Thor Mining PLC (THR.L) New Gold Assays Define Drill Ready Targets

New Gold Assays Define Drill Ready Targets, Ragged Range Project, WA

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the latest soil results from the Company’s 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.

Project highlights:

  • Gold in-soil anomalies define eight high quality drill-ready targets.
  • High gold in soil values, including 348ppb Au (21RRS0777) and 153ppb Au (21RRS437), identified in both the central and southern areas of the Sterling Prospect . This is well above background (5ppb).
  • Gold panned 100m down slope of sample 21RRS377 reporting 74.1g/t Au 21RRST016, in pan concentrate.
  • Gold in soil anomalies extend materially, along strike at both the Sterling Central and Sterling South areas, with zones over 1.2km in length and remain open to the north and south.
  • 3,000m maiden reverse circulation (“RC”) drilling program scheduled to commence in early October, designed to test these high gold soil and stream anomalies.
  • Thor Mining awarded A$160,000 from the Western Australia Government under the Government EIS Co-funded grants program, to drill test stream and soil gold anomalies at Sterling Prospect.
  • Infill soils and geochemical data analyses continuing, with field mapping and regional soil and stream sampling programs to run concurrent with the scheduled RC drilling program over priority targets within the anomalous 13km gold corridor at the Sterling Prospect.

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

“The latest results from our surface geochemistry have defined eight new robust drill- ready targets at Sterling Prospect, Ragged Range.

These results confirm our geological model of shear hosted gold associated with the mafic-ultramafic contact.

The Directors believe that Ragged Range has significant exploration potential, with all the right ingredients to host significant gold deposits and we look forward to commencing our maiden RC Drilling program at the Sterling Prospect next week.”

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

http://www.thormining.com/sites/thormining/media/maps/20-004-1B-Ragged-Range-Location.jpg

The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia is 100% owned by Thor Mining – (E46/1190, E46/1262, E46/1355, E46/1340) with the recent additional tenure surrounding the gold anomalous zones, E46/1393 (application).

Sterling Prospect

Thor completed a further 369 infill soil samples in July over two portions of the Sterling Prospect, Sterling Central and Sterling South (Figure 2), as a follow-up to a reconnaissance soil program (THR:ASX announcement 23/06/21) and high-grade gold stream results (up to 2.2g/t Au) reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf

The infill soil samples were collected at a 25m x 100m spacing over priority areas with anomalous gold results from the initial reconnaissance program. At each site and consistent with the previous soil program, two samples were collected at each site, and both sieved to -2mm. The first sample of approximately 2kg was crushed at the Intertek lab in Perth and a sub-split assayed for Au by an aqua regia method AR25 and multi-element assaying by four-acid digest with MS25 finish. The second sample 1kg Bulk Leach Extractable Gold (BLEG) sample was assayed by method CN1000 for gold only.

Soil and Pan Concentrate Results

The infill soil results returned BLEG soil values up to 348ppb and 153ppb Au (21RRS777 and 21RRS437 respectively), with over 61 samples reporting significantly above a background of approximately 5ppb Au. Five stream sediment samples were collected using a <2mm sieve and panned to check gold anomalism. Samples 21RRST016 (74.1g/t Au) and 21RRST017 (0.35g/t Au) were panned approximately 100m down slope, in a small creek from soil sample 21RRS777. Gold was observed in both samples. Two creeks (21RRST018 and 21RRST019) were sampled, draining the major contact to the south of the Sterling South soil grid. No gold was observed in the pan. One sample was also collected from a high BLEG (111ppb Au) sample from previous stream sediment sampling. One speck of gold was panned with the sample 21RRST020 reporting 3.58g/t Au.

Soil results over Sterling Central prospect may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/21-007-2-Ragged-Range-stirlingcentralsoil.jpg

Soil results over Sterling South prospect may be viewed by the following link:

http://www.thormining.com/sites/thormining/media/maps/21-007-1-Ragged-Range-sterlingsouthsoil.jpg

Only thin residual soils overlie the Euro Basalt extending westward over the ultramafic Dalton Suite, faulted contact and the tenor and consistency of the BLEG results is considered outstanding.

Significant soil results are summarised in Table A.

Pan concentrate samples are found in Table B.

These latest soil results, combined with the initial soil program earlier in the year, have now identified several continuous anomalous gold zones each warranting drill testing, with some zones extending over 1km long at both the Sterling Central and Sterling South areas. Soil anomalies remain open to the north and south, with follow up infill sampling planned to investigate these areas further.

The gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact and suggests that gold mineralisation is controlled by minor faults and structures, associated with this major structure.

Gold mineralisation appears to be associated with highly foliated basalts with quartz boudinage (quartz-fuchsite veins) and zones of carbonate alteration

Photo Plates showing Quartz boudinage within foliated basalt, and Quartz-fuchsite-iron veins may be viewed by the following link:
http://www.thormining.com/sites/thormining/media/maps/ragged-range-photo-plate_Oct21.jpg

Next Steps

A 3,000m maiden RC drilling program is scheduled to commence in early October to drill test up to eight of the priority gold in soil and stream anomalous targets identified at Sterling Central and Sterling South prospects. The drilling is fully permitted with the drilling contractor about to mobilise.

Thor Mining was awarded A$160,000 from the Western Australia Government under the EIS Co-funded grants program to drill test gold anomalies at the Sterling Prospect.

Concurrent with the drilling program, infill soil sampling covering anomalous zones open at Sterling Central and Sterling South will be completed. In addition, regional gold targets, including to the northwest and southeast of Sterling prospect, the granitoid contact in the north, plus the copper-gold area in the northeast (Kelly/Ryan Prospects), will be followed up with reconnaissance stream and soil geochemistry programs. Government and Company geophysics are being used in conjunction with the geochemical data, to assist with structural and lithological targeting.

Proposed infill soil survey lines may be viewed via the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range–plannedsoilsjpg.jpg

Tenement and Prospective Follow up can be viewed with the following link:

www.thormining.com/sites/thormining/media/maps/ragged-range—prospect-location-map.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 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.


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