Thor Mining PLC (THR.ASX.L) Over 45m of Mineralisation Intercepted at Molyhil

Over 45m of Tungsten-Molybdenum-Copper Mineralisation Intercepted
Molyhil Project, Northern Territory

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the second hole in the diamond drilling program (21MHDD002) intercepted scheelite, molybdenite and chalcopyrite mineralisation within a magnetite skarn, at the Molyhil tungsten-molybdenum-copper Project in the Northern Territory.

Project highlights:

· 21MHDD002 intercepted over 45m of disseminated scheelite-molybdenite-chalcopyrite mineralisation in a massive magnetite-rich skarn.
· Drilling confirms that the newly identified magnetic target to the south of the Molyhil deposit is a continuation (possibly offset) of the Molyhil deposit tungsten-molybdenum-copper mineralisation.
· Based on the success of the second drillhole, a third hole is now underway, designed to target the projection of the 21MHDD002 mineralisation down plunge.

Photo 1: 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

Nicole Galloway Warland, Managing Director of Thor Mining, commented:
“We are excited to be sharing this new discovery at our Molyhil critical metals project.

Testing a new geological concept, in this case an interpreted magnetic target from 3D modelling to the south of existing mineralisation, has paid off significantly. The tungsten-molybdenum-copper mineralisation is open to the south and the third hole is designed to test this south plunging model.

The extension of this mineralisation, directly south of the deposit, in a previously untested area, is pivotal to the overall Molyhil project. We look forward to updating shareholders as more information becomes available.”

Diamond Drilling Program

During a 3D geological and geophysical modelling exercise completed in March-April 2021 a potential extension to the known Molyhil tungsten-molybdenum-copper mineralisation was defined by a large magnetic target (Figure 2 and 3). It was noted that previous drilling in this area had not tested the newly identified magnetic body.

Two drillholes (21MHDD001 and 21MHDD02) of the planned diamond drilling program are near complete and based on the success of the second hole a third hole is now underway (DD hole C) (See Table A and B and Figure 1 and 2).
21MHDD002 intercepted over 45m of disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn from 249.7m (Photo 1 and 2). It appears 21MHDD001 hit the edges of the magnetite skarn however, with negligible mineralisation. Initial interpretation of data highlights a potential south plunging lode extending south of the Southern lode with a possible offset (yet to be determined) (Figure 2).

The 3D geological modelling of the Molyhil deposit identified two prominent structures – 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 magnetic material (interpreted to be magnetite skarn) host to the tungsten-molybdenum-copper mineralisation, south of the South Offset fault.
Diamond drilling is being carried out by Durock Drilling Pty Ltd and is anticipated to take approximately one week to complete hole 3. Thor expects to receive assay results back 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 (272.2 – 275.7m) – 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/p1000228.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). 21MHDD001 and 21MHDD002 completed with DD Hole C underway. The image may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/maps/plan-view.jpg

Figure 2: Long section of the Molyhil project looking west-northwest, showing two drilled holes and a third planned hole. Drilled holes, 21MHDD001 and 21MHDD002, were targeted into the magnetic anomaly where it appears offset at depth by faulting. The next planned hole, DD Hole C, is planned to intersect the geological plunge of the mineralised intercept in 21MHDD002. 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.

The image may be viewed by the following link:

https://www.thormining.com/sites/thormining/media/Maps/section-view.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 (AIM: THR 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 3: 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 contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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

Competent Persons Report
The information in this report that relates to Exploration Results and the Estimation and Reporting Molyhil 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.

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 currently underway.

At Alford East in South Australia, Thor is earning an 80% interest in copper-gold deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor has 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 measured, 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


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