Thor Mining PLC (THR.ASX.L) Exploration Update: Ragged Range, WA

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 Ragged Range Project, located in Eastern Pilbara, Western Australia including the first soil results from two reconnaissance soil surveys, at the Sterling Prospect.

Project highlights:

  • Gold in soil anomalism defined over 1.2km strike length (6 soil lines) and is open to the south and north in the central area of the Sterling Prospect, close to the Euro Basalt and Dalton Suite ultramafic contact.
  • Up to 114ppb Au in soil samples in the central area of the Sterling Prospect. This is well above background and considered highly significant.
  • Thor Mining awarded A$160,000 from the Western Australia Government under the Government EIS Co-funded grants program, to drill test stream and soil gold anomalies at Sterling Prospect.
  • New tenement application E46/1393 covering recently surrendered mining lease, containing numerous historic copper-gold workings associated with the Boolina porphyry close to the Corunna Down Batholith. Historic production1 between 1955-1970 although small was of very high grade – 610t of ore averaging 19.47% copper.
  • Infill soils and geochemical data analyses continuing, with field mapping and regional soil and stream sampling program scheduled to commence shortly over priority targets within the anomalous 13km gold trend to further delineate coherent gold trends prior to and concurrent with drill testing at the Sterling Prospect.
  • Further geophysics is being assessed across the Ragged Range tenement package to generate additional gold, copper and nickel exploration targets.

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

“These latest results are very promising for Thor as the gold anomalism in soils supports the stream sediment results, with gold clusters and trends forming in the Sterling Prospect. This confirms the significant exploration potential for a quality gold discovery at Ragged Range.

An old track into the prospect area is currently being upgraded to allow for the exploration teams to work independently without having to rely on helicopter support. This will speed up Thor’s field work and allow follow up soil sampling to be completed quickly and will also allow access for a drilling rig.

We look forward to providing further updates on our continued progress.”

The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia is 100% owned by Thor Mining – (E46/1190, E46/1262, E46/1355, E46/1340) with the recent additional tenure surrounding the gold anomalous zones, E46/1393 (application).

A copy of the Project Map may be view via the following link:

www.thormining.com/sites/thormining/media/Maps/20-004-1a-ragged-range-location.jpg

Sterling Prospect

As a follow-up to high-grade gold stream results reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020), Thor completed a 392-sample soil program, over two areas of the Sterling Prospect; Sterling Central and Sterling South

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201201-high-grade-gold-in-stream-sediment-ragged-range.pdf

The samples were collected from a thin residual soil overlying the Euro Basalt and extending westward over the ultramafic Dalton Suite contact. Samples were spaced at 50m along traverses spaced 200m apart. This spacing was designed as a first pass, with potential infill around areas of evaluated results.

At each sample site, two samples were collected and both sieved to -2mm. The first sample of approximately 2kg was crushed at the Intertek lab in Perth and a sub-split assayed for Au by an aqua regia method AR25 and multi-element assaying by four acid digest with MS25 finish.

The 1kg Bulk Leach Extractable Gold (BLEG) sample was assayed by method CN1000 for gold only.

One orientation line was completed with an additional -80 mesh soil sample collected, duplicating one soil line. The -80 mesh results reported are consistent with the -2mm sampling method along the same line. Blanks and other representative standards were inserted for QA/QC.

Soil Results

The Au BLEG results report a background around 2- 3ppb Au with sample values up to a maximum of 114.23ppb Au. This range is very similar to the previous stream sediment sampling in the area. The BLEG results are shown for the; Sterling Central and Sterling South, on Figures 4. In Sterling Central one zone of gold anomalism can be traced for 1.2km on six lines. The strike of this anomalism is oblique to the Euro Basalt and Dalton Suite contact and suggests that gold mineralisation is controlled by minor faults and structures, in this area.

It should be noted that BLEG assaying is a partial digest method whereby gold is extracted, using cyanide over a 24-hour period. This is in contrast to a complete digest assaying method such as fire assaying where all the sample is digested and the total gold value is reported. BLEG values that report above background are considered significant and will show trends of surface gold anomalism. BLEG values that are over five times background (above 15ppb Au) are considered highly significant.

A copy of the Regional Sterling prospect may be viewed by the following link:

www.thormining.com/sites/thormining/media/maps/21-004-1a-ragged-range-soilupdate-202106.jpg

A copy of the Sterling Central and Sterling South prospects may be viewed by the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range-central-and-south-sterling-soils.jpg

Significant results summaries in Table A.

MGA94 Zone 50 (GDA)

Nickel Gossan

Geological mapping of the nickel gossan which was previously sampled in mid-2020 (THR: ASX announcement 31/7/20) confirmed that the gossan extends over 1km and sits at the base of the Dalton Suite (ultramafic units) adjacent to the older Felsic Volcanics of the Wyman Formation. This position of the gossan at the base of the ultramafic contact is significant from a geological nickel-sulphide model perspective.

Prior to drill testing beneath the gossan, a ground electromagnetic (EM) survey will be undertaken. Thor is currently finalising this program.

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200826-pilbara-goldfields-encouraging-nickel-assay-results.pdf

E46/1393- Kelly/Ryan Copper- Gold Prospects

A new tenement application E46/1393 in the northeast covers recently surrender mining lease M46/171. This area covers several history copper-gold and copper-base metals mines and prospects. The copper mineralization is associated with the dacite Boolina porphyry, close to the margin of the Corunna batholith, and intrudes the Kelly greenstone belt.

At Kelly’s Mine, historic production1 between 1955-1970 although small was of very high grade – 610t of ore averaging 19.47%Cu.

Exploration to date has been sporadic, with no systematic approach over the area. Thor will be targeting areas of mineralisation, zones of alteration, shears/faults and zones of brecciation.

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

Photos of the historic copper working at Kelly’s prospect may be viewed on following link:

www.thormining.com/sites/thormining/media/maps/historic-workings-kelly-prospect.jpg

Next Steps

Infill soil sampling at a closer spacing of 100m x 25m will be used to finalise drill targets. Further reconnaissance soil sampling at 200m x 50m spacing will be continued along strike to cover the 7km strike length of the Sterling Prospect where stream sediment sampling has reported anomalous gold values. An existing station track is being upgraded to allow for easier access.

Concurrent with drilling program, regional gold targets including to the northwest and southeast of Sterling prospect, the granitoid contact in the north, plus the copper-gold area in the northeast (Kelly/Ryan Prospects) will be followed up with reconnaissance stream and soil geochemistry programs. Government and company geophysics is being used in conjunction with the geochemical data, to assist with structural and lithological targeting.

Thor Mining was awarded A$160,000 from the Western Australia Government under the EIS Co-funded grants program to drill test gold anomalies at Sterling Prospect.
Tenement and Prospect Location Map can be viewed with the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range—prospect-location-map.jpg


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