Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Thor Mining grows Spring Hill JORC resource to 450,000 gold ounces  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 20/11/2012

No. of Ratings : 0
Add to Mixx!


Thor is now in a position to move to 51% of the highly prospective Spring Hill project following the completion of exploration expenditure - which delivered an increase in resources to 450,000 gold ounces which are within open pittable depth. The resource has the potential to keep growing - with satellite targets to be drilled in early 2013.
(MENAFN - ProactiveInvestors - Australia) Thor Mining (ASX: THR, AIM: THR) has increased the Spring Hill resource to 10 million tonnes at 1.4 grams per tonne (g/t) gold for 450,000 ounces (cutoff grade of 0.5g/t) or 4 million tonnes at 2.3g/t (cutoff grade 1.0g/t).

The update represents an 11% increase in tonnes and a 9.5% increase in contained metal, and importantly the resource is within 150 metres of the ground surface providing potential open cut mine extraction opportunities.

The increased resource followed the recent drilling program by Thor at Spring Hill, which is part of an earn-in work program. Spring Hill is located south of Darwin in the Northern Territory.

Mick Billing, executive chairman, commented on the positive news: "We are delighted with this increase in gold resource and the potential for future growth at Spring Hill.

"We are focussed on continuing to build the project's resource inventory, as well as investigating economic options for profitable mine development. We have more targets to test in a region of proven economic gold endowment."

Thor has now completed the exploration expenditure obligation necessary to enable the acquisition of an additional 26% of the Spring Hill project to 51%, from Western Desert Resources (ASX: WDR).

It is expected that transfer documents will be provided to the Northern Territory Department of Resources by WDR in coming weeks.

Thor plans to acquire an 80% interest in the project, and is currently evaluating development options.

Highly prospective near surface mineralisation

Another big plus for Thor and Spring Hill is that the project remains highly prospective for additional near surface mineralisation including previously identified satellite targets, along with new targets identified from evaluation of recently flown high resolution aeromagnetic (helimag) data.

The company will look to use low cost percussion drilling for first pass testing of these targets in early 2013.

Satellite Targets

Partially drilled mineralisation in several locations proximal to the main Spring Hill resource such as this high grade intercepts from Ross Mining/Billiton joint venture drilling undertaken in 1989-92.

Historic drill intercepts include:

SHRC181: 26 metres at 2.56g/t gold from 59 metres (0.1g/t cutoff), including 16 metres at 4.0g/t gold (0.5g/t cutoff); and

SHRC182: 6 metres at 0.26g/t gold from 0 metres (0.1g/t cutoff), and 13 metres at 0.77g/t gold from 26 metres (0.1g/t cutoff), including 7 metres at 1.13g/t gold from 29 metres.


With a resource of 450,000 ounces of gold and moving to 51%, this places Thor on an EV/Resource ounce of less than 15 for its share of the resource.

This is well below its gold explorer peers in Australia. On this basis, and with further exploration upside at Spring Hill, this places Thor on a highly undervalued ranking.

Throw in its Molyhil tungsten and molybdenum project and the Dundas Project within the Albany-Fraser Province, and the under-valuation become more acute. We consider that Thor offers upside to 0.02 - 0.03.


  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...

Apr 24 2014QBA strengthens economic ties with Kenya ,MENAFN
(MENAFN) Members of the elite Qatar Businessmen's Association (QBA) stated their willingness to cooperate with their Kenyan peers, strengthening economic ties between Qatar and Kenya, The Peninsula ...

Apr 24 2014Russian Lebanese Foreign Ministers to Discuss Situation ,Qatar News Agency
(MENAFN - Qatar News Agency) scow April 24 - Russian Foreign Minister Sergei Lavrov and his Lebanese counterpart Gebran Bassil will discuss bilateral relations at a meeting in Moscow on Thursday as ...

Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

(MENAFN Press) The events in Ukraine have had a limited impact on MENA markets. Despite the Dubai index sliding 1.5%, trading volumes remained healthy. Quarterly corporate earnings results released ...


Click to Apply



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help