Thor Mining PLC (ASX:AIM:THR) RC Drilling Program Commences at Ragged Range

Ragged Range Project, WA 3,000m RC Drilling Program Commences

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the commencement of a drilling program at the Company’s 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.

Project highlights:

  • Approximately 3,000m reverse circulation (“RC”) drilling program commences.
  • Drilling is designed to test both structural and geochemical targets along the Sterling Prospect 13km gold corridor, defined by robust soil and stream anomalies, following the first phase of drilling completed in December 2021.
  • Drilling is targeting interpreted dilational zones associated with faulting and folding along the regional thrust faulted contact between the mafic and ultramafic units (Figure 1).
  • Drilling program also includes 1-3 drillholes at the Krona Prospect to test electromagnetic (“EM”) conductor recently identified beneath the nickel gossan (AIM:THR 17 June 2022).
  • Concurrent to the drilling program, regional geochemical sampling and mapping will continue over the Kelly’s copper-gold area in the northeast of tenure (E46/1393).

Photo Plate 1 : Drilling rig tramming to site, Sterling prospect, Ragged Range may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/banners/photo-djc-rig.jpg

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

“It’s exciting to be commencing our second phase of RC drilling at the Sterling Prospect, Ragged Range, including drill testing the recently identified EM conductor beneath the nickel gossan, at the Krona Prospect.

“These are robust geochemical targets associated with key structural features defined by Thor, associated with the regional thrust faulted mafic -ultramafic contact within the Kelly Greenstone Belt.

“We look forward to updating the market as results come through.”

Figure 1 : Sterling and Krona prospects highlighting drilling traverses may be viewed via the following link: http://www.thormining.com/sites/thormining/media/maps/rr_proprc_fig.png

Figure 2 : Tenement and Prospect Location Plan may be viewed via the following link: http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg

Figure 3: Tenement Location Plan overlying GSWA 1:500k geology showing the gossan position, Krona Prospect adjacent to the Sterling prospect 13km gold trend may be viewed by the following link: http://www.thormining.com/sites/thormining/media/maps/tenure_krona-prospect.jpg

RC Drilling Program

A follow up RC drilling program at Sterling Prospect, Ragged Range has commenced (Figure 2 and Figure 3).

This second phase of drilling is designed to test dilational zones (potential trap sites for mineralisation and the interpreted source of the gold anomalies found in stream and soil samples). Surface anomalism is associated with a series of faults and folds, subparallel or at a high angle to the regional thrust faulted contact (Norman Cairns Fault) between the Euro Basalt and the Dalton Suite ultramafics along the Sterling Prospect 13km gold corridor (Figure 1, 2 and 3).

Approximately 40 drillholes for 3,000m are designed to cover these key structures and gold anomalies, with drill holes generally angled -60 degrees toward the west, near perpendicular to the structural controls of the dominant faulted contact between the Euro Basalt and the Dalton Suite ultramafics (Figure 1 and Figure 3). Drill depths will range from approximately 60-120m.

Figure 3 shows the planned drill traverses. Two drill traverses (labelled 1 and 5) will test the major thrust contact, mapped by the GSWA as the Norman Cairns Fault. Traverses 3 and 4 are designed to cross a major anticlinal axis and intense partly recumbent shearing and faulting in the Euro Basalt, close to the contact. Photograph 2 shows one of these faults in the field.

Photo Plate 2: Fault splay at Sterling North may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/photo-fault-splay.jpg

Traverses 6 and 7 will test structural contacts of the Euro Basalt. These are distinctive zones with both quartz veining and iron oxide seen at surface. Traverse 2 will test a dilation zone located in “the kink” where sinistral strike slip movement has led to multiple quartz veining, and surficial magnesite in a highly altered basalt unit. Traverses 8 and 9 target a significant fault splay that can been traced for many kilometres to the East. This fault is ironrich with anomalous arsenic (As) up to 1,000ppm. Stream sediment gold anomalies can be sourced to this area.

As part of the drilling program, one to three drill holes are planned to drill test the FLEM conductor identified below the nickel gossan at Krona Prospect (Figure 1 and Figure 2).

DJC Drilling Pty Ltd has been contracted to complete the RC drilling program. The 3,000m program is anticipated to take four weeks, with samples being freighted to Bureau Veritas laboratory in Adelaide, SA, for analysis.

Next Steps

Concurrent with the drilling program, mapping and geological sampling will be undertaken around the copper-gold Kelly/Ryan’s prospect areas (Figure 2), focusing along strike of high-grade copper-gold historic workings.

Airborne magnetic/radiometric survey to be flown over the eastern portion of the tenure, including E46/1340 and E46/1393.

Sterling Prospect

Since acquiring the Ragged Range project in late 2019, Thor has completed a series of systematic stream sediment programs over the tenure and an airborne magnetic survey, defining a 13km structurally controlled gold corridor – the Sterling Prospect (Figure 2). High-grade gold stream results, including up to 2.2g/t Au, were reported from sampling in 2019 and 2020 (THR:AIM announcement 23/06/2021).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf

As a follow up, two soil programs were completed over Sterling Central and Sterling South areas with BLEG soil values up to 348ppb and 153ppb Au (21RRS777 and 21RRS437 respectively), significantly above a background of approximately 5ppb Au (Figure 3 and Figure 4). To validate these high gold soil anomalies, a <2mm sieved stream panned concentrate with visible gold, reported up to 74.1g/t Au (Samples 21RRST016) approximately 100m down slope, in a small creek from soil sample 21RRS777 (AIM:THR 7 October 2021).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf

The surface gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact suggesting that gold mineralisation is controlled by faults and structures that splay off this major structure.

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


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