TIDMTHR

RNS Number : 0045U

Thor Mining PLC

28 July 2022

28 July 2022

Thor Mining PLC

("Thor" or the "Company")

Molyhil Project, Northern Territory

Molyhil Extension Drilling Update

The Directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the drill results of the diamond drilling program at the 100% owned Molyhil Critical Minerals Project, Northern Territory.

Project highlights:

-- Two of three diamond drillholes completed in late 2021 intercepted disseminated scheelite-molybdenite-chalcopyrite mineralisation hosted in a massive magnetite skarn, validating a newly identified 3D magnetic target. The drilling demonstrates that tungsten-molybdenum-copper skarn mineralisation extends along strike, to the south of the Molyhil Resource.

-- Assay results were lower than visible grade estimates and this resulted in the samples being resubmitted for analysis using two different analytical techniques, with further follow up using the coarse reject material.

-- 21MHDD002:

o 46m @ 0.06% WO(3) , 0.05% Mo & 0.04% Cu from 249m,

-- including 11m @ 0.05% WO(3) , 0.13% Mo & 0.06 % Cu from 272m

-- 21MHDD003:

o 4m @ 0.13% WO(3) , 0.08% Mo & 0.06% Cu from 255m

-- Analytical analyses of the tungsten and molybdenum is significantly impacted by the coarse nature of the scheelite crystals in half core, combined with the malleable nature of the molybdenite when pulverised; thus, sample size is critical to the representivity of assay grades.

-- Extrapolation of the 3D model along strike has identified further high-priority drill targets

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") table is set out at the end of this announcement.

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

"Although we were disappointed by the assay results, the presence of a 46m intersection of magnetite skarn and weakly disseminated tungsten-molybdenum-copper mineralisation is very encouraging. Exploring for this style of mineralisation is difficult without the presence of significant amounts of magnetite that can be easily defined in magnetic surveys. Other magnetic targets along strike show the potential for further mineralisation at Molyhil."

Diamond Drilling Program

Three diamond drillholes (21MHDD001, 21MHDD002, 21MHDD003) totalling 995.4m, completed in late 2021, have successfully tested and confirmed the newly identified 3D magnetic target located along strike to the south of the Molyhil Critical Minerals Project. This magnetic target represents a massive magnetite skarn hosting disseminated tungsten-molybdenum-copper mineralisation (Table A, Table B, Table C, Figure 1 and 2).

Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted 46m of disseminated mineralisation (Photo 1 and 2), whilst 21MHDD003 intercepted two zones of disseminated mineralisation over 29m of magnetite skarn . It appears 21MHDD001 intersected the edges of the magnetite skarn drilling over the top into a granite, with negligible mineralisation.

21MHDD002:

-- 46m @ 0.06% WO(3) , 0.05% Mo & 0.04% Cu from 249m,

-- including 11m @ 0.05% WO(3) , 0.13% Mo & 0.06 % Cu from 272m

21MHDD003:

-- 4m @ 0.13% WO(3) , 0.08% Mo & 0.06% Cu from 255m

Visible grade estimations were significantly higher than compared with assays, thus resulting in the samples being resubmitted for analysis using two different analytical techniques (Lithium Borate Fusion with ICP-MS finish and XRF Fusion), with further follow up using the coarse reject material (Photos 1 and 2). Analytical analysis of the tungsten and molybdenum is significantly impacted by the coarse nature of the scheelite crystals in half core, combined with the malleable nature of the molybdenite when pulverised; hence sample size is critical to the representivity of assay grades (bulk sampling is optimal for scheelite).

The Directors believe further work on the tungsten - molybdenum - copper relationship and grade distribution is warranted.

The drilling program was co-funded by the Geophysics and Drilling Collaborations (GDC) program as part of the Resourcing the Territory initiative, with Thor Mining granted A$110,000 (RNS: THR 4 June 2021).

