Thor Mining Plc (AIM, ASX: THR, OTCQB: THORF) is confident that results from the third follow up diamond drillhole (21MHDD003) at the Molyhil Critical Minerals Project in Australia’s Northern Territory, have reinforced the newly discovered extension of scheelite-molybdenite-chalcopyrite mineralisation within a magnetite skarn.
Project highlights:
▪ 21MHDD003 intercepts disseminated scheelite-molybdenite-chalcopyrite mineralisation in magnetite skarn, confirming the south-east plunging high-grade 3D mineralisation model.
▪21MHDD002 intercepted over 45m of disseminated scheelite-molybdenite- chalcopyrite mineralisation in a massive magnetite-rich skarn and the third drill hole was designed to target the projection of 21MHDD002 mineralisation down plunge.
▪ Three diamond drillholes totalling 995.4m have been completed and confirms that the newly identified magnetic target to the south of the Molyhil deposit is a continuation (possibly offset) of tungsten-molybdenum-copper mineralisation.
▪ The new critical minerals discovery resulting from the 3D modelling of the magnetics highlights the potential to grow the Molyhil resource.
▪ Extrapolation of the 3D model along strike has identified further high priority targets for drill testing.
“We are excited to announce that the third drillhole, 21MHDD003, intercepted further disseminated tungsten-molybdenum-copper mineralisation within magnetite skarn, confirming our new critical minerals discovery at the Molyhil project,” Managing Director, Nicole Galloway Warland, said.
“This extension of mineralisation, directly south of the deposit, has significant positive implications for the overall Molyhil Critical Minerals project. We look forward to further updating the market when all geological data and assays are available.”
Diamond Drilling Programme
Three diamond drillholes (21MHDD001 – 21MHDD003) totalling 995.4m have been successfully tested, and confirmed the newly identified magnetic target, which represents a massive magnetite skarn hosting disseminated tungsten-molybdenum-copper mineralisation, located to the south of the Molyhil Critical Minerals Project.
Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of scheelite- molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted over 45m of disseminated mineralisation, whilst 21MHDD003 intercepted two zones over 29m of disseminated mineralisation. It appears 21MHDD001 intersected the edges of the magnetite skarn drilling over the top of the magnetite skarn lode, with negligible mineralisation. Initial interpretation of data highlights a potential south-east plunging lode extending southeast of the Southern lode with a possible offset (yet to be determined). Drilling data is now being compiled in order to revise the 3D model.
Previous 3D geological modelling of the Molyhil deposit identified two prominent structures – the Yacht Club fault and South Offset fault. Based on the geological timing of these faults, they appear to have had a significant impact on mineralisation, such as offsetting the Yacht Club mineralisation from the Southern Lode, hence creating targets for potential extensions.
Modelling of the South Offset Fault, relative to the magnetics, strongly implies an offset of the now confirmed magnetite skarn, host to the tungsten- molybdenum-copper mineralisation, south of the South Offset fault.
Diamond drill core is currently being prepared for submission to the laboratory, with Thor anticipating assay results in the first quarter of 2022.
The drilling program is co-funded by the Geophysics and Drilling Collaborations (GDC) program as part of the Resourcing the Territory initiative, with Thor Mining granted A$110,000.
For further information please visit: https://www.thormining.com/
