacing covering the Daicos prospect area. A further 22 additional rock chipsamples were collected from veining in the area. Follow-up work has produced some encouraging results, with the main pegmatiteidentified under cover, and further rock chip sampling confirming earlier highgrade assays with a best result of 7.7% U, 13.8% Ta and 8.54% Nb. Otheranomalous elements included Dy, Er, Gd, Hf, Ho, Nd, Tb, Th, Y and Zr. Haddock Prospect Numerous anomalous rock chip sample assays were returned from additionalreconnaissance sampling over the base of the hill in epidote alteredmetamorphosed sediments. A best result of 904.5ppm U was returned from thesampling. Indiana Prospect Additional reconnaissance sampling has confirmed that anomalous uraniummineralisation associated with outcropping pegmatite in a shear zone extends inexcess of 600 metres in strike length. Anomalous rock chip assays were returnedup to 781.3 ppm U. Rock Chip Results A total of 99 additional reconnaissance rock chip samples were collected inOctober/November 2007 over the Daicos, Haddock and Indiana prospects. Bundey River Project The airborne EM survey (SkyTEM) was completed in January costing in excess ofAUDS$140,000. Initial height corrected field data indicates the presence ofconductors within the palaeo drainage system on the eastern side of thetenement. Interpretation and modeling will be completed by Montana GIS. Modeling of anumber of basement conductors for base metal mineralisation will also becompleted for all EM datasets. Commenting on the latest results, Thor Mining's Chief Executive Officer, Mr.John Young said: "A number of drilling targets have now been identified and theapproval process is underway to drill test the Diacos area during the secondquarter of 2008. The information received from this work will also guide thenext round of reconnaissance work in the Harts Range area." 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 Dy The chemical symbol for the element Dysperosium Er The chemical symbol for the element Erbium 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. Hf The chemical symbol for the element Hafnium Ho The chemical symbol for the element Holmium Ga The chemical symbol for the element Gallium Gd The chemical symbol for the element Gadolinium 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. Nd The chemical symbol for the element Neodymium 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 Tb The chemical symbol for the element Terbium 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 Yttrium 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 is adirector of Thor Mining PLC. John Young has sufficient experience which isrelevant to the style of mineralisation and type of deposit under considerationand to the activity which he is undertaking to qualify as a Competent Person asdefined in the 2004 Edition of the "Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves". John Young consentsto the inclusion in the report of the matters based on his information in theform and context in which it appears. Enquiries: John Young + 61 (0)419 954 020 Thor Mining PLC Chief Executive Officer John Simpson 020 7512 0191 Blomfield Corporate Finance Ltd Nominated Adviser Leesa Peters 020 7429 6600 Conduit PR Limited Public Relations orJos Simson 020 7429 6603 Nicholas Read + 61 (0) 8 9388 1474 Read Corporate 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:
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