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Photo 1: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO(3) , 0.23% Mo & 0.07% Cu - coarse grained visible molybdenite in magnetite skarn

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Photo 2: 21MHDD002: 293-294m (293.8m) - 1m @ 0.03% WO(3) , 0.04% Mo and 0.06% Cu - significant visible molybdenite and chalcopyrite visible throughout intercept, contrasting to assays

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Figure 1 (Left): Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in transparent red. The yellow dashed line shows the location of the long section (right). Interpreted mineralisation model shown in yellow. 21MHDD001, 21MHDD002 and 21MHDD003 hole traces.

Figure 1 (Right): Long section of the Molyhil project looking west-northwest, showing the three holes drilled in 2021 (21MHDD001, 21MHDD002 21MHDD003). Drilled holes 21MHDD002 and 21MHDD003 intercepted tungsten-molybdenum-copper mineralisation within magnetite skarn, whilst 21MHDD001 is interpreted to have drilled just over the top of the mineralised zone. Bar graph to the left of the drillholes shows Fe in magnetic susceptibility readings, indicating magnetite-rich skarn. Mineralisation remains open at depth. The conceptual pit shell is shown in brown, 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a transparent red envelope (0.15 SI) and a conceptual shape representing the down-plunge mineralised zone in yellow.

NEXT STEP:

The newly discovered extension of the tungsten-molybdenum-chalcopyrite mineralisation to the south of the Molyhil deposit has validated the successful 3D modelling of the geology, magnetics and mineralisation.

This 3D modelling has identified further high priority targets for drill testing along strike (Figure 2).

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Figure 2: 3D modelling of magnetics (transparent red) highlights Molyhil deposit and the recently drilled southeast plunging extension, plus drill targets along strike.

Project Background

The Molyhil deposit is located 220km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory (Figure 4).

In April 2021 (AIM: THR 8 April 2021) a revised Mineral Resource Estimate comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.4 million tonnes at 0.27% WO(3) (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO(3) cut-off.

https://www.londonstockexchange.com/news-article/THR/mineral-resource-estimate-updated/14928598

http://www.rns-pdf.londonstockexchange.com/rns/0045U_1-2022-7-27.pdf

Figure 3: Tenement & Prospect Location Plan

Table A: Drill Hole Collar Summary

 
                                                               End of 
 DRILLHOLE    EASTING   NORTHING   ELEVATION   AZIMUTH   DIP    Hole 
 21MHDD001    577207    7482773       409        262     60    324.5 
             --------  ---------  ----------  --------  ----  ------- 
 21MHDD002    577220    7482774       409        278     60    334.2 
             --------  ---------  ----------  --------  ----  ------- 
 21MHDD003    577069    7482780       412        082     87    336.7 
             --------  ---------  ----------  --------  ----  ------- 
 

Notes: Coordinates in GDA 94 Zone 53, as previously announced AIM 7 Dec 2021

Table B: Geology

 
 DRILLHOLE        GEOLOGY        FROM (M)   TO (M)   DOWNHOLE INTERCEPT 
                                                             (M) 
 21MHDD001     Calc-Silicate      159.1     255.8           96.7 
             -----------------  ---------  -------  ------------------- 
 21MHDD002    Magnetite Skarn      244       297             47 
             -----------------  ---------  -------  ------------------- 
 21MHDD003    Magnetite Skarn      255       259             4 
             -----------------  ---------  -------  ------------------- 
 21MHDD003    Magnetite Skarn     274.5     283.5            9 
             -----------------  ---------  -------  ------------------- 
 

Notes: as previously announced AIM 7 Dec 2021

Table C: Drill Intercepts - 21MHDD002 and MHDD03

 
 DRILLHOLE    FROM    TO    Intercept 
               (M)    (M)      (M) 
                                                                                    ----- 
                                              Lithium Borate              XRF Fusion 
                                           Fusion with ICP-AES/MS 
             -----  -----  ---------- 
                                             (LB102/ MA101/102)             (XF300) 
             -----  -----  ----------  ----------------------------  -------------------- 
                                          WO(3)      Mo %     Cu %    WO(3)   Mo %   Cu % 
                                            %                           % 
             -----  -----  ----------  ----------  -------  -------  ------  -----  ----- 
 21MHDD002    249    295       46         0.06       0.05     0.04    0.06    0.04   0.04 
             -----  -----  ----------  ----------  -------  -------  ------  -----  ----- 
 Including    272    283       11         0.05       0.13     0.06    0.05    0.12   0.05 
             -----  -----  ----------  ----------  -------  -------  ------  -----  ----- 
 21MHDD003    255    259        4         0.13       0.08     0.06    0.13    0.10   0.05 
             -----  -----  ----------  ----------  -------  -------  ------  -----  ----- 
 

