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Thor Mining (ASX: THR, AIM: THR) is a minerals exploration and development company focused on gold and base metals exploration, as well as progressing towards development of the Molyhil Tungsten and Molybdenum Project in the Northern Territory of Australia.
Thor Mining starts nickel hunt in the Albany-Fraser ProvinceOctober 18 2012, 5:39am
Thor Mining (ASX: THR, AIM: THR) plans to include nickel exploration in its activities being carried at the Dundas Project within the Albany-Fraser Province of Western Australia.
The company will undertake preliminary nickel exploration activities over a small area in conjunction with the ongoing gold exploration program at the project.
The Albany-Fraser belt hosts a number of nickel prospects, including Sirius Resources' (ASX: SIR) recently announced Nova discovery, about 80 kilometres north-northeast of Dundas, and historical nickel intercepts nearby at the Gnama South and Talbot prospects.
Sirius has defined oxide-zone nickel-copper-cobalt mineralisation at the Gnama South prospect.
A 25 square kilometre portion of tenement E63/1102 overlies part of the Fraser Complex geology which hosts significant recent nickel discoveries.
A small number of soil samples have previously been collected from the target area and assayed for gold.
These will also now be assayed for nickel and associated indicator minerals, following which a more detailed geochemical sampling program is scheduled.
The Albany-Fraser belt hosts a number of recent gold discoveries including AngloGold Ashanti (ASX: AGG) andIndependence Group's (ASX: IGO) plus-5 million ounce Tropicana gold deposit, and other closer discoveries.
Thor also plans to soon begin gold-focused aircore geochemical drilling program at Dundas to follow up previously described surface calcrete geochemical anomalies.
The company will also undertake deeper reverse circulation drilling targeting gold mineralisation.
To date, Thor has identified a number of prospects for drill testing.
The gold values reported within the anomalies identified are consistent with those associated with gold mineralisation elsewhere in the Albany-Fraser Belt, including that at Tropicana.
The Dundas Project tenements lie on the general strike-extension of the most prolific gold-bearing belt of the Yilgarn Province – the 700 kilometre Wiluna-Kalgoorlie-Norseman greenstone belt, in an area where the trend of the Albany-Fraser belt is displaced south-eastwards by about 50 kilometres.
The Albany-Fraser belt hosts a number of recent gold discoveries including the plus-5 million ounce Tropicana gold deposit, and other closer discoveries.
The belt also hosts a number of nickel prospects, including the recently announced Nova project about 80 kilometres north-northeast of Dundas, and historical nickel intercepts nearby at Gnama Sth and Talbot.
Thor Mining holds a 60% interest in the Dundas project along with rights to increase that equity to 100%.
Thor was required to spend a minimum of A$1 million to be eligible to increase its staged equity to 80% by 30 September 2012, and is in the process of negotiating an extension.
Interest is increasing from companies and investors alike in the Albany-Fraser Province as new nickel discoveries continue to be made.
One very well-known recent one is Sirius Resources' Nova discovery, which has put the Albany-Fraser Province on the map as a highly prospective, emerging nickel province.
Although it is only early days for Thor in the region, the Albany-Fraser Province is one of the hottest postcodes at the moment with tenants such as Sirius experiencing increased investor interest on new discoveries.
Sirius shares have risen over 4,000% in the past three months since it announced the new Nova discovery, whileAAQ Holdings (ASX: AAQ) has also experienced share price growth of 60% since it dialled into the region.
Black Fire Minerals (ASX: BFE) has also uncovered new nickel soil anomalies proximal to its Mystique Project following a reassessment of the project’s nickel potential.
The addition of nickel exploration to Thor's activities at Dundas is potentially value adding and could add an exciting new dimension to the company's exploration pipeline.
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