Thor Mining PLC (ASX/AIM:THR) Molyhil Extension Drilling Update

The Directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the drill results of the diamond drilling program at the 100% owned Molyhil Critical Minerals Project, Northern Territory.

Project highlights:

• Two of three diamond drillholes completed in late 2021 intercepted disseminated scheelite-molybdenite-chalcopyrite mineralisation hosted in a massive magnetite skarn, validating a newly identified 3D magnetic target. The drilling demonstrates that tungsten-molybdenum-copper skarn mineralisation extends along strike, to the south of the Molyhil Resource.
• Assay results were lower than visible grade estimates and this resulted in the samples being resubmitted for analysis using two different analytical techniques, with further follow up using the coarse reject material.
  21MHDD002:
  o 46m @ 0.06% WO3, 0.05% Mo & 0.04% Cu from 249m,
• including 11m @ 0.05% WO3, 0.13% Mo & 0.06 % Cu from 272m
  21MHDD003:
  o 4m @ 0.13% WO3, 0.08% Mo & 0.06% Cu from 255m
• Analytical analyses of the tungsten and molybdenum is significantly impacted by the coarse nature of the scheelite crystals in half core, combined with the malleable nature of the molybdenite when pulverised; thus, sample size is critical to the representivity of assay grades.
• Extrapolation of the 3D model along strike has identified further high-priority drill targets

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) table is set out at the end of this announcement.

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

“Although we were disappointed by the assay results, the presence of a 46m intersection of magnetite skarn and weakly disseminated tungsten-molybdenum-copper mineralisation is very encouraging. Exploring for this style of mineralisation is difficult without the presence of significant amounts of magnetite that can be easily defined in magnetic surveys. Other magnetic targets along strike show the potential for further mineralisation at Molyhil.”

Diamond Drilling Program

Three diamond drillholes (21MHDD001, 21MHDD002, 21MHDD003) totalling 995.4m, completed in late 2021, have successfully tested and confirmed the newly identified 3D magnetic target located along strike to the south of the Molyhil Critical Minerals Project. This magnetic target represents a massive magnetite skarn hosting disseminated tungsten-molybdenum-copper mineralisation (Table A, Table B, Table C, Figure 1 and 2).

Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted 46m of disseminated mineralisation (Photo 1 and 2), whilst 21MHDD003 intercepted two zones of disseminated mineralisation over 29m of magnetite skarn . It appears 21MHDD001 intersected the edges of the magnetite skarn drilling over the top into a granite, with negligible mineralisation.

21MHDD002:

• 46m @ 0.06% WO3, 0.05% Mo & 0.04% Cu from 249m,
• including 11m @ 0.05% WO3, 0.13% Mo & 0.06 % Cu from 272m
  21MHDD003:
• 4m @ 0.13% WO3, 0.08% Mo & 0.06% Cu from 255m

Visible grade estimations were significantly higher than compared with assays, thus resulting in the samples being resubmitted for analysis using two different analytical techniques (Lithium Borate Fusion with ICP-MS finish and XRF Fusion), with further follow up using the coarse reject material (Photos 1 and 2). Analytical analysis of the tungsten and molybdenum is significantly impacted by the coarse nature of the scheelite crystals in half core, combined with the malleable nature of the molybdenite when pulverised; hence sample size is critical to the representivity of assay grades (bulk sampling is optimal for scheelite).

The Directors believe further work on the tungsten – molybdenum – copper relationship and grade distribution is warranted.
The drilling program was co-funded by the Geophysics and Drilling Collaborations (GDC) program as part of the Resourcing the Territory initiative, with Thor Mining granted A$110,000 (RNS: THR 4 June 2021).

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Photo 1: 21MHDD02- 282-283m (282.4m) – 1m @ 0.02% WO3, 0.23% Mo & 0.07% Cu – coarse grained visible molybdenite in magnetite skarn

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Photo 2: 21MHDD002: 293-294m (293.8m) – 1m @ 0.03% WO3, 0.04% Mo and 0.06% Cu – significant visible molybdenite and chalcopyrite visible throughout intercept, contrasting to assays

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Figure 1 (Left): Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO3 isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in transparent red. The yellow dashed line shows the location of the long section (right). Interpreted mineralisation model shown in yellow. 21MHDD001, 21MHDD002 and 21MHDD003 hole traces.

Figure 1 (Right): Long section of the Molyhil project looking west-northwest, showing the three holes drilled in 2021 (21MHDD001, 21MHDD002 21MHDD003). Drilled holes 21MHDD002 and 21MHDD003 intercepted tungsten-molybdenum-copper mineralisation within magnetite skarn, whilst 21MHDD001 is interpreted to have drilled just over the top of the mineralised zone. Bar graph to the left of the drillholes shows Fe in magnetic susceptibility readings, indicating magnetite-rich skarn. Mineralisation remains open at depth. The conceptual pit shell is shown in brown, 0.3% WO3 isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a transparent red envelope (0.15 SI) and a conceptual shape representing the down-plunge mineralised zone in yellow.

NEXT STEP:

The newly discovered extension of the tungsten-molybdenum-chalcopyrite mineralisation to the south of the Molyhil deposit has validated the successful 3D modelling of the geology, magnetics and mineralisation.

This 3D modelling has identified further high priority targets for drill testing along strike (Figure 2).

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Figure 2: 3D modelling of magnetics (transparent red) highlights Molyhil deposit and the recently drilled southeast plunging extension, plus drill targets along strike.

Project Background

The Molyhil deposit is located 220km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory (Figure 4).

In April 2021 (AIM: THR 8 April 2021) a revised Mineral Resource Estimate comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.4 million tonnes at 0.27% WO3 (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO3 cut-off.

https://www.londonstockexchange.com/news-article/THR/mineral-resource-estimate-updated/14928598

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Figure 3: Tenement & Prospect Location Plan

Table A: Drill Hole Collar Summary

Notes: Coordinates in GDA 94 Zone 53, as previously announced AIM 7 Dec 2021

 Table B: Geology

Notes: as previously announced AIM 7 Dec 2021

 Table C: Drill Intercepts – 21MHDD002 and MHDD03

For further information, please contact:

Thor Mining PLC

Nicole Galloway Warland, Managing Director

Tel: +61 (8) 7324 1935

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935