The Molyhil deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation.  Since mid 2004 it has been the subject of systematic testwork comprised of geophysical exploration, diamond and RC drilling programmes, surface and underground bulk sampling, metallurgical testwork and a geotechnical study.

Subsequent to the completion of the 2006 resource statement, Thor completed a DFS in 2006.  The study confirmed that the project is technically and economically viable, with strong financial returns and rapid capital payback.

With the recovery in metal prices in late 2010 and early 2011. Thor are re-evaluating the 2006 feasibility study with the objective of establishing that the project meets the economic criteria necessary for development.

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The Dundas Gold Project area is located in Western Australia within the general southerly strike extension of the most gold-rich part of the Yilgarn province, the Wiluna-Kalgoorlie-Norseman greenstone belt. The Directors believe this may impart an enhanced prospectivity to the section of the Albany-Fraser Province containing the project area.

In addition, the tenements are located in a part of the Albany-Fraser Province where the south-westerly grain of the Province is displaced south-eastwards by about 50km. The overprint of a south-easterly structure appears to mimic elements of the Tropicana geology and apparently creates opportunities for dilation of the rock sequence – a structural element generally favourable for mineralization.

The project was acquired in 2010 and exploration work to date has focused on calcrete (surface) sampling followed by shallow bedrock drilling looking for sufficient mineralization to target deeper reverse circulation drilling.

The Spring Hill Gold Project tenements are located approximately 150 km south of Darwin in Australia’s Northern Territory.  Importantly the location is served by all-weather access and is in close proximity to the arterial Stuart highway, north–south rail, gas pipeline, and trunk powerlines.  

In January 2011 Thor agreed terms to acquire up to an 80% interest in this project.

Spring Hill hosts an Indicated Resource of 274,000oz gold within 3.64Mt @ 2.34 grams per tonne (g/t) gold.

Thor is proposing during 2011 advance investigations into extending the near surface resource, the feasibility of open cut mining and drill testing the deep ‘Callie-style’ discovery target.

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The Harts Range project cover 362km2 of the Proteerozoic Harts Range Ivletarnorphic Complex. The tenements were explored for uranium between 1992 and 1995 following the flying of the airborne radiometric and magnetic surveys. Numerous occurrences of Uranium mineralisation were found, many of which were associated with alteration along structural breaks or contacts.

Thor's exploration program initially focussed on structurally controlled high grade mineralisation and field mapping. An EM survey was conducted in February 2010 with results indicating the potential for base metal mineralisation.

The tenements on which this project if located are granted tenements

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Michael Billing is an accountant with more than 30 years’ of mining industry experience in company secretarial, senior commercial, and chief financial officer roles. Previous positions have included periods with Bougainville Copper Ltd, WMC Resources Ltd and Multiplex Mining. He has been involved in the evaluation of new mining operations and in the planning for and commissioning of a number of operations including gold and nickel mines around Kambalda in Western Australia, and the Suzdal gold mine in north eastern Kazakhstan. He has had experience of corporate governance issues, debt and equity fund raising, and project evaluation and feasibility studies in Australia and elsewhere.

He is a consultant to a number of companies operating in these areas and is also a director of ASX listed Southern Gold Limited.

Michael Ashton owns a timber manufacturing business, Upper Murray Case Supplies in Riverland South Australia. He provides his products throughout Australia and worldwide. He has extensive knowledge and experience in the exploration and mining industries.

He is a shareholder in the Titeline Drilling Group, a successful exploration drilling company in Victoria which has operations all over Australia as well as in Botswana and Zambia. He is also a Director of ASX listed Western Desert Resources Limited.

 

Norman Gardner has established and is sole owner of a concrete construction business, Kwikcon, based in Alice Springs. The business operates Tilt-Up construction, concrete supply, quarrying crushing and screening and has been involved in significant mining projects in the Northern Territories, South Australia, and Western Australia, including development and operation of the backfill plant at the Granites Gold Mine. He has an in-depth knowledge of the construction requirements of the mining industry and was involved in the construction phase of the following mining operations: White Range gold mine (Northern Territory), The Granites gold mine (Northern Territory), Tanami gold mine (Northern Territory) and Ravensthorpe nickel (Western Australia).

He has also been involved in a number of successful property developments. He has previous involvement in putting together the essential components of a successful resource company’s initial public offer and was the driving force in bringing together the various parties to form Western Desert Resources Limited. He is also Director of ASX listed Western Desert Resources Limited.

 

Mr Greg Durack is a Member of the Australian Institute of Mining and Metallurgy. A metallurgist with over 20 years experience in Australia, Papua New Guinea and Greece, he has worked primarily on gold projects, in operational and development management roles.

He is also Chief Executive Officer of ASX listed Jupiter Mines Limited.

Mr Trevor Ireland is a geologist with more than 40 years experience in minerals exploration and corporate management. He has been involved both as a Manager and as a Company Director with mineral discoveries, economic evaluations and new mine developments covering gold, nickel, uranium and bauxite deposits in Australia and in several African countries. He is particularly associated with the discovery and development of The Granites and Callie gold mines in the Tanami region of the Northern Territory by North Flinders Mines Ltd. He served as a Director and Exploration Manager – Europe & Africa for Normandy La Source SAS, overseeing the evaluation of Ahafo and Akeyem gold orebodies in Ghana, and Tasiast gold in Mauritania, all of which have subsequently reached development or operating status. More recently, he was Managing Director of Australasia Gold Ltd.

 

Mr Burchard is a chartered accountant with 40 years accounting experience including 20 years as an audit partner in international accounting and advisory firm, KPMG, in Australia and Kazakhstan where his experience included clients involved in the mining and oil industries. More recently, he has been providing accounting and advisory services to a range of privately owned companies, not for profit organisations and government departments in South Australia.

Mr Stephen F Ronaldson is the joint company secretary as well as a partner of the Company's UK legal advisers, Ronaldsons.

Mr Ronaldson has an MA from Oriel College, Oxford and qualified as a solicitor in 1981. During his career Mr Ronaldson has concentrated on company and commercial fields of practice undertaking all issues relevant to those types of businesses including capital raisings, Financial Services and Markets Act work and placings and admissions to AIM and Ofex.

Mr Ronaldson is currently company secretary for a number of companies including eight AIM-listed PLCs

Richard Bradey holds a Bachelor of Science in Applied Geology and a Masters Degree in Natural Resource Management.  His recent career includes exploration, resource development, and mine geology, with Hillgrove Resources Limited, Xstrata Zinc, and Aditya Birla Minerals Limited, at senior levels.