For further information, please contact:

 
 Thor Mining PLC 
 Nicole Galloway Warland, Managing Director     Tel: +61 (8) 7324 
  Ray Ridge, CFO / Company Secretary             1935 
                                                 Tel: +61 (8) 7324 
                                                 1935 
 
 WH Ireland Limited (Nominated Adviser          Tel: +44 (0) 207 
  and Joint Broker)                              220 1666 
 Jessica Cave / Darshan Patel / Megan Liddell 
 
 SI Capital Limited (Joint Broker)              Tel: +44 (0) 1483 
                                                 413 500 
 Nick Emerson 
 
 Yellow Jersey (Financial PR)                   thor@yellowjerseypr.com 
 Sarah Hollins / Henry Wilkinson                Tel: +44 (0) 20 3004 
                                                 9512 
 

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.

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 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.

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 km(2) 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 gold(1).

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 resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

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.

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

   1   JORC Code, 2012 Edition - Table 1 report template 
   1.1         Section 1 Sampling Techniques and Data 
 
 Criteria       JORC Code explanation                                         Commentary 
-------------  ------------------------------------------------------------  ------------------------------------------------------------- 
 Sampling       -- Nature and quality of sampling                             -- Drilling was conducted 
  techniques     (eg cut channels, random chips,                               by Durock Drilling Pty Ltd 
                 or specific specialised industry                               *    pXRF taken every 0.5m down hole. Vanta C Series 
                 standard measurement tools                                          800427 XRF -40sec reading time. Instrument calibrated 
                 appropriate to the minerals                                         externally annually and with QA/QC at start prior to 
                 under investigation, such as                                        sampling and calibration disc every 30 readings 
                 down hole gamma sondes, or 
                 handheld XRF instruments, etc). 
                 These examples should not be                                  -- Magnetic susceptibility 
                 taken as limiting the broad                                   recorded every 1m down hole 
                 meaning of sampling.                                          -- UV light used for tungsten/scheelite 
                 -- Include reference to measures                              visual estimates 
                 taken to ensure sample representivity                          *    Diamond drilling program with half core sampled for 
                 and the appropriate calibration 
                 of any measurement tools or 
                 systems used.                                                 o Au fire assay FA001 
                 -- Aspects of the determination                               o Tungsten - Lithium Borate 
                 of mineralisation that are                                    Fusion with ICP-AES/MS finish 
                 Material to the Public Report.                                (LB101/102) with mixed digest 
                 -- In cases where 'industry                                   for molybdenum and copper 
                 standard' work has been done                                  plus full element package 
                 this would be relatively simple                               o Tungsten, Molybdenum and 
                 (eg 'reverse circulation drilling                             copper - XRF Fusion (XF300) 
                 was used to obtain 1 m samples                                 *    Samples submitted to Bureau Veritas (BV), SA. 
                 from which 3 kg was pulverised                                      Standard blank and duplicate inserted every 25 
                 to produce a 30 g charge for                                        samples 
                 fire assay'). In other cases 
                 more explanation may be required, 
                 such as where there is coarse                                  *    All co-ordinates are in UTM grid (GDA94 Z53) and 
                 gold that has inherent sampling                                     drill hole collars have been surveyed by DGPS to an 
                 problems. Unusual commodities                                       accuracy of 0.1m. Down holes surveys using Gyro every 
                 or mineralisation types (eg                                         6m. 
                 submarine nodules) may warrant 
                 disclosure of detailed information. 
                                                                                *    Diamond samples were collected at geologically 
                                                                                     defined intervals (minimum sample length 0.1m, 
                                                                                     maximum sample length 1.5m) for all drill holes in 
                                                                                     the current program Samples are cut using an 
                                                                                     automated diamond saw and half core is submitted for 
                                                                                     analysis at Bureau Veritas, SA. The sample size is 
                                                                                     deemed appropriate for the grain size of the material 
                                                                                     being sampled. 
 
