Thor Mining PLC (THR.ASX.L) Molyhil Third Drillhole Intercepts Mineralisation

Molyhil Continues to Grow with Third Drillhole Intercepting Mineralisation

Molyhil Project, Northern Territory

The Directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the third follow up diamond drill hole (21MHDD003) at the Molyhil Critical Minerals Project, Northern Territory, reinforces the newly discovered extension of scheelite-molybdenite-chalcopyrite mineralisation within a magnetite skarn.

Project highlights:

  • 21MHDD003 intercepts disseminated scheelite-molybdenite-chalcopyrite mineralisation in magnetite skarn, confirming the south-east plunging high-grade 3D mineralisation model.
  • 21MHDD002 intercepted over 45m of disseminated scheelite-molybdenite-chalcopyrite mineralisation in a massive magnetite-rich skarn and the third drill hole was designed to target the projection of 21MHDD002 mineralisation down plunge.
  • Three diamond drillholes totalling 995.4m have been completed and confirms that the newly identified magnetic target to the south of the Molyhil deposit is a continuation (possibly offset) of tungsten-molybdenum-copper mineralisation.
  • The new critical minerals discovery resulting from the 3D modelling of the magnetics highlights the potential to grow the Molyhil resource.
  • Extrapolation of the 3D model along strike has identified further high priority targets for drill testing.

Photo 1: 21MHDD003 – 276m; scheelite-molybdenite-chalcopyrite disseminated mineralisation within magnetite skarn may be viewed on the following link:
https://www.thormining.com/sites/thormining/media/maps/21mhdd003_276.jpg

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

“We are excited to announce that the third drillhole, 21MHDD003, intercepted further disseminated tungsten-molybdenum-copper mineralisation within magnetite skarn, confirming our new critical minerals discovery at the Molyhil project.

This extension of mineralisation, directly south of the deposit, has significant positive implications for the overall Molyhil Critical Minerals project. We look forward to further updating the market when all geological data and assays are available.”

Diamond Drilling Program

Three diamond drillholes (21MHDD001 – 21MHDD003) totalling 995.4m have been successfully tested, and confirmed the newly identified magnetic target, which represents a massive magnetite skarn hosting disseminated tungsten-molybdenum-copper mineralisation, located to the south of the Molyhil Critical Minerals Project (Table A and B and Figure 1 and 2).
Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted over 45m of disseminated mineralisation (Photo 2 and 4), whilst 21MHDD003 intercepted two zones over 29m of disseminated mineralisation (Photo 1 and 3). It appears 21MHDD001 intersected the edges of the magnetite skarn drilling over the top of the magnetite skarn lode, with negligible mineralisation. Initial interpretation of data highlights a potential south-east plunging lode extending southeast of the Southern lode with a possible offset (yet to be determined) (Figure 2). Drilling data is now being compiled in order to revise the 3D model.

Previous 3D geological modelling of the Molyhil deposit identified two prominent structures – the Yacht Club fault and South Offset fault (Figure 1 and 2). Based on the geological timing of these faults, they appear to have had a significant impact on mineralisation, such as offsetting the Yacht Club mineralisation from the Southern Lode, hence creating targets for potential extensions. Modelling of the South Offset Fault, relative to the magnetics, strongly implies an offset of the now confirmed magnetite skarn, host to the tungsten-molybdenum-copper mineralisation, south of the South Offset fault.
Diamond drill core is currently being prepared for submission to the laboratory, with Thor anticipating assay results in the first quarter of 2022.

The drilling program is 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 (AIM: THR 4 June 2021).

Photo 2: A photo of 21MHDD002 (275.4m) – massive magnetite skarn with disseminated scheelite and molybdenite mineralisation and bands of chalcopyrite may be viewed by the following link: https://www.thormining.com/sites/thormining/media/maps/p1000233.jpg

Photo 3: 21MHDD003 (273.5- 283.5m) – massive magnetite skarn with disseminated scheelite and molybdenite (metallic silver) mineralisation and bands of chalcopyrite (yellow) may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/maps/21mhdd003_core.jpg

Photo 4: Scheelite crystals (CaW04) under Ultra-Violet light surrounded by chalcopyrite (CuS2) and molybdenite (MoS2) within massive magnetite skarn – 21MHDD002 may be view by the following link:
https://www.thormining.com/sites/thormining/media/maps/core_uv.jpg

Figure 1: 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 (Figure 3). Interpreted mineralisation model shown in yellow. 21MHDD001, 21MHDD002 and 21MHDD003 hole traces. Figure 1 may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/maps/plan-view_dec21.jpg

Figure 2. Long section of the Molyhil project looking west-northwest, showing the three holes drilled in 2021 (21MHDD001 – 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 XRF 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. Figure 2 may be viewed on the following link:
https://www.thormining.com/sites/thormining/media/maps/x-section_dec21.jpg

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. The newly acquired data will be used to finesse the 3D model prior to follow up potential resource drilling.
This 3D modelling has identified further high priority targets for drill testing along strike (Figure 3).

Figure 3. 3D modelling of magnetics (transparent red) highlights Molyhil deposit and the recently drilled southeast plunging extension, plus drill targets along strike may be viewed by the following link:
https://www.thormining.com/sites/thormining/media/maps/regional-targets.jpg

Project Background

The Molyhil deposit is located 220 kilometres north-east of Alice Springs (320 km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory (Figure 3).
In April 2021 (THOR:AIM Announcement 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.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf

Figure 4: The Tenement & Prospect Location Plan may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/maps/molyhilmap.jpg

Table A: Drill Hole Collar Summary

Coordinates in GDA 94 Zone 53

Table B: Geology

This announcement is authorised for release to the market by the Board of Directors.

– 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


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