FOLLOW UP GOLD SAMPLING AT RAGGED RANGE

13 October 2020

THOR MINING PLC

PILBARA GOLDFIELDS - FOLLOW UP GOLD SAMPLING AT RAGGED RANGE

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise the completion of the third phase of gold geochemistry reconnaissance at the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

The program was designed to  follow up  previously reported success from stream sediment samples collected across the tenements, which defined  a highly anomalous 13km long gold target zone,  with gold values up to 256ppb (19PST 19F -AR25) and 130ppb (20PST 24F-BLEG); (https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200902-asx-rr-gold-sample-results.pdf).

Highlights:

• The geochemical program focused on follow up stream sediment gold results, with sampling upstream toward potential source rock, with some additional  reconnaissance sampling and one traverse sampled (sediment and rock chip) across the stratigraphy in the anomalous areas (Figure 1).
• Sampling conducted primarily within the 13 km gold corridor (target zone) trending NW-SE along the mafic/ultramafic thrust faulted contact (Figure 1).
• The geochemical samples are currently in transit to the Perth laboratory, with assay results anticipated mid-November.
• The close spaced airborne geophysical survey (airborne magnetics) flown over the full tenure as previously announced is now completed with data processing and modelling underway. (https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20201006-asx-mag-survey.pdf).

Mick Billing, Executive Chairman of Thor Mining, commented:

"We will continue to aggressively work towards drill target selection at Ragged Range, and this sampling program, along with the airborne magnetic survey just completed, is aimed at achieving that objective."

"We look forward to providing progress updates on Ragged Range, and other projects in the Thor portfolio, as information becomes available."

Gold Anomalism

Approximately five anomalous sample zones (based on 2019 and 2020 sampling programs) were designated for follow up, with sampling upstream toward potential source rocks. These zones reported either or both of elevated assay gold geochemical anomalism, or gold in the pan. In addition, further reconnaissance sampling was conducted in prospective areas where there were gaps in the data.

Sampling focussed predominately along the 13km long gold target zone trending along the thrust faulted mafic/ultramafic contact.

The program also included one rock chip traverse within the anomalous gold zones, designed to sample across the stratigraphy.

Program detail

The program comprised stream sediment trap site sampling with a 3kg -5mm+2mm fraction (coarse) and a 4kg -2mm fraction (fine) sample collected for geochemical analysis for Au 2kg BLEG (fine fraction), aqua regia (fine and coarse fractions) and multi-element analysis.

As well, a further 10-12 kg sample of -2mm material was collected from the trap site for panning in the field. The benefit of this is that eventually we will have four results for gold, (three from the laboratory plus physical gold in the pan) as well as multi-element results.

Enquiries:

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 in 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.

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 an Inferred resource for the Bonya copper deposit².

Thor is also acquiring up to 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 in South Australia recoverable by way of in situ recovery⁴. Thor also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery⁵.

Thor 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.

At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned.

Thor holds mineral claims in  the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

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

⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

⁵ Refer ASX and AIM announcement of 15 August 2019