Thor Mining plc (AIM,ASX:THR) Half year report

The Directors of Thor Mining plc (AIM, ASX: THR) are pleased to announce the Company’s results for the six months ended 31 December 2021.

The Company’s Half Year Report was also today lodged with the Australian Stock Exchange (“ASX”) as required under the listing rules of the ASX. A copy of the Half Year Report will shortly be available on the Company’s website www.thormining.com.

Key Highlights

Gold, Lithium, Nickel, Copper-Gold (Ragged Range in the Pilbara region of Western Australia)

· Maiden reverse circulation (“RC”) drilling program at the Sterling Prospect highlighted encouraging quartz veining and sericite-pyrite-fuchsite alteration

Uranium & Vanadium (Colorado & Utah, USA)

· The Company received Bureau of Land Management (BLM) approvals

· Continued progress with the Colorado County approvals for an initial drilling program over several of the Colorado claims

Tungsten-Molybdenum-Copper (Molyhil, NT, Australia)

· Completed diamond drilling to test a newly modelled magnetic target, adjacent to the Molyhil deposit

· Drilling intercepted massive magnetite skarn with disseminated scheelite, molybdenite, and chalcopyrite

Copper-Gold (SA, Australia)

Alford East

· Results from the Company’s first phase of diamond drilling highlighted broad high-grade copper-gold intercepts and identified key structural and lithological constraints on mineralisation, suggesting potential zones for extended zones of higher grade copper-gold along strike and at depth

· The Company earned a 51% interest in Alford East by completing the Stage 1 requirements by funding A$500,000 of expenditure and issued the Stage 1 consideration of A$250,000 in fully paid Thor shares

· Initial favourable hydrometallurgical results demonstrate the potential for the metal recovery of copper and gold using environmentally friendly lixiviants

· New 3D geological framework completed to assist drill targeting and hydrological studies.

Kapunda and Alford West

· EnviroCopper Ltd (ECL), the holder and operator of the Kapunda and Alford West projects, in which Thor has 30% equity interest, continued to advance the Kapunda project with push-pull hydrometallurgical test-work for copper extraction for In Situ Recovery (“ISR”) assessment

· Alford West activities have focused on desktop hydrogeological studies in preparation for field pump tests

Pilot Mountain

· Pilot Mountain project in Nevada USA was divested in 2021 for US$1.8 million

Nicole Galloway Warland, Managing Director of Thor Mining, commented: “We are very pleased with the progress made across our project portfolio during the six months ended 31 December 2021. Thor’s business model focuses on creating value through the advancement of our diverse asset base targeting critical and battery minerals, positioning the Company well for future growth.

During the period, Thor completed simultaneous drilling programs at the Ragged Range Project in the Pilbara region of Western Austrlalia and Molyhil in the Northern Territory, and, having received Bureau of Land Management (BLM) approvals at our Uranium & Vanadium Project in USA, has begun working through the Colorado County approvals for an initial drilling program over several of the Colorado claims.

At the Sterling Prospect, Ragged Range, our maiden RC drilling program highlighted encouraging quartz veining and sericite-pyrite-fuchsite alteration. Unfortunately, due to mechanical issues, not all targets at the prospect were tested, so the remaining targets will be subject to follow up testing in the program planned for 2022, alongside further exploration for lithium prospectivity, which could enhance the fundamentals of the project. At Molyhil, we are pleased to have announced that diamond drilling has reinforced the newly discovered extension of scheelite-molybdenite-chalcopyrite mineralisation, confirming the project as a new critical minerals discovery. Further exploration drilling is expected at Molyhil in 2022.

We continue to be encouraged by the potential for the recovery of copper and gold using environmentally friendly lixiviants at Alford East, where the first phase of diamond drilling highlighted broad high-grade copper-gold intercepts and identified key structural and lithological constraints on mineralisation, suggesting potential zones for extended zones of higher copper-gold along strike and at depth. A second phase of drilling is currently being designed which will also assess ISR viability. During the period, EnviroCopper Ltd also completed push-pull hydrometallurgical test-work at the Kapunda project and Site Environment Lixiviant Testing (SELT) is anticipated in 2022 with the aim of recovering copper in solution from the deposit.

“Commodity prices have performed well during the period and forecasts are favourable that these conditions will continue further into 2022. With a strong pipeline of news flow expected for the coming months, and project milestones across the portfolio, we look forward to providing further updates on our progress in due course.”

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

Read More

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


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