Thor Mining PLC (THR.ASX.L) Kapunda Copper ISR Project, South Australia

Follow the link to view the announcement in full including all figures:

http://www.rns-pdf.londonstockexchange.com/rns/1265M_1-2021-9-17.pdf

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to advise that drilling has commenced at the Kapunda Copper ISR Project in South Australia.

EnviroCopper Ltd (“EnviroCopper”) (in which Thor holds a 30% equity interest), in collaboration with MinEx CRC, is undertaking an innovative Coiled Tube (“CT”) drilling program at Kapunda. MinEx CRC is the world’s largest mineral exploration collaboration, bringing together mining industry (including drilling companies), government and research organisations. The drilling is designed to trial technological advancements using a safer, environmentally friendly mining technology with a low footprint.

Drilling is targeting copper-gold mineralisation approximately 30m from the planned in-situ recovery (“ISR”) push/pull test site to the south of Kapunda township. A geophysics IP anomaly was also identified in this area by Copper Range Ltd in 2008. The drilling program is anticipated to take approximately 4 weeks.

A photo of the coiled tube rig may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/ct-drill-rig.jpg

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

“It’s great to see mineral exploration collaborations between industry, government and research organisations, such as this Coiled Tubed (“CT”) drilling program between EnviroCopper and MinEx CRC. Based on geology and access, Kapunda is an ideal location to be trialling the next generation of CT drilling, whilst collecting geological information on the copper-gold mineralisation, which is valuable for the further development of the Kapunda Copper ISR Project.”

A copy of the Project Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/17-007-1b-kapunda-alford-location.jpg

About Kapunda and EnviroCopper

The Kapunda ISR Copper Project is located approximately 90 kilometres north north-east of Adelaide in South Australia (Figure 1).

Thor holds a 30% interest in EnviroCopper, which in turn holds rights to earn up to a 75% interest in the mineral rights over metals which may be recovered via ISR contained in the Kapunda deposit from Australian listed company, Terramin Australia Limited (“Terramin” ASX:TZN). (ASX:THR Announcement 11 November 2020).

For detail of the ISR process, investors are invited to view the EnviroCopper website: https://www.envirocopper.com.au/

EnviroCopper-MinEX CRC Collaboration

EnviroCopper is an affiliate of the $10M MinEx CRC program and currently has the CT drilling rig on site at Kapunda. The drill program will supply geological information to EnviroCopper whilst testing various aspects of the rig and the solid handling system.

Copper Range Ltd in November 2008, drilled two reverse circulation (“RC”) drill holes (SK001 and SK002) into an IP anomaly, with SK002 intersecting 22m @ 0.6% Cu (4-26m) including 4m @ 2.4% (4-8m) (Open File Envelope ENV11691). The CT rig aims to validate this mineralisation, in addition to gaining geological information on the copper mineral species.

Table A: Historic Drill Collar Summary, Coopper Range, 2008

(Sourced from Open File Envelope ENV 11691)

Kapunda MinEX CRC Coil Tube Drilling

MinEx CRC is the world’s largest mineral exploration collaboration bringing together industry, government and research organisations with a total of $220M funding. For further information view MinEx CRC website www.minexcrc.com.au

Coiled Tubing drilling offers the potential for rapid, safe, energy and water-efficient drilling at a fraction of the cost of conventional techniques. MinEx CRC is building on the RoXplorer® CT technology developed by DET CRC and deployed to field trials in Nevada in 2018. The Nevada trials confirmed the potential of CT drilling but showed that there could be improvements to fluid management, streamline sampling procedures and reduce the footprint of drill sites. The Kapunda drilling trial represents the next generation of CT drilling, with these improvements being added to the platform.

A Location Map of the CT Drill Site showing historic Kapunda mine workings may be viwed via the following link:

http://cms.thormining.com/sites/thormining/media/maps/coiled-tube-drill-site-location-map.jpg

A plan of the Historic drill collars (ENV 11691) may be viewed via the folwing link:

http://www.thormining.com/sites/thormining/media/maps/kapunda-historic-drill-collars.jpg

– Ends –

For further information on the Company, please visit www.thormining.com or contact the following:

Thor Mining PLC

Nicole Galloway Warland, Managing Director

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

Competent Persons Report

The information in this report that relates to Exploration Results and the Estimation and Reporting of the Alford East Mineral Resource Estimation is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Forward Looking Statements

This document may contain certain forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Thor Mining PLC current expectations, estimates and projections about the industry in which Thor operates, and beliefs and assumptions regarding Thor’s future performance. When used in this document, words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Thor believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Thor and no assurance can be given that actual results will be consistent with these forward-looking statements

Updates on the Company’s activities are regularly posted on Thor’s website www.thormining.com , which includes a facility to register to receive these updates by email, and on the Company’s twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the second half of 2021.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium, drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵

Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which is subject to a sale option agreement.6

Notes

1   www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf  

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf  

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate—moonta-project—rns—london-stock-exchange.pdf

 4 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf  

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates—bonya-tungsten–copper.pdf  

   http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf  


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