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.

Thor Mining PLC

("Thor" or the "Company")

Uranium Drilling Results

Wedding Bell and Radium Mountain, USA

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide uranium drilling results from the recently completed drilling program at the Company's 100%-owned Wedding Bell and Radium Mountain Projects, Colorado, USA.

Project highlights:

§ Initial drilling confirms the high uranium prospectivity of the Wedding Bell and Radium Mountain Projects (Figure 1).

§ Key intersections include (eU₃O₈ denotes that the uranium grade has been determined by downhole gamma logging):

      Groundhog

·    2.1m @ 0.036% eU₃O₈ from 85m (22WBRA012A), including

0.3m @ 0.14% eU₃O₈

·    1.2m @ 0.034% eU₃O₈ from 78m (22WBRA013), including

0.5m @ 0.5% eU₃O₈

Rim Rock

·    0.3m @ 0.072% eU₃O₈ from 59.7m (22WBRA014)

Section 23

·    0.5m @ 0.051% eU₃O₈ from 102.6m (22WBRA002)

·    0.6m @ 0.021% eU₃O₈ from 92.4 m (22WBRA011), and

·    0.5m @ 0.03% eU₃O₈ from 100m

http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf

Photo 1: Downhole gamma logging by Jet West

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

"As the first company to access and drill test this highly prospective area, the intersection of uranium bearing reduced sandstones at the newly tested Section 23 prospect is exciting to see, as is the continuity of high-grades along strike of historic workings at both at Rim Rock and Groundhog.

We look forward to updating shareholders further on these promising USA assets."

Next Steps

The following activities are planned:

1.   Detailed interpretation and modelling

2.   Laboratory analysis - physical samples collected over the mineralised zones sent for laboratory analysis - testing for both uranium and vanadium plus multi-element

3.   Continue to review all historic data associated with the Projects including Vanadium King Project, Utah

4.   Plan drilling including follow-up at Wedding Bell and Radium Mountain

5.   Commence planning and approvals for 2023 drilling programs

Wedding Bell and Radium Mountain, Colorado Drilling Program

Thor's initial drilling program comprising 15 shallow rotary air drillholes, confirms uranium mineralisation along strike of historical workings at Rim Rock and Groundhog Prospects, and within the newly tested Section 23 prospect (Figure 2).  These priority prospects lie within the Company's 100% owned Wedding Bell and Radium Mountain Projects located in the historic uranium-vanadium mining district within the Uravan mineral belt, southwest Colorado, USA (Figure 1).

Uranium mineralisation was intersected at all three prospects confirming the prospectivity of the Projects by increasing and enhancing the uranium lateral continuity across the Projects within the Salt Wash Member of the Morrison Formation (Table A and B and Figure 2). 

Section 23 (Figure 2) in the southeast corner of the Wedding Bell claim blocks represents the only large area in the Project with interpreted continuity of the uranium prospective Salt Wash sandstone unit precluded from historic prospecting, drilling and mine production.  A small fence line of drillholes (22WBRA01- 22WBRA0011) confirms uranium mineralisation within the lower sandstone units of the Salt Wash Sandstone (Figure 3, Figure 4 and Figure 5). 

The Groundhog Mine area (Figure 2) consists of the upper and lower historic mine workings (Photo 2). The upper workings are in the lower unit of the Brushy Basin Shales whilst the more extensive lower workings are in the Salt Wash Sandstone (Figure 2 and Figure 4). Two drillholes (22WBRA12 and 22WBRA013) tested and confirmed lateral continuation of mineralisation to the south, with the intersection of reduced sandstones hosting uranium mineralisation in the first and second sandstone rims.

The Rim Rock Mine area (Figure 2) represents a vanadium rich target. The two drill holes (22WBRA014 and 22WBRA015) are designed to straddle the east-southeast projection of the Rim Rock Mine, the opening of which is located immediately to the west. The Rim Rock Mine was the largest historic uranium-vanadium producer in the project area.

Vanadium layers, such as this one targeted at Rim Rock, are generally relatively low in uranium content (by the standards of historical uranium mining in the Uravan District), were usually ignored by the miners, with the focus on high-grade uranium zones only. The intersection in 22WBRA014 (0.3m @ 0.072% eU₃O₈ from 59.7m) confirms the uranium mineralisation, as we await physical samples for vanadium analysis.

The uranium grades and thicknesses reported (Table B) are determined by gamma downhole logging.   Physical samples have been collected within these mineralised zones for laboratory testing.  The analyses will test for uranium and vanadium, as well as multi-element analysis. These results are anticipated in Q1 2023.

Douglas Exploration LLC is undertaking the drilling program, with Jet West Geophysical Services completing the downhole gamma probe work.

Full details on Thor's US uranium and vanadium projects may be found on Thor's website https://www.thormining.com/projects/us-uranium-and-vanadium.

http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Figure 1: Location Map

http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf

Figure 2: Geology and tenement map of Wedding Bell and Radium Mountain projects, showing Section 23, Rim Rock and Groundhog prospects.

http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf

Figure 3: Section 23 Drill Collars

http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf

Photo 4: Section 23 looking west towards Groundhog showing stratigraphic horizons.

http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf

Photo 5: Simple Stratigraphy of the Uravan Mineral Belt showing the prospective Morrison Formation.

Table A: Wedding Bell & Radium Mountain Drill Collar Information (WGS84 UTM Zone 12)

Table B: All significant uranium intersections from gamma logging (eU₃O₈) of the rotary air drilling program above 0.3m minimum thickness, > 0.01% eU₃O₈ (100ppm eU3O8) with no internal dilution.

Note: eU3O8 denotes uranium grades determined by gamma downhole logging.

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

For further information, please contact:

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.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.  Thor executed a $8m Farm-in and Funding Agreement with Investigator Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project.⁶

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  Thor's interest in the Bonya tenement EL29701 is planned to be divested as part of the Farm-in and Funding agreement with Investigator Resources Limited.⁶

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  

⁶ https://thormining.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf

1   JORC Code, 2012 Edition - Table 1

1.1         Section 1 Sampling Techniques and Data

1.1        Section 2 Reporting of Exploration Results