Ragged Range Project – Follow-up Sampling

THOR MINING PLC

PILBARA GOLDFIELDS RAGGED RANGE PROJECT - VISIBLE GOLD IN FOLLOW-UP SAMPLING

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise visible gold in stream sediment sample panning, from the third phase of gold geochemical sampling carried out earlier this month at the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

Field observation highlights:

• 13 of the 54 stream sediment sites had visible gold in panning (Table A). 
• Sample 20PST 54 and 20PST 84 returned gold in the pan with a maximum of 6 counts (Table A).
• Visible gold in panning is consistent along the interpreted 13km anomalous gold corridor, trending along the thrust faulted mafic/ultramafic contact.
• A 1.5km NE-SW traverse across the anomalous gold corridor was completed, with 14 rock chips collected for assay submission.  The central portion of the traverse is dominated by Fe-Mn quartz vein/breccia float.
• Subject to the geochemical results and the modelling of the recently flown airborne magnetic survey, a soil sampling program is proposed over priority targets within the anomalous 13km gold trend to delineate coherent gold trends prior to drill testing.

Mick Billing, Executive Chairman of Thor Mining, commented:

"Another step closer in the process of narrowing down Ragged Range drill target selection, with visible gold again found in the stream sediment samples consistently along the 13 kilometre corridor of anomalous gold."

"We look forward to the laboratory assays from this work."

"We look forward also to receiving the results from and interpretation of the airborne magnetic survey recently completed, and we will keep investors posted with progress."

Further to the announcement on 13 October 2020,  a total of 112 stream sediment samples (20PST 35 to 55, 55A, 56 to 89) were collected from 54 creek sites with both fine (< 2mm) and coarse fractions (>2mm) collected for geochemical analysis, as well as an additional <2mm sample for in-field panning. Samples are now undergoing laboratory analyses with results anticipated in three to four weeks.

The geochemical program was designed to follow up anomalous gold identified in stream sampling programs completed in October 2019 and September 2020, with values up to 256ppb (19PST 19F -AR25) and 130ppb (20PST 24F-BLEG).  In addition to the follow up stream samples, reconnaissance stream samples were also collected within the tenure including samples on the granite contact to the north, along with a 1.5km NE-SW rock chip traverse across the interpreted 13km long gold corridor;  

(https://www.thormining.com/sites/thormining/media/pdf/ASX-Announcements/20201014-Ragged-Range-Gold-Project-Sampling-Program.pdf).

Stream Sediment Sampling-Gold Anomalism

Fifty-four (54) sample sites with a total of 112 stream sediment samples were selected for reconnaissance and follow up sampling to the 2019 and 2020 geochemical programs.

A 10-12 kg pan sample of -2mm material was collected and panned at the end of each day.  Gold count and description summaries in Table A.  A total of 13 out of the 54 samples returned gold in pan with a maximum of 6 colours in samples 20PST 54 and 20PST 84 (Table A). These 13 visible gold samples consistently lie within the anomalous 13km gold corridor along the thrust faulted mafic/ultramafic contact. The presence of visible gold in sample 20PST 58 is a good indicator that the gold corridor is open along strike extending south into application E46/1355 (100% Thor Mining). 

The anticipated aeromagnetic data may assist with further delineation of the NE cross cutting structures which may be critical to gold mineralization.

A map showing the project licence area, including the 13 kilometre anomalous gold area, and sample sites highlighting the visible gold sample locations may be viewed via the following link:

www.thormining.com/sites/thormining/media/maps/rr-samples-202010.jpg 

ROCK SAMPLING PROGRAM

In conjunction with the stream sediment program a small rock chip sampling program was undertaken in the central gold anomalous catchment zone identified during the past 2019 and 2020 sampling campaigns. A 1.5km traverse trending NE-SW was centred around 780500E/7586000N and up stream of past anomalous stream samples 20PST 14, 24, 29 34, with a total of 14 rock samples (20PST 1 to 14) collected (Table B);

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200902-asx-rr-gold-sample-results.pdf

Geologically, the eastern portion of the traverse is dominated by a range of low hills of fine grained mafics and pillow lavas. The western portion comprises relatively flatter country with well exposed ultramafics.

In contrast, a wide expanse in the central portion of the traverse is dominated by colluvial material composed predominately of quartz (quartz breccia, quartz with anhedral boxwork, yellow jarositic stained quartz and banded quartz/ironstone material), ironstone (generally massive with some skeletal /spongy textured ironstone), mafic and ultramafic fragments on soil.

The majority of the rock samples collected along the traverse comprised colluvial float/scree material.

The geochemical sampling program (stream sediment and rock chip sampling) was undertaken by George Merhi, Consultant Geologist (AusIMM), of Bann Geological Services Pty Ltd, with over 20 years' experience in the Pilbara region, under the instruction and on behalf of Thor.

Table A: Phase 3 October 2020 Stream sediment sample gold panning summary

Coordinates in MGA Zone 50 (GDA94)

Table B: Phase 3 October 2020 Traverse- Rock Chip Sample Locations

Coordinates in MGA Zone 50 (GDA94)

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 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

1   JORC Code, 2012 Edition - Table 1 report template

1.1         Section 1 Sampling Techniques and Data