 
                                                                                *    Mineralisation is determined by descriptive 
                                                                                     geological logs for diamond hole as well as the 
                                                                                     incorporation of assay results and pXRF readings 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Drilling 
  techniques      *    Drill type (eg core, reverse circulation, open-hole       *    Diamond drilling 
                       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        *    21MH001 - HQ 0-20m followed by NQ2 
                       other type, whether core is oriented and if so, by 
                       what method, etc). 
                                                                                 *    21MHDD02 - HQ 
 
 
                                                                                 *    21MHDD003 - HQ 
 
 
                                                                                 *    Oriented core 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Drill 
  sample         *    Method of recording and assessing core and chip            *    Recovery from diamond core was recorded for all core 
  recovery            sample recoveries and results assessed.                         runs, with overall recovery very good. All diamond 
                                                                                      core was oriented where possible. 
 
                 *    Measures taken to maximise sample recovery and ensure 
                      representative nature of the samples.                      *    Diamond core was reconstructed into continuous runs 
                                                                                      for orientation marking with depths checked against 
                                                                                      core blocks. 
                 *    Whether a relationship exists between sample recovery 
                      and grade and whether sample bias may have occurred 
                      due to preferential loss/gain of fine/coarse               *    No relationship was noted between recorded sample 
                      material.                                                       recovery and grade. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Logging 
                  *    Whether core and chip samples have been geologically     *    All holes were field logged by company geologists to 
                       and geotechnically logged to a level of detail to             a high level of detail. 
                       support appropriate Mineral Resource estimation, 
                       mining studies and metallurgical studies. 
                                                                                *    Core was oriented and routinely logged for RQD, 
                                                                                     alpha/beta angles, dips, azimuths, and true dips. 
                  *    Whether logging is qualitative or quantitative in 
                       nature. Core (or costean, channel, etc) photography. 
                                                                                *    All drill samples were logged for lithology, rock 
                                                                                     type, colour, mineralisation, alteration, and 
                  *    The total length and percentage of the relevant               texture. It has been standard practice by Thor (since 
                       intersections logged.                                         2005), that all diamond core be routinely 
                                                                                     photographed. 
 
 
                                                                                *    All drill holes were logged in full. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,         *    Diamond core to cut in half using a core saw with 
  and sample           half or all core taken.                                        half core submitted for assay. 
  preparation 
 
                  *    If non-core, whether riffled, tube sampled, rotary        *    Sampling is carried out using standard protocols and 
                       split, etc and whether sampled wet or dry.                     QAQC procedures as per industry practice. 
 
 
                  *    For all sample types, the nature, quality and            Field QAQC procedures involved 
                       appropriateness of the sample preparation technique.     the use of certified standards, 
                                                                                blanks and duplicate sample 
                                                                                submitted every 25 samples. 
                  *    Quality control procedures adopted for all               These are routinely checked 
                       sub-sampling stages to maximise representivity of        against originals. 
                       samples.                                                 Based on visual estimates 
                                                                                for tungsten, molybdenum 
                                                                                and chalcopyrite being higher 
                  *    Measures taken to ensure that the sampling is            than initial assay results 
                       representative of the in situ material collected,        (using Lithium Borate Fusion 
                       including for instance results for field                 with ICP_MS finish and mixed 
                       duplicate/second-half sampling.                          digest), sample pulps were 
                                                                                re-assayed using alternative 
                                                                                analysis (XRF Fusion). Selected 
                  *    Whether sample sizes are appropriate to the grain        intercepts were repeated 
                       size of the material being sampled.                      using coarse reject. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Quality 
  of assay       *    The nature, quality and appropriateness of the             *    Magnetic susceptibility recorded every 1.0m down 
  data and            assaying and laboratory procedures used and whether             hole. 
  laboratory          the technique is considered partial or total. 
  tests 
                                                                                 *    pXRF recording recorded every 1.0m down hole. 
                 *    For geophysical tools, spectrometers, handheld XRF 
                      instruments, etc, the parameters used in determining 
                      the analysis including instrument make and model,          *    Diamond core sampled through potential Magnetite 
                      reading times, calibrations factors applied and their           skarn tungsten, molybdenite and copper zones. 
                      derivation, etc.Ba, Mo 
 
