Special Report: Thor Mining has gone on an acquisition spree, picking up gold-copper tenements in Western Australia’s Pilbara region and the Yorke Peninsula, South Australia.
It has signed a non-binding term sheet to acquire two additional licences adjacent to its existing Ragged Range gold and nickel project, taking its total landholding up by 73sqkm to 213sqkm.
The new licences include areas over and surrounding historical small scale gold and copper mines increases Thor Mining’s (ASX:THR) exposure to potential granite contact deposits.
“We are delighted to be able to add to our holdings adjacent to Ragged Range where we have made very encouraging progress this year,” executive chairman Mick Billing said.
“The eastern portion of the newly acquired area hosts sites of historical small scale gold and copper mining, however there has been very little modern day exploration of this area.”
He added that the company expected to receive the assays from October sampling program that recovered visible gold via panning and was currently interpreting data from the recently completed airborne magnetic survey to refine gold and nickel drill program planning.
Meanwhile, Thor has also signed a binding term sheet to acquire the oxide mineral rights for the Alford East copper-gold project from Spencer Metals.
Billing explained that Alford East represents a continuation of the favourable geology that hosts the Alford West resources, in which Thor has exposure to through its 30 per cent interest in EnviroCopper.
“Several prospects at Alford East have substantial drilling history, providing evidence of both extensive mineralisation, and geology of a type, which subject to further work, appears potentially amenable to in situ recovery (ISR) techniques,” he added.
The new Western Australian licence areas increases the Thor exposure to potential granite contact deposits, complementing the mafic/ultra mafic contact exposure dominated by the 13 kilometre gold zone that it previously reported.
This newly acquired tenure is considered highly prospective for shear hosted gold mineralization along the granite contacts to the north and hydrothermal copper mineralization associated with the felsic porphyries intruding the mafic Euro Basalts in the northeast.
Anomalous historical stream sediments returned up to 76 parts per billion gold along with 240 parts per million copper.
A data review over the newly acquired ground is continuing with field programs planned for early 2021.
Alford East Project comprises numerous oxide copper-gold prospects including Alford East, Netherleigh Park and Netherleigh North that have extensive previous drilling.
Notable results are 122m at 0.63 per cent copper from 95m including 14m at 2.26 per cent from 111m and 76m at 0.95 per cent copper from 138m including 14m at 2.18 per cent copper from 146m, 14m at 1.5 per cent copper from 162m and 34m at 0.5 per cent copper from 190m.
The project covers the northern extension of the Alford Copper Belt where EnviroCopper has reported an inferred resource of 66.1 million tonnes grading 0.17 per cent copper for the Wombat, Bruce and Larwood deposits.
Alford East contains multiple walk-up drill ready targets.
This article was developed in collaboration with Thor Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.