Pilbara Goldfields Gold Assay Results

2 September 2020

THOR MINING PLC

PILBARA GOLDFIELDS RAGGED RANGE PROJECT

OUTSTANDING GOLD ASSAY RESULTS FROM FOLLOW-UP SAMPLING

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise assays from the latest stream sediment sampling program substantially exceeded management expectations at the 100% owned Pilbara Goldfield tenements, to be called Ragged Range (E46/1262 and E46/1190), in Western Australia.

The stream sediment Bulk Leach Extractable Gold (BLEG) samples were part of the second phase geochemistry program, now complete, following up on results from October 2019.

Highlights:

·   Assay results from 2020 detail sampling support and extend from two 2019 test sites defining a 3 x 1-kilometre zone of highly anomalous gold.

·   Sampling results have now defined an overall broader target zone of 13 x 1 km of highly anomalous gold, demonstrating the potential to host a significant gold bearing system.

·   Samples defining the 13km gold target zone are from separate drainage catchments supporting the potential of gold mineralisation along the entire strike length.

·   Next steps to commence immediately include; further mapping, stream sediment  and soil sampling, and a detailed aeromagnetic survey.

Mick Billing, Executive Chairman of Thor Mining, commented:

"The Ragged Range gold project shows strong prospectivity over a strike length of up to 13 kilometres based on sample results substantially above background (typically around 5ppb)."

"These results upstream of very positive 2019 sample results indicate we are heading towards gold bearing source rocks".

"Stream sediment samples capture gold eroded over time & washed through creek systems, and become encouraging when values approach 5ppb.  A cluster of results, in close proximity, significantly higher than this level, including up to 26 times higher, is considered by the directors to be an outstanding outcome".

"This project is now a high priority for Thor, and next steps will involve further upstream mapping & sampling along with detailed Aeromagnetic survey work, looking for structurally hosted gold deposits."

Gold Stream Sediment Sample Program

Eight anomalous gold stream sediment sample sites from the 2019 sampling program were identified for follow up sampling in June 2020 field program.

Link to Tenement & Sample location map:

www.thormining.com/sites/thormining/media/maps/2020-rr-au-w-licence.jpg 

The 2020 program comprised stream sediment samples from 34 sites. At each site a 3kg -5mm+2mm fraction (coarse) and a 4kg -2mm fraction (fine) sample were collected for geochemical analysis at Intertek Genalysis Laboratories in Perth WA. In addition, a 10-12 kg sample of -2mm material was collected from the trap site and panned in the field.

Laboratory analyses comprised 2kg sub-sample, 24-hour Bulk Leach Extractable Gold (BLEG) on the fine fraction for gold only. The remaining fine and coarse fractions were pulverised to <80 micron for aqua regia gold (25gram) and multi-element analyses.

The 2020 panning results show gold at multiple locations upstream of two of the 2019 test sites 19PST22 and 19PST32 & 33. These panning results were previously reported in www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200731-asx-pilbara-au-ni-follow-up-sample-program.pdf

Multiple strongly anomalous gold BLEG results have now been received supporting the earlier panning results (Table A). The distribution of the most recent results correlates well with specific drainage channels leading upstream from anomalous 2019 test sites. The BLEG results also define a gold anomalous zone that trends NNW-SSE close to a boundary of mafic and ultramafic geological units.

The two target sites (#22 and #32/33) identified by sampling in 2019 and which are now strongly supported by follow up sampling in 2020 (Figure 2, coloured yellow) are located along the same geological horizon defining a 3 x 1 kilometre zone of highly anomalous gold.

On the broader scale, the 2019 assay results (figure 2, coloured red) show the highly anomalous gold zone extends both to the north west and to the south east over a total distance of 13 kilometres.

Each of the 2019 test sites are situated in separate unconnected drainage catchments and therefore the source of the gold in these samples must come from mineralisation adjacent the respective test sites along the entire length of the zone.

None of the sample to the west of the mafic / ultramafic contact had anomalous gold providing a clear geological constraint to potential mineralisation.

Table A: 2020 Stream sediment samples grouped by target site

Link to Ragged Range Sample Location Plan:

www.thormining.com/sites/thormining/media/maps/20-004-2-rr-streamsediments.jpg 

Assay results are summarised for all test sites in Table B below. To date, the BLEG results give the most consistent set of gold results. The coarse fraction results have little gold reported and the crushed aqua regia results from the fine fraction are highly variable. The visible panned gold results usually match gold anomalism reported in the BLEG results but there is no clear correlation between gold in the pan and the tenor of the BLEG result.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Competent Persons Report

The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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'.  Richard Bradey consents to the inclusion in the report of the matters based on his 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) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor holds a 25% interest Australian copper development company EnviroCopper Limited (with rights to increase its interest to 30%).  EnviroCopper Limited holds:

·    rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia considered recoverable by way of in situ recovery; and

·    rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate⁵ for several deposits considered recoverable by way of in situ recovery.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018

⁵ Refer ASX and AIM announcement of 15 August 2019

1   JORC Code, 2012 Edition - Table 1 report template

1.1         Section 1 Sampling Techniques and Data

1.1        Section 2 Reporting of Exploration Results