3rd Apr 2007 07:00
Thor Mining PLC03 April 2007 THOR MINING PLC Uranium Exploration Update Dated: 3 April 2007 Thor Mining PLC ("Thor" or the "Company") the specialist metals companycurrently focussed on advancing tungsten-molybdenum and uranium projects in theNorthern Territory of Australia, today announced that it had received the finalinterpretation from the HoistEM survey completed over its Hale River UraniumProject ("Hale River"). Highlights • A major palaeo-channel identified with numerous connecting subsidiary channels has been identified; and • Five new targets to be drilled. Thor is pleased to announce that drilling will commence in April on a number oftargets at Hale River subject to approvals from the DPIFM and the CLC. Themodelling and interpretation of 200m spaced HoistEM data at Hale River has beencompleted which has identified a complex palaeo-channel structure. In the pastthe area has had limited wide spaced drilling coverage which identifiedanomalous "roll front" style mineralisation. Final interpretations have been received for Hale River. A 3D basementtopography surface has been created from interpretation of 1D layered earthinversion modelling of the HoistEM survey data and the locations of conductivityshells have revealed five major drill targets within a south easterly strikingpalaeo-channel and the connecting subsidiary channels. 3D modelling ofconductivity shells is interpreted to indicate the presence of carbonaceoussediments within the palaeo-channels providing a reducing trap for uraniumbearing groundwater essential for the formation of "roll front" Uraniumdeposits. Zones of conductive and resistive sediments (indicating reducing andoxidizing environments) have been interpreted within the main and subsidiarypalaeo-channels within the model. The revised modelling has also incorporatedprevious exploration drilling that has already identified anomalous areas of "roll front style" uranium mineralisation. Target areas identified in the recentmodelling are also coincident with surface radiometric anomalies. Commenting on the results, Thor's Chief Executive Officer, Mr John A. Young,said: "I am very pleased with the results from the HoistEM survey at Hale River.Drilling programs are now being planned in detail and are scheduled tocommence in late April 2007. Drilling will test a number of priority targetssome of which have all the ingredients for a discovery" 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 consents to the inclusion in the report of the matters based on hisinformation in the form 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 ARM Corporate Finance Limited Nominated Adviser Leesa Peters 020 7429 6600 Conduit PR Limited Public Relations/UK or 020 7429 6603 Jos Simpson Nicolas 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:
Thor Energy