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Thor Mining PLC (THR.ASX.L) Pilbara Goldfields Ragged Range Update

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR) are pleased to advise high-grade gold in stream sediment samples, from the third phase of gold geochemical sampling, carried out in October, at the 100% owned Pilbara Goldfield Ragged Range Project in Western Australia.

Highlights:

§ High grade gold in stream sediments including:

• >2000ppb Au (>2.0 g/t) repeat 2.2g/t Au – 20PST51 (Au AR25 with repeat FA25)

• 1886ppb Au (1.9 g/t) – 20PST54 (Au AR25)

• 126ppb Au – 20PST52 (BLEG)

• 173ppb Au -20PST58 (BLEG)

• 111ppb Au-20PST66 (BLEG)

§ Third phase of stream sediment sampling defines four distinct clusters of consistently high-grade gold.

§ High grade gold continues to validate the mineralization potential along the 13km anomalous gold corridor, trending along the interpreted thrust-faulted mafic/ultramafic contact.

§ Geochemical data analyses continuing, with a field mapping and soil sampling program proposed over priority targets within the anomalous 13km gold trend to further delineate coherent gold trends prior to drill testing.

Mick Billing, Executive Chairman of Thor Mining, commented:

“These are very exciting times for Thor at Ragged Range, as this project continues to exceed expectations.”

“A number of very promising drill targets appear destined for testing, and we expect that the interpretation of the airborne magnetic survey results (near completion) should confirm several of these.”

“We look forward to providing further updates with continued progress.”

A map showing the project location can be accessed from the Thor website via the attached link:

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

Ragged Range Project, located in the prospective Eastern Pilbara Craton, WA (Figure 1) is 100% owned by Thor Mining – (E46/1190, E46/1262, E46/1355 (application), with the recent acquisition of additional tenure surrounding the gold anomalous zones, E46/1340 and E46/1354 (application).

Further to the AIM announcement of 13 October 2020, a total of 54 stream sediment sites (20PST 35 to 55, 55A, 56 to 72 and 74 to 89 were sampled). At each site; a fine (< 2mm) and a coarse fraction (>2mm) were collected and assayed by Intertek method AR25 (Aqua Regia) with an additional 2kg sample of the <2mm being assayed by Bulk Leach Extractable Gold (BLEG) using method CN2000 (Cyanide leach) and an additional <2mm sample used for in-field panning. The coarse >2mm fraction was crushed in the lab and assayed by method AR25. Thor has been following this stream sediment sampling protocol on the advice of our experienced consultant geologist George Merhi, who has worked in the Pilbara over many years. The advantage of using the different geochemical sampling procedures and assaying techniques is in verifying the presence of gold at each site and the medium the gold is in.

The geochemical program was designed to follow up anomalous gold identified in stream sampling programs completed in October 2019 and September 2020, with values of up to 256ppb (19PST 19F -AR25) and 130ppb (20PST 24F-BLEG). In addition to the follow up stream samples, reconnaissance stream samples were also collected within the tenure including samples on the granite contact to the north, along with a 1.5km NE-SW rock chip traverse across the interpreted 13km long gold corridor;

A link to an announcement of details of the sampling program may be accessed from the Thor website:

( https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20201014-Ragged-Range-Gold-Project-Sampling-Program.pdf ).

Stream Sediment Sampling-Gold Anomalism

Fifty-four (54) sample sites with a total of 112 stream sediment samples were selected for reconnaissance and follow up sampling to the 2019 and 2020 geochemical programs. 11 of the 54 sample sites returned anomalous gold values above 5ppb with 4 of these returning greater than 20ppb with results up to 2200ppb Au (2.2g/t Au – 20PST51) (Figure 2 and Table A).

From the -2mm AR25 samples, 10 samples are above background for the area (5ppb Au) and 5 samples are considered highly anomalous above 20ppb Au. Perhaps more importantly, from the BLEG samples, 13 samples are above the background 5ppb Au while 7 samples are considered to be highly anomalous above 20ppb Au. The coarse >2mm fraction show little anomalism with the highest assay being only 7ppb Au in a sample that reports only 3ppb Au in the <2mm AR25 and 2.31ppb Au in the BLEG assay.

These high-grade gold results in conjunction with the results from the October 2019 and September 2020 sampling programs (and historical data) form four distinct high-grade gold clusters adjacent to the interpreted thrust faulted mafic/ultramafic contact.

www.thormining.com/sites/thormining/media/maps/rr-clusters-202012.jpg

These clusters indicate close proximity to a gold source and will now form the focus of future exploration activities with soil sampling and mapping upstream to identify the gold source for defined drill targets.

Consistent anomalous gold along the gold corridor is a good indication that the corridor is open along strike extending south into E46/1355 application (100% Thor Mining).

ROCK SAMPLING PROGRAM

In conjunction with the stream sediment program a 1.5km rock chip sampling traverse was undertaken in the central gold anomalous catchment zone, ( https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200902-asx-rr-gold-sample-results.pdf ) . A total of 14 rock samples collected returned elevated gold in results up to 45ppb Au.

Full Update http://www.share-talk.co.uk/announcements/rns/thor-mining-plc/pilbara-goldfields-ragged-range-update/202012010917490847H

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


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