Thor Energy Regulatory News (THR)

8 November 2021

Thor Mining PLC

Commencement of Drilling

Molyhil Tungsten-Molybdenum Project, Northern Territory

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that diamond drilling has commenced at the Molyhil tungsten-molybdenum Project, in the Northern Territory.

HIGHLIGHTS

§ 1000m diamond program has commenced at Molyhil tungsten-molybdenum copper Project, NT.

§ Drilling to test a newly identified magnetic target adjacent to the Molyhil magnetite skarn, host to the tungsten-molybdenum-copper mineralisation.

§ Thor Mining awarded A$110,000 from the Northern Territory Government as part of the Resourcing the Territory, Geophysics and Drilling Collaborations (GDC) program.

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

"We are excited to be starting this exploration drilling at our Molyhil Project in the Northern Territory, where we are testing a newly identified, large magnetic target adjacent to the known tungsten-molybdenum-copper mineralisation. The Molyhil resource is highly magnetic (high percentage of magnetite) and this newly identified target is interpreted to be an off-set of this mineralisation.

The depth to target of only 270m from surface and the location underneath the current pit design has the potential to be a game changer for the Project."

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

https://www.thormining.com/sites/thormining/media/Maps/12-002-1b-molyhil-location.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 1).

In April 2021 (THOR:ASX Announcement 8 April 2021) a revised Mineral Resource estimate was completed 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

Diamond Drilling Program

The 1000m diamond drilling program, comprising 2-3 drillholes, is designed to test potential extensions to the known Molyhil tungsten-molybdenum-copper mineralisation, defined by a large magnetic target interpreted in recent 3D geological modelling.

The 3D geological modelling of the Molyhil deposit identified two prominent structures - Yacht Club fault and South Offset fault (Figure 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.

Previous drilling in this area, to the south of the South Offset Fault, did not target the magnetic body. The drilling was designed to drill down dip of the Southern Lode without a fault offset. No mineralisation or magnetic material was intersected in this drilling.

Diamond drilling is being carried out by Durock Drilling Pty Ltd and is anticipated to take approximately 2-3 weeks. Drill results are expected in four to five weeks.

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 (ASX: THR 4 June 2021). Full details can be found on the NTGS website: www.resourcingtheterritory.nt.gov.au/about/gdc.

An image showing a plan view of the magnetic drill target looking down on the conceptual pit shell may be viewed via the following link:

https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-plan-view_drilling.jpg

An image showing a long section view of the magnetic drill target looking west-northwest, showing the planned drillholes may be viewed via the following link:

https://www.thormining.com/sites/thormining/media/maps/molyhil_magnetic-target-section_drilling.jpg

- Ends -

For further information on the Company, please visit www.thormining.com or contact the following: 

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 gold.¹

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 ³

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

Notes

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

2 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

 4 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf  

5 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf