Thor Mining PLC - Acquisition of Pilbara Adjacent Tenements Complete
THOR MINING PLC
PILBARA GOLDFIELDS RAGGED RANGE PROJECT
COMPLETION OF ACQUISITION OF ADJACENT EXPLORATION TENEMENTS
ISSUE OF SECURITIES
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) are pleased to advise completion of the acquisition of additional licence areas (one of which is under application, pending approval) adjacent to
Thor shall issue new ordinary shares of 0.01p each ("Ordinary Shares") and options to acquire Ordinary Shares pursuant to the agreement, and will also issue new Ordinary Shares in negotiated settlement of broking fees, resulting from the acquisition of the US uranium and vanadium assets completed in
· Two licences (E46/1340 and E46/1354 (application)) include areas over, and surrounding, historical small scale gold and copper mines.
· New licence area increases the Thor exposure to potential granite contact deposits, complementing the mafic/ultra-mafic contact exposure dominated by the 13 kilometre gold zone previously reported (Figure 2 THR:ASX 21 October 2020).
· The newly acquired tenure is considered highly prospective for shear hosted gold mineralization along the granite contacts to the north and hydrothermal copper mineralization associated with the felsic porphyries intruding the mafic Euro Basalts in the north- east.
· Thor to issue 12,500,000 million new Ordinary Shares and 8,333,000 options to acquire Ordinary Shares @
· Thor also to issue 6,000,000 new Ordinary Shares in negotiated settlement of broking fees, resulting from the acquisition of the US uranium and vanadium assets completed in
"We are delighted to complete this acquisition and add to our holdings adjacent to
"Our sampling programs and airborne magnetic survey results to date have produced exciting and encouraging results, with a further sampling program, along with assessment of drill program access requirements to commence shortly."
The acquisition consideration comprises:
· Initial Consideration
§ 12.5 million Ordinary Shares in Thor;
§ 8.333 million options to acquire Thor shares @
§ Thor to transfer 100% of its interest in E52/3679 (WA licence under application with a value in the Thor accounts of approximately
· Milestone consideration
o Upon three drill intercepts of, or equivalent to, 3 metres @ 2.0grams/tonne Au, Thor pay further consideration of
§ 50% in Thor shares valued @
§ 50% in cash
The Company will shortly issue 12,500,000 Ordinary Shares at a price of
Settlement and dealings
Application will be made to the AIM Market of the London Stock Exchange ("AIM") for a total of 18,500,000 new Ordinary Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,534,468,526 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,534,468,526 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.
The information contained within this announcement is deemed to constitute inside information as stipulated under the
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Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
Competent Persons Report
The information in this report that relates to exploration results is based on information compiled by
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in
At the 100% owned Ragged Range Project in the Pilbara region of
Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in
Thor is earning an 80% interest in the Alford East copper project, on
Thor holds 100% of the advanced Molyhil tungsten project in the
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits².
Thor holds 100% of the
Thor holds mineral claims in the US states of
¹ Refer ASX and AIM announcement of
² Refer ASX and AIM announcement of
³ Refer AIM announcement of
⁴ Refer AIM announcement of
⁵ Refer ASX and AIM announcement of
Quick facts: Thor Mining PLC
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