Thor Mining Discovers Near Surface Gold Mineralisation Above Target At Spring Hill

Aug. 07, 2012 8:05 PM ET
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Thor Mining (ASX: THR) has uncovered near surface gold mineralisation of up to 12 grams per tonne (g/t) in its 2012 drilling program at the Spring Hill Project in the Northern Territory, above the intended Hong Kong lode target.

The assays are from only the beginning of the drillholes - part of a three pronged approach by Thor in 2012 to test different gold resource options presenting at Spring Hill.

Highlight assays comprise 11 metres at 5.1g/t gold from 65 metres, including 6 metres at 10.2g/t gold; 59 metres at 1.4g/t gold from 1 metre, including 1 metre at 12.4g/t gold; 26 metres at 0.7g/t gold from 71 metres; and 5 metres at 0.6g/t gold from 59 metres.

Mick Billing, executive chairman, commented on the positive results: "We are delighted with this early level of mineralisation in the near surface sections of our drilling.

"While our main targets are below the areas drilled thus far, the extensive gold mineralisation above and east of these is very welcome."

Spring Hill, which has a JORC Resource of 3.6 million tonnes at 2.34g/t for a contained 274,000 ounces of gold, has not being tested to more than 150 metres in depth, with mineralisation open at depth on almost all sections.

The results are from near surface reverse circulation pre-collar portions of the holes, all of which are being extended by diamond drilling.

Diamond drilling extensions for each hole will provide core for the main target area of each hole.

The diamond tail for the deep Callie hole extending from SHDD009's pre-collar is nearing completion at more than 900 metres depth.

Core logging and assay is progressing close behind the drilling with an update on results expected soon.

The current drilling program is expected to be completed in September.

Spring Hill exploration objective

Thor's three pronged approach for Spring Hill includes testing:

- Mineralisation below Spring Hill's main existing Hong Kong lode;
- Callie style mineralisation at depth beneath Spring Hill; and
- Satellite targets to the main Spring Hill resource, likely to be completed in a separate RC drill program later in the season, following receipt of regulatory approvals.

Hong Kong target

Following results of a 2011 drilling program, Thor is now targeting overall continuity of the gold mineralising system below the known Hong Kong lode.

Three holes are planned for this component of the program, totalling 1,050 metres, with the first 100 metres of each hole using reverse circulation drilling, and the deeper portion with diamond drilling.

The drill target zone has been selected to correspond with the strongest Hong Kong mineralisation.

Callie style mineralisation

The Spring Hill gold deposit is potentially an indicator of more substantial mineralisation at depth.

The structural and stratigraphic setting of the over 5 million ounce Callie deposit in the Northern Territory Tanami region is analogous to the neighbouring above 1 million ounce Cosmo Howley gold deposit.

The Tanami Inlier where Callie is located lies a few hundred kilometres south west of Spring Hill, and the geological characteristics of this inlier are comparable with those of the Pine Creek Inlier where Spring Hill resides.

One deep (900 metre) diamond drill hole is being drilled, with 150 metres reverse circulation pre-collar (SHDD009).

Satellite targets

Satellite targets, comprising lightly explored occurrences of gold mineralisation in several locations in proximity to the main Spring Hill Resource, are planned to be drill-tested in a separate reverse circulation drill program later in the season.

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