Thor Mining PLC (THR.ASX.L) Alford East Drilling Results


Alford East Copper-Gold ISR Project, South Australia

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are very pleased to advise of further significant copper and gold intercepts from the recently completed initial diamond drilling program at the Alford East Copper-Gold Project, SA.

Project highlights:

§ An exceptional high grade copper intercept over a wide interval:

21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including

18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m

§ As announced last week, other significant copper-gold intercepts include:

21AED001 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and

5m @ 0.5% Cu and 1.02g/t Au from 102m (previously reported THR: AIM Announcement 25 August 2021)

21AED002 59.9m @ 0.31% Cu from 21.9m (previously reported THR: AIM Announcement 25 August 2021)

§ Significant pXRF copper readings (to be confirmed by laboratory assays) including:

21AED004 50m @ 0.45% Cu from 6m (pXRF) (Previously reported THR: AIM Announcement 25 August 2021)

§ Remaining assays expected over the coming weeks.

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

“The newly discovered broad zone of high copper and gold grades from near surface in 21AED005, combined with the significant intercepts in 21AED001 and 21AED002 takes this oxide mineralised system to a new level, reporting values well above the Mineral Resource Estimate grades.

The confirmed uplift in copper and gold grades along the controlling NNE structure continues to excite and exceed the directors of Thor expectations. We look forward to testing this structure in areas open along strike, to the north and south.

Pump testing scheduled for start of September will further advance the In-Situ Recovery (ISR) ‘proof of concept’ hydrometallurgical assessment.

Exciting times ahead as we await final assay results from this drilling campaign and commence the ISR for copper and gold baseline studies.”

A copy of the Tenement and Prospect Location Plan may be viewed via the following link:

Project Background

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (ASX: THR Announcement 23 November 2020).

The Alford East Project covers the northern extension the Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralization, within a structurally controlled, north-south corridor consisting of deeply kaolinized and oxidized troughs within metamorphic units on the edge of the Tickera Granite, Gawler Craton, SA.

Utilising historic drillhole information, Thor completed an inferred Mineral Resource Estimate (MRE) (ASX: THR Announcement 27 January 2021):

§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper

§ 71, 500oz of contained gold

Based on the nature on the oxide mineralisation, the deposit is considered amenable to In Situ Recovery (ISR) techniques.

For further information on ISR please refer to Thor website via this link for an informative video:

Table A: Alford East Mineral Resource Estimate, with AR-5 extending towards AE-8 domains (previously Netherleigh Park) the focus of the current drilling program highlighted.

Note: MRE reported on Oxide material only, at a cut-off grade of 0.05% Copper which is consistent with the assumed In Situ Recovery technique .

A plan view showing the Alford East Project’s eight mineralised domains , may be viewed via the following link:

Alford East Diamond Drilling Program Update

Nine diamond drillholes totalling 878m are now complete, with assays received for three drillholes – 21AED001, 21AED002, and now 21AED005. This initial program for Thor, focussed only on the northern portion of the Alford East copper-gold deposit around the AE-5 mineralised domains (Figure 2 and 3), with drilling targeting areas open at depth and along strike. AE-5 domain is one of eight mineralised domains.

Drillhole assay results are reported in Table B and C (Appendices), with significant copper and gold intercepts, including (21AED001 and 21AED002 previously reported THR: AIM Announcement 25 August 2021):

§ 21AED001 : 108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m, including

25.3m @ 0.11% Cu from 6.2m

32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and

5m @ 0.5% Cu and 1.02g/t Au from 102m

§ 21AED002 : 59.9m @ 0.31% Cu from 21.9m

§ 21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including

18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m

Note for In Situ Recovery Thor is targeting broad copper-gold oxide intervals above the MRE cut-off grade of 0.05% copper.

An Alford East AE-5 Drillhole location plan may be viewed via the following link:

Preliminary portable X-ray fluorescent (pXRF) copper results (gold not measured by pXRF), in comparison to assay results as reported for 21AED001, 21AED002 and 21AED005 (ASX: AIM Announcement 25 August 2021), to date, have under reported the copper values (Table D). This positive correlation bides well with the drillholes awaiting assay results, and the continued use of pXRF readings for future drill targeting.

As previously announced, preliminary significant pXRF copper readings for all drillholes include:

21AED001 33m @0.4% Cu from 81.5

21AED002 55.5m @ 0.28% Cu from 28m

21AED003 26m @ 0.1% Cu from 15m

21AED004 50m @ 0.45% Cu from 6m

21AED005 73m @ 0.74% Cu from 6.3m

21AED006 16.5m @ 0.06% Cu from 44.5m

21AED007 29m @ 0.12% Cu from 20.5m

21AED008 5m @ 0.09% Cu from 36.5

21AED009 NSI – No Significant Intersection above 500ppm Copper

Important notice: The pXRF copper readings are indicative only with samples being submitted to laboratory for analytical analysis including gold assay. The Directors believe that with adequate sample preparation the pXRF analyser will yield high-quality analytical data. However, there can be no guarantee that this method provides accurate results similar to those from the laboratory analysis.

Table D: Assay verses pXRF Comparison (pXRF readings and intervals as per THR: AIM Announcement 29 June 2021)

For ISR purposes, drilling was limited to the deeply weathered lithological profile, testing the extent of the oxide zone and the depth boundary of the Top of Fresh Rock (TOFR). The copper-gold oxide mineralisation is hosted within deeply kaolinised (clay) and metasomatic altered units on the contact between the Olympic Domain Wallaroo Group metasediments and the Hiltaba Suite Tickera Granite, Gawler Craton). Copper oxide mineralogy is dominated by malachite and chalcocite.

Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A’ 6,256,360mN), were drilled through the central portion of AE-5 MRE Domain, designed to validate the geological model and test areas, open at depth. The high-grade copper and gold intercepts in both 21AED001 and 21AED005, significantly above the MRE cut-off, opens the mineralisation up at depth, with 21AED005 highlighting the significant grade uplift along the controlling north-south structure. Copper (predominately malachite) and gold mineralisation in 21AED005 is hosted within residual friable clays.

A Cross section showing 21AED001, 21AED003 and 21AED005 may be viewed via the following link:

Photo Plates for 21AED005 may be viewed via the following link:

Assay results from 21AED001, 21AED002 and 21AED005 confirm significant copper and gold grade uplift along the north-south trending controlling structure, validating the new geological model and structural controls on mineralisation. Validation and confidence in the geological model is critically important for future drill targeting, as well as resource modelling.

The continuation of copper mineralisation up to 100m north beyond the MRE AE-5 domain envelope, (21AED002, 21AED006 and 21AED007), confirms mineralisation remains opens along strike and the potential for MRE AE-5 to be structural link to AE-8 domain.

Remaining drill core is currently being prepared for sample submission to the laboratory, with all assay results anticipated in approximately 4 weeks.

Pump testing for initial hydrogeological baseline work forming part of the ‘proof of concept’ for ISR, including water characteristics, porosity, and permeability testing is scheduled for start of September. Preliminary hydrometallurgical studies by Mining and Process Solutions (MPS) on potential lixiviants for copper and gold recovery will commence once ground water samples are received. This work is all co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000.

Thor Mining PLC

Nicole Galloway Warland, Managing Director

Mick Billing, Executive Chairman

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

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