Thor Energy Regulatory News (THR)

1 August 2022

Thor Mining PLC

("Thor" or the "Company")

Ragged Range Project, WA

Airborne Magnetic and Radiometric Survey Commences

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the commencement of a close spaced airborne survey over the north-eastern portion of the Company's 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.

Project highlights:

§ High resolution close spaced airborne magnetics survey commences over the north-eastern portion of tenure, covering E46/1393 and E46/1340 (Figure 1). This survey will complement the 2021 survey to provide coverage over the entire Ragged Range Project.

§ The airborne magnetic and radiometric survey is designed to map out the key lithological boundaries, potential pegmatites and prospective structures controlling mineralisation associated with copper-gold mineralisation at Kelly's Prospect. 

§ Following the completion of the airborne geophysical survey, the next exploration step is to commence immediately; the continuation of mapping and sampling in the lithium prospective goldilocks zone, rock chip sampling of prospective structures at the Kelly's Cu-Au Prospect and the design of drill sections to test the Kelly's South gold zone. 

Photo Plate1: Thomson Fixed-Wing Airborne Magnetics Survey

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

"This airborne survey will ensure full coverage of tenure with high resolution, close spaced magnetics data, which is critical to the understanding of lithological boundaries and structural controls on mineralisation. This will allow Thor to focus on further developing its geological models in this greenfield area. 

"The airborne survey will extend over the Kelly's copper-gold prospect where we have recently highlighted, through rock chip sampling, exciting copper and gold values along strike of the historic copper workings."

Figure 1: Ragged Range Tenement Location Map showings proposed airborne magnetics survey.

The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia, is 100% owned by Thor Mining (covering E46/1190, E46/1262, E46/1355, E46/1340 and recently granted E46/1393, Figure 1).

The high resolution, close spaced airborne magnetics survey covers the remaining north-eastern portion of the tenure, covering E46/1393 and E46/1340 (Figure 1); now giving Thor full coverage of the tenure with close spaced magnetics and radiometrics data (Figure 1). The survey is being flown by Thomson Airborne Pty Ltd and is anticipated to take 2 to 3 days to complete.

The airborne magnetics survey is designed to map out lithological boundaries, potential pegmatites and prospective structures controlling mineralisation. The copper and gold mineralisation at the Kelly's Prospect is initially interpreted as shear hosted mineralisation associated with the dacitic Boobina Porphyry and the Euro Basalt (Figure 1). 

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

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.

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.

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.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor 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.²³

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