                                                                                 *    Samples submitted to Bureau Veritas for 
                 *    Nature of quality control procedures adopted (eg 
                      standards, blanks, duplicates, external laboratory 
                      checks) and whether acceptable levels of accuracy (ie     o 50g fire assay for Au 
                      lack of bias) and precision have been established.        o XRF Fusion (XF300)- fused 
                                                                                with Lithium Borate Flux 
                                                                                and 15% NaNO(3) for WO(3) 
                                                                                , Mo & Cu 
                                                                                o Lithium Borate Fusion 
                                                                                (LB102) with ICP-MS finish 
                                                                                for WO(3) with mixed digest 
                                                                                with ICP_MS finish for Mo 
                                                                                & Cu (MA0102) and full element 
                                                                                package 
                                                                                 *    Internal certified laboratory QAQC is undertaken 
                                                                                      including check samples, blanks and internal 
                                                                                      standards 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Verification 
 of sampling     *    The verification of significant intersections by            *    All drilling data is collected in a series of 
 and assaying         either independent or alternative company personnel.             templates in excel including geological logging, 
                                                                                       sample information, collar and survey information, 
 
                 *    The use of twinned holes. 
                                                                                  *    All data is validated and imported into hosted 
                                                                                       database 
                 *    Documentation of primary data, data entry procedures, 
                      data verification, data storage (physical and 
                      electronic) protocols.                                      *    No adjustments have been made to the assay data. 
 
 
                 *    Discuss any adjustment to assay data.                       *    All significant intersections have been verified by 
                                                                                       an alternative company geologist. 
 
 
                                                                                  *    There are no twinned drillholes 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Location 
  of data        *    Accuracy and quality of surveys used to locate drill      *    Drill hole collars and starting azimuths have been 
  points              holes (collar and down-hole surveys), trenches, mine           surveyed using GPS (-/+ 5m) - for later DGPS pick ups 
                      workings and other locations used in Mineral Resource 
                      estimation. 
                                                                                *    Drill hole locations were positioned using the MGA 
                                                                                     Grid System. 
                 *    Specification of the grid system used. 
 
                                                                                *    The topographic surface is highly accurate with DPG 
                 *    Quality and adequacy of topographic control.                   (-/+1m) 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.        *    Drill holes have been located to test a newly defined 
 distribution                                                                        magnetic target to the south of the Molyhil lodes. 
 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and      *    Drillhole spacing is sufficient to test geological 
                      grade continuity appropriate for the Mineral Resource          target 
                      and Ore Reserve estimation procedure(s) and 
                      classifications applied. 
 
 
                 *    Whether sample compositing has been applied. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Orientation 
 of data         *    Whether the orientation of sampling achieves unbiased     *    Drill holes are orientated / predominantly drilled at 
 in relation          sampling of possible structures and the extent to              an angle of -60deg to the west which is approximately 
 to                   which this is known, considering the deposit type.             perpendicular to the orientation of the interpreted 
 geological                                                                          target. 
 structure 
                 *    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. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Sample 
  security        *    The measures taken to ensure sample security.             *    Core was cut at company core yard located in Alice 
                                                                                      Springs and freighted to Adelaide for submission to 
                                                                                      Bureau veritas, Adelaide for analysis 
 
 
                                                                                 *    All submissions with chain of custody measures 
                                                                                      implemented. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 Audits 
  or reviews      *    The results of any audits or reviews of sampling          *    A review of sampling techniques and data has been 
                       techniques and data.                                           carried out as Thor transition from inhouse based 
                                                                                      database to online hosted database with MaxGeo. 
               ------------------------------------------------------------  ------------------------------------------------------------- 
 

