Thor Mining PLC (AIM:ASX:THR) Exploration Update, Uravan Mineral Belt, USA

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an exploration update on the Company’s 100% owned Wedding Bell and Radium Mountain uranium and vanadium projects in the Uravan Mineral Belt, USA, Ragged Range gold-nickel project in the Pilbara, WA and Molyhil tungsten-molybdenum project, NT.

Project highlights:

• Maiden 2000m drilling program to commence in mid-September 2022 at the priority Rim Rock, Groundhog and Section 23 prospects within the Wedding Bell and Radium Mountain Projects (Figure 2). Site preparation has commenced.
• Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25% uranium (U3O8) and 3.47% vanadium (V2O5) (THOR ASX, AIM: 21 July 2020).
• Section 23 is the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the perspective “Salt Wash” Member precluded from historic prospecting, drilling and mine production.
• Drill assay results from the recently completed 3000m RC drilling program at Sterling Prospect, Ragged Range Project are pending due to delays with the laboratory (THR ASX, AIM; 11 July 2022).
• Sampling at Kelly’s prospect, Ragged Range continues to return high-grade gold and copper rock chip results including 15.5g/t Au (and 185 g/t Ag) and 0.91g/t Au (and 535 g/t Ag).
• Airborne Magnetics Survey over the eastern portion of Ragged Range tenure completed with interpretation underway, with emphasis on Kelly’s copper-gold area and lithium prospective ground associated with the Split Rock super suite (THOR ASX, AIM 1 August 2022).
• Downhole Electromagnetic Survey (DHEM) completed on Krona nickel drill hole with data interpretation underway.
• Discussions have commenced with potential Joint Venture partners to progress the Molyhil tungsten-molybdenum project, NT towards development.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

“The Thor team has been busy on the ground at our Ragged Range Project, WA and in the US, at the Wedding Bell Uranium-Vanadium Project, as such we are keen to provide a brief exploration update.

” We are seeing an increase in the uranium price as it becomes clear that many countries, including the UK, USA and Japan, are revisiting nuclear power as a response to rising energy prices driven by the Ukraine war and as a ‘green baseload energy’ source to meet decarbonization goals. Thor is positioned well as we advance our uranium-vanadium projects and looking forward to the commencement of our upcoming drilling program. ”

US Uranium and Vanadium – Wedding Bell and Radium Mountain, Colorado Drilling Program

Thor’s maiden 2000m drilling program is to commence mid-September at the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan mineral belt, southwest Colorado, USA (See Figure 1).

Douglas Exploration LLC has been contracted to undertake the drilling program, with local contractors commencing the site preparation work in readiness.

Based on initial due diligence completed by Thor, confirming uranium and vanadium mineralisation within the Salt Wash member of the Morrison Formation within the claim area, drilling will test three priority targets at Groundhog, Rimrock and Section 23 Prospects (See Figure 1).

Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25%U3O8 and 3.47% V2O5 (THOR ASX, AIM: 21 July 2020).

Section 23 (Figure 2) in the southeast corner of the Wedding Bell claim blocks has been identified by Thor Mining and World Industrial Minerals LLC (US Consulting team) as the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the “Salt Wash” Member precluded from historic prospecting, drilling and mine production. Proposed drill holes for this area are designed to target potential mineralisation in the third sandstone unit estimated to be within 30-40m of surface, stratigraphically, the mapped contact with the overlying upper Brushy Basin Member of the Morrison Formation.

Full details on Thor’s US uranium and vanadium projects may be found on Thor’s website https://www.thormining.com/projects/us-uranium-and-vanadium.

Figure 1: US Uranium and Vanadium Project location map showing Wedding Bell and Radium Mountain in Colorado and Vanadium King in Utah, USA.

Ragged Range Project, Pilbara WA

Thor has continued to undertake mapping and rock chip sampling at Kelly’s copper-gold prospect, targeting areas along strike of known copper mineralisation, zones of alteration, shears/faults and zones of brecciation, including sampling along the northwest trending, 1.2km long x 25m wide ridge between Euro Basalt and Boobina Porphyry (Figure 2 and Figure 3). In addition to the previously reported anomalous gold (up to 1.46g/t) and copper (up to 4.28% Cu) identified (THR ASX: AIM 25 July 2022), new sampling has returned up to 15.5g/t Au (R0070) and up to 535g/t Ag along strike (Table A, Figure 3 and Figure 4).

Drill assay results from the recently completed 3000m RC drilling program at Sterling gold prospect, remain pending due to delays with the laboratory (THR ASX, AIM; 11 July 2022) (Figure 2).

A close-spaced high-resolution airborne magnetics survey over the eastern portion of Ragged Range tenure has been flown, with interpretation underway (Figure 2). Key areas of interest include Kelly’s copper-gold prospect and lithium prospective ground associated with the Split Rock Super Suite (THOR ASX, AIM 1 August 2022).

One drill hole was drilled beneath the nickel gossan at Krona Prospect testing a modelled conductor identified from the Fixed Loop Electromagnetic survey. A downhole electromagnetic survey (DHEM) was subsequently completed with data interpretation underway.

Thor will update the market as soon as assays have been processed, along with interpretations from the two geophysics surveys.

Figure 2 : Key Prospects within the Ragged Range Project TenureTable A: Significant samples above 0.1g/t Au and 0.6% Cu (Projection: GDA94 Zone 50)

NS – Not Significant

Figure 3: Kelly’s Sampling Location Map

Figure 4: Kelly’s Prospect – prospective ridge looking southeast between Euro Basalt and Boobina Porphyry

(1. https://www.mindat.org/loc-122951.html )

Molyhil Tungsten-Molybdenum Project, NT

The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor and is located 220km north-east of Alice Springs within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (Figure 5).

The Molyhil Project is Thor’s most advanced project with significant work having been undertaken including a feasibility study completed in 2018, showing the project to be profitable production with low operating costs and early payback of capex (THR ASX, AIM 23 August 2018).

As part of Thor’s corporate strategy to add value to projects through discovery or partnerships, the Company has commenced discussions with potential Joint Venture/Earn-in partners to progress Molyhil towards development.

A full background on the project is available on the Thor Mining website: www.thormining.com/projects.

Figure 5: Molyhil Project

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

Thor Mining PLC

Nicole Galloway Warland, Managing Director

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935