Molyhill Mineral Resource Estimate Enhanced

·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc).  These examples should not be taken as limiting the broad meaning of sampling.

·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·    Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

·      The mineralised lodes at the Molyhil deposit were sampled using surface diamond drill holes, percussion holes, and underground shaft and cross-cut bulk sampling. Drilling was conducted primarily on nominal 25m by 25m line spacing, reduced in areas to 12.5m by 12.5m and drilled on the GDA94 National Grid system.

·      Three winzes (2m x 1.2m) totalling 96m and three cross-cuts (2.1m x 1.2m) totalling 102m were sunk into the orebody.  The winzes and cross-cuts were all sampled at 2m intervals.

·      Drill holes used in the resource estimate included 15 diamond holes, 89 percussion holes, and 3 underground shafts with associated cross-cuts for a total of 14,906.9m within the resource wireframes. The supplied database contained a total of 162 drill hole records for a total of 19,163.25m of drilling.  Holes were generally angled at -60° towards the west (average of 252° azimuth) to optimally intersect the mineralised zones.

·      All accessible drill hole collars and starting azimuths and downhole deviations were accurately re-surveyed by Direct Systems surveyors in 2011.  Dip and azimuth values were measured at 10m intervals down hole using North Seeking Gyro equipment.

·      Drilling was conducted by Petrocarb, Tennant Creek Gold and by Thor. Petrocarb drilling prior to 2005 was not included in the data used for the Mineral Resource Estimate.  Diamond drilling used a 63.5mm core diameter (HQ) with sampling at varying intervals based on geological boundaries. Half-split core was sampled and sent for analysis. RC drilling used a 5" face sampling bit, a cyclone and an industry standard riffle splitter. All samples were sent for preparation (crushing and pulverising) and analysed using the XRF method at various laboratories including ALS Perth, Amdel Adelaide and Genalysis Perth.

·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

·      Diamond or percussion drilling were the primary techniques used at Molyhil. Diamond holes make up 12% of the total metres drilled with a core diameter of 63.5mm. Hole depths ranged from 55m to 207m. Percussion drilling makes up 88% of the total holes drilled with depths ranging from 12m to 502m. Shaft or cross-cut sampling accounts for less than 1% of sample results in the database.

·    Method of recording and assessing core and chip sample recoveries and results assessed.

·    Measures taken to maximise sample recovery and ensure representative nature of the samples.

·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

·      Recoveries from diamond core were only recorded when there was significant core loss, examination of the photographs of the core trays indicates that overall recovery was very good. All diamond core was oriented where possible.

·      Diamond core was reconstructed into continuous runs for orientation marking with depths checked against core blocks. 

·      Most percussion samples were visually checked for recovery and moisture content and the data recorded.  The recorded recovery figures averaged 84%, with most samples recorded as being dry.

·      No relationship was noted between recorded sample recovery and grade, however comparison of RC assays for tungsten and molybdenum with underground bulk sampling and diamond core indicates there may be a reduction in RC sample grades of tungsten and molybdenum due to excessive partitioning of both scheelite and molybdenite material into the outside return. It was also noted from the bulk sampling program completed by Thor in 2006 that higher grade molybdenum ore was softer and produced more fine material than harder, barren material. Pilot holes drilled by RAB drilling rigs also noted poor sample quality and low recoveries. This sampling bias due to preferential loss of fine material has likely resulted in a corresponding reduction in grade of tungsten and molybdenum of the sample.

·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

·    The total length and percentage of the relevant intersections logged.

·      All holes were field logged by company geologists to a high level of detail.

·      Although the core was oriented it was not routinely logged for RQD, or number and type of defects. The supplied database contained tables with some information vein shearing and vein percent with observations but no alpha/beta angles, dips, azimuths, and true dips.

·      All drill samples were logged for lithology, rock type, colour, mineralisation, alteration, and texture. Logging is a mix of qualitative and quantitative observations. It has been standard practice by Thor (since 2005), that all diamond core be routinely photographed.

·      All drill holes were logged in full.

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·   

·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.

·      Diamond core was cut in half using a core saw with half core submitted for assay.

·      Percussion drill samples were collected at 1m intervals. Samples were collected at the drilling rig and split with a riffle splitter at the drill site. Samples were predominantly dry. Drilling was through bedrock from surface. Sampling of diamond core and RC chips used industry standard techniques.

·      Thor has used systematic standard and pulp duplicate sampling since 2005.  Detailed data from the 2011 program indicates that a sequence of every 25^th sample was submitted as a standard, a different sequence of every 25^th sample was inserted as a field duplicate and a third sequence of every 25^th sample was inserted as a blank.  This resulted in 3 samples in every 25 being a QAQC sample (approximately 12% of all samples).

