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Commencement of Drilling - Spring Hill
Commencement of Drilling - Spring Hill.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0578O Thor Mining PLC 16 September 2013 \n \n\n16 September 2013\n \nTHOR MINING PLC\nCommencement of Drilling - Spring Hill Gold Project (NT)\nThe Directors of Thor Mining PLC (\"Thor\"), (AIM, ASX: THR) (Note: ASX THRDA to 19th September 2013) are pleased to advise that drilling has recommenced at its Spring Hill Gold Project, located south-east of Darwin in Australia's Northern Territory.\nThe program will comprise up to 2,000 metres of reverse circulation (RC) drilling targeting;\n· Near-surface mineralisation, including shallow targets identified in 2012 outside of the current resource (figures 2&3);\n· Potential extensions to high grade mineralisation previously subject to historic mining operations; and\n· Other potential satellite targets within Spring Hill lease area.\n \nThe program is expected to last for several weeks.\nThe 2012 drilling program confirmed considerable depth extensions to the known mineralisation below the Hong Kong zone at Spring Hill. Additionally, this drilling identified a potential new zone of mineralisation located between the Hong Kong and Western lodes.\nThe initial target in this drilling program is to confirm that this mineralisation extends to near-surface.\nA number of other targets have also been selected in this program, which may add to the existing geological resource.\nCommenting, Mr Mick Billing, Executive Chairman of Thor Mining, said: \"Spring Hill is potentially a near-term low cost mining operation for Thor. The operating cost of production identified in the study announced on 26 June 2013 of below A$1,100/ounce compares with a current gold price of around A$1,450/ounce. Any addition to the mining inventory that may come from this program has the potential to increase production at reduced unit cost.\"\nAbout the Spring Hill Gold Project\nThe Spring Hill project is located approximately 150 km south of Darwin in Australia's Northern Territory. The location is served by all-weather access and is in close proximity to the sealed arterial Stuart Highway, and other local infrastructure\nThor holds a 51% equity interest in the Spring Hill project and is exercising rights to increase that interest to 80% from Western Desert ...