Business
Gold assays up by more than 50% at Spring Hill
Gold assays up by more than 50% at Spring Hill.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3112Y Thor Mining PLC 23 January 2014 \n\n \n23 January 2014\n \n \n \nTHOR MINING PLC\n \nGold Assays up by more than 50% in new Screen Fire Assays at\nSpring Hill project in Northern Territory\n \n \nThor Mining PLC (\"Thor\") (AIM, ASX: THR) has achieved more than a 50% increase in gold grades after higher level assay testing was undertaken on ore samples from its Spring Hill gold project in Australia's Northern Territory.\nThor completed a resource enhancement Reverse Circulation drilling program at Spring Hill during 2013, and during late December and early January this year, undertook a series of screen fire assays following-on from the conventional gold assay testing the results of which were announced in December 2013 and January 2014.\nOver the full 34 samples submitted in the latest batch for screen fire assaying, the upgrade averaged 57% more gold. The samples were selected from conventional fire assay results below 2.0 grams/tonne (g/t). The first batch for screen fire assaying had been from samples above 2.0 g/t Au.\nThese new results announced today represent an additional and significant upgrade to the values already reported from the 2013 Spring Hill drilling.\nThor holds a 51% equity interest in Spring Hill, which is located south of Darwin, and is exercising rights to increase its interest to 80% from Western Desert Resources Limited (ASX: WDR\").\n \nMr Mick Billing, Executive Chairman of Thor Mining said:\n \n\"These additional results are very significant with the upgraded values spread across all four zones of the Spring Hill resource rather than one particular zone and If this trend can be confirmed, then a substantial uplift in the value of the total Spring Hill resource is probable.\n \nThe upgraded results from conventional screen fire assays reported on 14th January, on assays of over 2.0 g/t, averaged a 37% increase in grade. This latest upgrade on assays first assayed at below 2.0 g/t, is 57%.\n \nSubject to a further field program to confirm this trend, we expect to find increases in the grade of the resource, the number of contained ounces, and the proportion of the Spring Hill resource which could be incorporated into an ore reserve and mining plan.\"\n \nUpgrades on sample ranges are as follows:\n ...