·      Sample sizes (3-5kg for core and 2-5kg for chips) are considered appropriate to correctly represent the W and Mo mineralisation based on: the style of mineralisation, the thickness and consistency of the intersections, the sampling methodology and assay value ranges for W and Mo.

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

·      The assay method used for all drill samples was XRF. The lower detection limit is in the order of 0.01% to 0.005% for Fe or 0.005% to 0.0001% for Mo or W and well within the level of accuracy or grade cut-off required for the resource estimate.

·      No geophysical tools were used to determine any element concentrations used in this resource estimate.

·      The various programs of QAQC carried out by Thor over the years have produced results which support the sampling and assaying procedures used at the various deposits..

·      A total of 6 different certified reference materials representing a variety of grades from 0.12% to 0.28% for W and 0.09% to 0.48% for Mo were inserted regularly during the 2011 drilling program for a total of 67 samples. Results highlighted that the sample assays are within accepted values, showing no obvious bias.

·      A total of 88 blank samples were submitted during the 2011 drill program and results show that sample contamination has been mostly contained.

·      Field duplicate analyses (a total of 68) mostly honour the original assay for Fe however show some widely scattered field duplicate results for W, Mo and Cu indicating a high natural grade variability.

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.

·      RPM has independently verified significant intersections of mineralisation. The 2011 site visit inspected 2011 drill core and noted similar identification of geological features. Resource mineralisation outlines were agreed upon by RPM and Thor geologists.

·      Analysis of twinned RC vs. diamond holes and RC vs. underground cross-cuts (bulk samples) has identified there is a reduction in RC sample grade for W and Mo. RPM considers that excessive partitioning of both scheelite and molybdenite material into the outside return air stream during the RC drilling procedure could result in a reduction in grade of tungsten and molybdenum of the sample. It was also noted from the bulk sampling program that higher grade molybdenum ore was softer and produced more fine material than harder, barren material. Pilot holes drilled by RAB drilling rigs also noted poor sample quality and low recoveries.

·      RPM conducted reviews of all the available data that could be related to the application of a grade adjustment factor for the RC drill hole data. The adjustment factors used for the resource estimate were updated for the January 2012 Mineral Resource estimate. This was reviewed again for the 2019 update and additional recommendations to improve the number and coverage of twin diamond holes were made to be completed prior to any further economic evaluation of the deposit including more advanced feasibility studies.

·      Due to this reduction in grade RPM considered it appropriate that Mo and W grade adjustment factors should be applied. An adjustment factor of 114% for Mo and 144% for W above the 350m RL level and 144% for Mo and no change for W below the 350m RL level was applied prior to grade estimation. The grade adjustment factor was applied to tungsten and molybdenum RC assays only and no other changes were applied to the assays

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.

·      Drill hole collars and starting azimuths have been accurately re-surveyed by independent surveyors using a DGPS instrument. Down hole dip values and azimuths were recorded at 10m intervals using digital equipment such as a north-seeking gyro instrument.

·      Drill hole locations were positioned using the MGA Grid System.

·      The topographic surface over the Molyhil deposit was provided to RPM by Thor. Drill hole collars have been used to create a more accurate surface immediately above the mineralised lodes.

·    Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·    Whether sample compositing has been applied.

·      Drill holes have been located at 25m by 25m throughout the mineralised lodes at Molyhil, and mainly drilled steeply westward to intersect steeply east-dipping, moderately south-plunging skarn bodies. Some broader spaced drilling has been undertaken away from near-surface mineralisation.  

·      The main mineralised domains have demonstrated sufficient continuity in both geological and grade continuity to support the definition of Mineral Resource, and the classifications applied under the 2012 JORC Code.

·      Data density is sufficient to define reasonably structured variograms for each element.

·      Samples have been composited to 1m lengths using 'best fit' techniques.

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

·      Drill holes are orientated predominantly to an azimuth of 252° and drilled at an angle of -60° to the west which is approximately perpendicular to the orientation of the mineralised trends.

·      The orientation of the drilling is at a high angle to the strike and dip of the mineralisation and is unlikely to have introduced any sampling bias due to orientation.

·    The measures taken to ensure sample security.

·      No information has been provided to RPM with respect to the sample security for historical drilling.

·    The results of any audits or reviews of sampling techniques and data.

·      A review of sampling techniques and data was carried out during a site visit conducted in October 2011. The conclusion was that sampling and data capture was to industry standards.

·    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·   The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.

·      The tenements at Molyhil comprise EL22349, ML23825, ML24429 and ML25721.  For all tenements Thor Mining PLC hold 100% Project Equity.

·      Thor has completed the Public Environmental Report for the Molyhil Tungsten and Molybdenum Project. This report has been accepted by the Department of Regional Development, Primary Industry, Fisheries and Resources in the Northern Territory

·      This report was approved on the 15th July 2007 by the DRDPIFR (NT), who also confirmed in December 2011 that the approval remains current.  The report is available on request.

