Thor Mining PLC (THR.ASX.L) Preliminary Drilling Results at Alford East, SA

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to advise positive preliminary internal copper results from early stages of diamond drilling at Alford East Copper-Gold Project, SA.

Project highlights:

  •  2 diamond holes completed at Alford East Copper-Gold Project (Figure 1): 21AED001 and 21AED002 (Figure 2).
  • pXRF copper readings from an inhouse pXRF analyser, highlight wide downhole intercepts above the Mineral Resource Estimate (MRE) grades (Table A). Intercepts include:
  • 106.5m @ 0.14% Cu (pXRF) from 8m (21AED001), including
  • 33m @ 0.40% Cu (pXRF) from 81.5m (21AED001)
  • 55.5m @ 0.28% Cu (pXRF) from 28m (21AED002)

Whilst preliminary and indicative only, drilling to date validates the current geological model and structural controls on mineralisation. Core is currently being cut ready for sample submission to laboratory for analytical analysis.

21AED001 was drilled in the centre of AE-5 Domain of the Mineral Resource Estimate (MRE), confirming the MRE envelope and the interpreted Top of Fresh Rock (TOFR) contact (Figure 3). This contact is critical for potential In Situ Recovery (ISR) of the copper and gold from the weathered oxide resource.

21AED002 was drilled (20m) to the north of AE-5 Domain outside of the MRE envelope, thus extending the limits of known mineralisation.

This 2000m diamond drilling program focuses only on the of the northern mineralised domains of the Alford East copper-gold deposit (Figure 1), targeting depth extension, higher copper-gold grades, and structural delineation.

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

” Thor is excited by these preliminary pXRF results. The validation of the geological model and structural controls on mineralisation has a significant impact on subsequent drilling and the confidence level of any future Mineral Resource Estimates. The step out of 21AED002 and confirmation of a wide copper intercept, highlights the potential to increase the current Mineral Resource Estimate.”

Important notice:

An inhouse Vanta Series C portable X-ray fluorescent (pXRF) analyser was used to take copper readings and are indicative only. Core is currently being cut ready for sample submission to laboratory for analytical analysis including gold assay. The core preparation and sample processing time at the laboratory is anticipated to take approximately 6 weeks, for this reason the Directors have elected to update the market with preliminary internal pXRF results.

The Directors believe that with adequate sample preparation the pXRF analyser will yield high-quality analytical data. However, there can be no guarantee that this method provides accurate results similar to those from the laboratory analysis. The results from the laboratory may not confirm these initial pXRF readings.

A copy of the Tenement and Prospect Location Plan may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/21-001-4-ae-mre-%E2%80%93-location.jpg

Project Background

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (THR:ASX 23 November 2020).

The Alford East Project covers the northern extension the Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralization, within a structurally controlled, north-south corridor consisting of deeply kaolinized and oxidized troughs within metamorphic units on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA.

Utilising historic drillhole information, Thor completed an inferred Mineral Resource Estimate (MRE) (THR:AIM 26 January 2021):

§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper

§ 71, 500oz of contained gold

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

Based on the nature on the oxide mineralisation, the deposit is considered amenable to In Situ Recovery (ISR) techniques.

For further information on ISR please refer to Thor website via this link for an informative video:

Drilling Program Update

Two drillholes 21AED001 and 21AED002 totalling 256m are now complete, out of a 2000m diamond drilling program. This initial program for Thor focusses only on the northern portion of the Alford East copper-gold deposit around the AE5 and Netherleigh Park mineralised domains (Table A), with both initial holes testing AE-5 domain.

Table A: Alford East Mineral Resource Estimate as at 22 January 2021, with AR-5 and Netherleigh Park domains the focus of the current drilling program highlighted.

Note: MRE reported on Oxide material only, at a cut-off grade of 0.05% Copper which is consistent with the assumed In Situ Recovery technique .

Table B: Drill Collar Locations

*GDA94 MGA53

A plan view showing the Alford East Project’s eight mineralised domains and an a drillhole location plan of AE-5, may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/banners/ae-5-drillhole-location-plan.jpg

An inhouse Vanta Series C portable X-ray fluorescent (pXRF) analyser was used to take readings every 0.5m down each of the holes. The pXRF copper readings are indicative only (Appendix 1), with samples being submitted to laboratory for analytical analysis including gold assay.

Copper intercepts include:

  • 21AED001: 106.5m @ 0.14% Cu (pXRF) from 8m, including 33m @ 0.40% Cu (pXRF) from 81.5m
  • 21AED002: 55.5m @ 0.28% Cu (pXRF) from 28m

21AED0001

Preliminary results for 21AED001 validate the new geological model including the interpreted position of the Top of Fresh Rock (TOFR), a critical contact in respect to ISR of oxide copper and gold mineralisation. The validation of the geological model is vitally important for future drill targeting and geological resource modelling. The geological model predicts that the control on copper mineralisation is a NE-SW fault that may join AE-5 to Netherleigh Park mineralisation.

A Cross section showing 21AED001 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/Maps/aed001.jpg

In addition, the copper intercepts were all positioned within the interpreted Mineral Resource Estimate envelope (Figure 4).

A Cross section showing 21AED001 MRE envelope may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/Maps/aed001.jpg

Follow up drill holes adjacent to 21AED001 are planned to test areas ‘open at depth’ and potentially associated with the north-northeast controlling structure to the east of 21AED001.

A Cross section showing follow up drillholes adjacent to 21AED001 may be viewed via the following link:

http://ww.thormining.com/sites/thormining/media/pdf/research-reports/ae-5-planned-drillholes.jpg

21AED0002

21AED002 steps out of the AE-5 resource area by approximately 20m to the north, hence the preliminary pXRF results are highly significant, as they highlight copper mineralisation extending north into the open zone between AE-5 and Netherleigh Park (Figure 6 & 7).

A Cross section showing 21AED002 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/pdf/research-reports/21aed002.jpg

A Cross section showing 21AED002 with MRE envelope projected to section may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/pdf/research-reports/aed002_mre.jpg

Copper oxide mineralogy in the drill holes comprises malachite, chalcocite, native copper and atacamite crystals.

Nominal 1m half core samples from AED001 and AED002 are currently being prepared for laboratory submission at Bureau Veritas (BV) labs in Adelaide.


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