Section 2 Reporting of Exploration Results

 
 Criteria         JORC Code explanation                                            Commentary 
---------------  ---------------------------------------------------------------  ------------------------------------------------------------- 
 Mineral 
  tenement          *    Type, reference name/number, location and ownership         *    The tenements at Molyhil comprise EL22349, ML23825, 
  and land               including agreements or material issues with third               ML24429 and ML25721. For all tenements Thor Mining 
  tenure                 parties such as joint ventures, partnerships,                    PLC hold 100% Project Equity. 
  status                 overriding royalties, native title interests, 
                         historical sites, wilderness or national park and 
                         environmental settings.                                     *    Thor has completed the Public Environmental Report 
                                                                                          for the Molyhil Tungsten and Molybdenum Project. This 
                                                                                          report has been accepted by the Department of 
                    *    The security of the tenure held at the time of                   Regional Development, Primary Industry, Fisheries and 
                         reporting along with any known impediments to                    Resources in the Northern Territory 
                         obtaining a licence to operate in the area. 
 
                                                                                     *    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. 
 
 
                                                                                     *    Approved MMP for drilling was acquired- 2021 
 
 
                                                                                     *    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. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Exploration 
  done by           *    Acknowledgment and appraisal of exploration by other        *    Tungsten and molybdenum mineralisation was originally 
  other parties          parties.                                                         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 to a depth of 
                                                                                          approximately 25m. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Geology 
                    *    Deposit type, geological setting and style of               *    The Molyhil deposit consists of two adjacent 
                         mineralisation.                                                  outcropping iron rich skarn bodies, marginal to a 
                                                                                          granite intrusion, that contain scheelite (tungsten 
                                                                                          mineralisation as CaWO(4) ) and molybdenite 
                                                                                          (molybdenum as MoS(2) ) 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 échelon 
                                                                                          manner, the northeast body being named the Yacht Club 
                                                                                          and the southwest body the Southern. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Drill hole 
  Information          *    A summary of all information material to the              *    A collar summary table is included in report 
                            understanding of the exploration results including a 
                            tabulation of the following information for all 
                            Material drill holes:                                     *    In the opinion of Thor, historic drill results have 
                                                                                           been adequately reported previously to the market as 
                                                                                           required under the reporting requirements of the ASX 
                      o easting and northing of the                                        Listing Rules 
                      drill hole collar 
                      o elevation or RL (Reduced Level 
                      - elevation above sea level in 
                      metres) of the drill hole collar 
                      o dip and azimuth of the hole 
                      o down hole length and interception 
                      depth 
                      o 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. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Data 
 aggregation        *    In reporting Exploration Results, weighting averaging        *    A weighted average was used to report drill 
 methods                 techniques, maximum and/or minimum grade truncations              intercepts - all 1m intercepts. 
                         (eg cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
                                                                                      *    No metal equivalent reported 
 
                    *    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. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Relationship 
 between            *    These relationships are particularly important in the        *    Drill holes were orientated predominantly to an 
 mineralisation          reporting of Exploration Results.                                 azimuth of 270deg and angled to a dip of -60deg, 
 widths                                                                                    which is approximately perpendicular to the 
 and intercept                                                                             orientation of the mineralised trends. 
 lengths            *    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 (eg 'down hole length, true width not known'). 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Diagrams 
                    *    Appropriate maps and sections (with scales) and              *    Location, section and plans included in report. 
                         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. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Balanced 
  reporting         *    Where comprehensive reporting of all Exploration             *    Exploration results for all 3 drillholes in newly 
                         Results is not practicable, representative reporting              identifies extension are reported. 
                         of both low and high grades and/or widths should be 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Other 
 substantive        *    Other exploration data, if meaningful and material,          *    3D geological and magnetic modelled data included in 
 exploration             should be reported including (but not limited to):                report. 
 data                    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. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 Further 
  work              *    The nature and scale of planned further work (eg             *    Based on revised modelling of data additional 
                         tests for lateral extensions or depth extensions or               drilling is planned. 
                         large-scale step-out drilling). 
 
                                                                                      *    Possible extensions are shown on diagrams 
                    *    Diagrams clearly highlighting the areas of possible 
                         extensions, including the main geological 
                         interpretations and future drilling areas, provided 
                         this information is not commercially sensitive. 
                 ---------------------------------------------------------------  ------------------------------------------------------------- 
 

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July 28, 2022 02:00 ET (06:00 GMT)

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