·      Thor Mining PLC has also obtained all the required agreements between the Traditional Owners of the land, and Thor Mining PLC, to enable the Molyhil Operations to proceed with the recognition and support of the Traditional Owners.

·      The Tripartite Deed records the terms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, the Central Land Council and Thor Mining PLC.

·      There are no known impediments to obtaining a licence to operate in the area.

·    Acknowledgment and appraisal of exploration by other parties.

·      Tungsten and molybdenum mineralisation was originally discovered at Molyhil in 1973.  The Molyhil deposit was initially drilled in 1977 with further drilling carried out in 1981.  The work was carried out by Fama Mines Pty Ltd, Petrocarb NL, Nicron resources NL and Geopeko.  Between 1975 and 1976 approximately 20kt of molybdenum and tungsten mineralisation were mined from the northern Yacht Club skarn body.  Approximately 900kt of material was mined from the adjacent Southern skarn body during 1978 to 1982, to a depth of approximately 25m.

·    Deposit type, geological setting and style of mineralisation.

·      The Molyhil deposit consists of two adjacent outcropping iron rich skarn bodies, marginal to a granite intrusion, that contain scheelite (tungsten mineralisation as CaWO4) and molybdenite (molybdenum as MoS2) mineralogy.  Both the outlines of, and the banding within, the skarn bodies strike approximately north-south and dip steeply to the east.  The bodies are arranged in an en-echelon manner, the northeast body being named the Yacht Club and the southwest body the Southern.

·   A summary of all information material to the under-standing of the exploration results including a tabulation of the following information for all Material drill holes:

·   easting and northing of the drill hole collar

·   elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

·   dip and azimuth of the hole

·   down hole length and interception depth

·   hole length

·   If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

·    A complete table of all relevant drill holes is attached to the Mineral Resource report as Appendix B.

·      Mining and drilling information prior to 2004, water bore and RAB drilling assay results were excluded from the resource estimate. This reflected concerns relating to the completeness and accuracy of historical information and the quality of RAB drill samples.

·    In the opinion of Thor, material drill results have been adequately reported previously to the market as required under the reporting requirements of the ASX Listing Rules.

·   In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

·   Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·    The assumptions used for any reporting of metal equivalent values should be clearly stated.

·    Exploration results are not being reported.

·    Not relevant.

·    A tungsten metal equivalent value was used as a cut-off grade for the reporting of potentially economic material. The tungsten equivalent was determined using the prices and recoveries of tungsten, molybdenum and copper as determined from RPM's review and from test work.

·    The WO₃ equivalent was determined by the following formula:

WO₃ equivalent = WO₃ + 0.952658*Mo + 0.298054*Cu

·    Prices and recoveries of USD22,400/t and 79% for WO₃, USD23744/t and 71% for Mo and USD7644/t and 69% for Cu respectively were used to determine the WO₃ metal equivalent formula.

·   These relationships are particularly important in the reporting of Exploration Results.

·    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·   If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g.'down hole length, true width not known').

·    Drill holes were orientated predominantly to an azimuth of 252° and angled to a dip of -60°, which is approximately perpendicular to the orientation of the mineralised trends.

·   Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

·      A plan showing mineralisation wireframes and drilling is included in the body of the Mineral Resource report (Figure 12‑1). A typical section through the main lodes is also included (Figure 12‑3).

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·   Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

·    Drill hole collars and starting azimuths have been accurately re-surveyed by independent surveyors using a DGPS instrument. Down hole dip values and azimuths were recorded at 10m intervals using digital equipment including a north-seeking gyro survey instrument. 

·             Drill hole locations were positioned using the MGA Grid System.

·             Exploration results are not being reported.

·   Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

·      Three winzes totalling 96m and three cross-cuts totalling 102m were excavated into the orebody.

·      Historically three trenches were excavated into the surface of the orebody.

·    The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large- scale step-out drilling).

·    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·      Thor have recently completed a Feasibility Study and further metallurgical test work.

·      RPM recommends the RC grade adjustment factor be checked by duplication of selected RC holes with additional equipment to settle and collect the material in the outside return for assay.

·      RPM also recommends drilling a set of around thirty diamond holes in locations spread evenly throughout the deposit to be used to more representatively investigate and quantify the grade adjustment factor prior to improving the Mineral Resource classification to Measured category or proceeding to economic evaluation or further feasibility studies for development of the Project.

·      Increase confidence in the Inferred Resource with infill drilling down to and below the 200m RL and at the peripheries of current mineralised zones to allow the definition of additional Indicated Resource and a larger optimised pit shell for future open pit Ore Reserve and mining studies.