Thor Mining (ASX: THR) has reported successful testing of a magnetic target south of its Molyhil tungsten-molybdenum-copper deposit, with diamond drilling intersecting scheelite, molybdenite and chalcopyrite mineralisation within a magnetite skarn.
The company reported that Hole 21MHDD002 encountered over 45m of mineralisation, confirming a continuation of the Molyhil deposit and proving the effectiveness of a 3D geological and geophysical modelling exercise that was used to generate the target.
The 3D modelling process was responsible for identifying a series of prominent structures including the Yacht Club fault and South Offset fault. Geological timing on these faults appear to have offset the Yacht Club mineralisation from the deposit’s Southern Lode, creating targets to test extensions.
“Testing a new geological concept, in this case an interpreted magnetic target from 3D modelling to the south of existing mineralisation, has paid off significantly”
Addressing the news, Thor Mining Managing Director Nicole Galloway said: “We are excited to be sharing this new discovery at our Molyhil critical metals project. Testing a new geological concept, in this case an interpreted magnetic target from 3D modelling to the south of existing mineralisation, has paid off significantly. The tungsten- molybdenum-copper mineralisation is open to the south and the third hole is designed to test this south plunging model. The extension of this mineralisation, directly south of the deposit, in a previously untested area, is pivotal to the overall Molyhil project. We look forward to updating shareholders as more information becomes available.”
Following up on the success of the first two drill holes, a third diamond hole is now underway tasked with testing the projection of 21MHDD002 mineralisation down plunge. This third hole is expected to take a week to complete, with assays results due in Q1 2022.
Molyhil is situated 220km north-east of Alice Springs in the Northern Territory, within the polymetallic-prospective Proterozoic Eastern Arunta Block.
Thor notes that the drilling program is being co-funded via a $110,000 ‘Resourcing the Territory’ grant, provided by the state’s Geophysics and Drilling Collaborations program.
Images: Thor Mining Plc