INVESTOR UPDATE

KEY POINTS

  • We attended a site visit to Thor Mining’s Ragged Ridge project in the Pilbara, Western Australia.
  • A 3,000m RC program is underway which is only the second targeted exploration campaign in the area after the initial drill
    program late 2021 was cut short due to rig mechanical issues.
  • Ragged Range is prospective for structurally controlled gold mineralisation as well as nickel, copper and lithium.
  • Assays from the current drill program are due in approximately 2-3 months’ time with the assays being conducted in Adelaide due to the severe lab availability in Western Australia.
  • The Company has also received exploration permits for its 100% owned Uranium projects, Wedding Bell and Radium Mountain located in Colorado, USA. Drilling is expected to commence in Q3 2022.

INVESTMENT VIEW
We attended a site visit of Thor Mining’s Ragged Range project in the Pilbara. Drilling is progressing well with pads already built for all the remaining drill lines. The target area is highly faulted, and deformed, sandwiched between three geological units. Gold anomalies in stream samples indicate the primary source is likely within this highly faulted area of the Sterling prospect. While a small early drilling campaign did not encounter gold mineralisation, the geological theory remains with many encouraging technical elements discovered including quartz and sulphide veining and widespread alteration. The area has never had a systematic exploration campaign and by our research THR are the first Company to drill a hole into this prospect. The project also has an interesting nickel EM target below a nickel gossan which will also be tested as part of the current drill program. The lithium and copper potential to the north east of the tenements are yet to be understood with early exploration activities to commence in the near term. We were surprised by the small, abandoned copper mine at Kelly and the amount of copper oxides clearly visible and warrants further testing for primary sulphide mineralisation at depth.

UPCOMING CATALYSTS

  • Ragged Range drilling – Q3 2022
  • Ragged Range assays – 2H 2022
  • US Uranium drilling – Q3 2022
  • US Uranium assays – Q4 2022
  • Strategy updates on Molyhil Tungsten and Afford East Copper projects – 2H 2022

THE

RAGGED RANGE PROJECT

The Ragged Range Project covers 92 square kilometres of exploration licences at one of the best addresses for mining exploration in Australia. 

Aproximately 40 kms west of Nullagine, in the Pilbara region of Western Australia, the Ragged Range Project area lies on the eastern boundary of the Greatland Gold Panorama project and predominantly comprises of Eastern Pilbara greenstone which is highly prospective for both gold and nickel.

LATEST

NEWS

Strategic Placement Raises $2.65m

The directors of Thor Mining are pleased to announce a successful capital raise of A$2.65m to fund exploration activities at the Company’s project interests, with particular emphasis on the uranium exploration licences in Colorado and Utah in the United States.

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