RNS Number : 1754U

Thor Mining PLC

29 July 2022

29 July 2022

Thor Mining PLC

("Thor" or the "Company")

Quarterly Activities Report

 Highlights                                                     Outlook for September Quarter 
-------------------------------------------------------------  ---------------------------------------------------------------- 
  Ragged Range, Pilbara region, 
  WA Australia 
   *    Mapping and sampling programs continuing; testing            *    An Airborne Magnetics Survey to commence over the 
        potential gold, copper-gold and                                   eastern portion of tenure. 
        lithium-caesium-tantalum (LCT) targets across tenure. 
        Initial results from sampling highlight up to 6g/t 
        gold and 4.8 % copper.                                       *    RC drilling assays results. 
   *    Electromagnetic (EM) conductor identified beneath            *    Potential follow up drilling of drill targets 
        nickel gossan from Fixed Loop Electromagnetic Survey              generated from RC assay and rock chip results. 
        (FLEM) over the Krona Prospect. 
                                                                     *    Full results from regional mapping and sampling 
   *    3,120m RC drilling program completed in early July at             programs, targeting additional gold, copper and LCT 
        Sterling and Krona Prospects.                                     pegmatites. 
                                                                     *    Down Hole Electromagnetic Survey in cased Krona 
                                                                     *    Interpretation of airborne magnetics and radiometrics 
-------------------------------------------------------------  ---------------------------------------------------------------- 
   *    Final authorisation for proposed drilling program at      *    Commence drilling program. 
        Wedding Bell Project received. 
                                                                  *    Downhole radiometric logging of drillholes. 
   *    Drilling preparations underway to test Groundhog, Rim 
        Rock and Section 23 at Wedding Bell Project, 
-------------------------------------------------------------  ---------------------------------------------------------------- 
  Alford East, SA Australia 
   *    Government approvals received for Phase 2 diamond           *    Review drill targets highlighted in recent 3D 
        drilling program, targeting potential high-grade                 modelling exercise. 
        copper zones along strike. 
   *    Hydrogeology quarterly water characterisation 
        sampling undertaken. 
 Kapunda, SA Australia (via 30% equity holding in EnviroCopper 
   *    ISR push-pull trials underway, with tracer bromide        *    Copper-gold recoveries from lixiviant trials received 
        component completed.                                           and integration into Scoping Study. 
-------------------------------------------------------------  ---------------------------------------------------------------- 
  Molyhil, NT Australia 
  Assay results from 2021 drilling                                  *    Review strategic plans for Molyhil. 
  identified a 46m intersection 
  of magnetite skarn and weakly 
  disseminated tungsten-molybdenum-copper 
-------------------------------------------------------------  ---------------------------------------------------------------- 


-- Mark Potter Non-Executive Chair resigned from the Board on 30 June 2022, with Alastair Clayton taking on the Non-Executive Chair role.

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

"The June quarter has seen a flurry of on-ground activities, with our exploration focus on advancing the Ragged Range Project (WA), including the completion of a c. 3,000m RC program and organising upcoming drilling for our Uranium and Vanadium Wedding Bell Project in Colorado, USA.

"At our 100% owned Ragged Range Project, Thor is continuing to build on and develop our geological understanding, with particular emphasis on structural controls on mineralisation at both the Sterling gold prospect and Kelly's copper-gold prospect. Activities include our latest sampling programs, which have highlighted highly encouraging high-grade gold (6/t Au) and copper values (4.8% Cu) along newly identified structures at Sterling and Kelly's Prospects, and the completion of the c. 3,000m RC drilling program, which included drill testing of a FLEM Conductor at Krona nickel-copper prospect.

"In the US, we were delighted to receive full authorisation from federal, state and counties for the upcoming proposed drill testing at the Wedding Bell Project, Colorado, during the period. Drilling preparations are now underway to test the project's priority areas, Groundhog, Rim Rock and Section 23.

"We look forward to receiving the RC drill results at Ragged Range and being on the ground drilling at our Wedding Bell project during the September quarter."


Photo 1: Reverse Circulation drilling at Sterling Prospect, Ragged Range, WA


The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia (Figure 1) is 100% owned by Thor Mining and comprises E46/1190, E46/1262, E46/1355, E46/1340, plus the recently granted E46/1393 (Figure 1).

Since the acquisition, Thor has conducted several programs of stream sediment and soil sampling to delineate drill targets. Thor has also flown an airborne magnetics survey over the tenement area to better define the structural features of the area. Thor drilled 48 RC holes totalling 3,120m at the Sterling and Krona prospects, with drilling completed in July 2022.

Further details of the projects may be found on the Thor website: www.thormining.com/projects/ragged-range-pilbara-project .


Figure 1: Ragged Range Project Location map (left) and Tenement Map (right) showing priority prospects

Fixed Loop Electromagnetics (FLEM) Survey - Krona Prospect - Nickel Gossan

A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey was completed over the Krona Prospect in June, covering the full extent of the nickel gossan, located in the western portion of the tenure (Figures 1 and Figure 2) (AIM: THR 17 June 2022). This is the first ground geophysics survey on the Ragged Range Project. The survey over the gossan was designed to detect conductive anomalies at depth that may indicate the presence of massive nickel-copper sulphide mineralisation to constrain initial drill testing.

A single loop FLEM survey over the Krona prospect identified a conductor at the southern end of the gossan (Figure 2 and Figure 3). The conductor was modelled as a shallow flat lying feature approximately 100m deep (Figure 3) and is consistent with sulphides. The shallow (100m) conductor gives Thor a clear drill target, that was drill tested as part of RC program at the adjacent Sterling Prospect (Figure 3).

The gossan was initially identified by the Western Australian Geological Survey on the Split Rock 1:100K mapping explanatory notes (Bagas et al., 2004). The gossan extends over 1km x 100m and lies on the basal contact of the Dalton Suite ultramafics, with the older Wyman Formation, felsic volcanics.


Figure 2: FLEM survey showing EM conductor overlain on the 100K GSWA Geology.


Figure 3 : 3D modelled EM conductor


Thor drilled 48 reverse circulation "RC" holes totalling 3,120m at the Sterling and Krona prospects, Ragged Range Project (Figure 4), with drilling completed in July (AIM: THR 11 July 2022).


11 drill traverses were completed along the Sterling Prospect 13km structural gold corridor, with drill holes generally angled -60 degrees toward the west, near perpendicular to the structural controls of the dominant faulted contact between the Euro Basalt and the Dalton Suite ultramafics (Figure 4). Drill depths range from approximately 60-170m.

This second phase of drilling tested interpreted dilational zones (potential trap sites for mineralisation and the potential source of the gold anomalies found in stream and soil samples). Surface anomalism is associated with a series of faults and folds, subparallel or at a low angle to the regional thrust faulted contact (Norman Cairns Fault) between the Euro Basalt and the Dalton Suite ultramafics (Figure 1 and 4). In a number of the drillholes, fuchsite and/or sericite alteration, with pyrite and arsenopyrite were observed, important indicators for gold mineralisation.


As part of the drilling program, one drill hole was drilled into the FLEM conductor recently identified below the nickel gossan at Krona Prospect, (Figure 1 and Figure 4) (AIM: THR 17 June 2022). This hole has been cased in preparation for a future Downhole Electromagnetic Survey ("DHEM") survey.

DJC Drilling Pty Ltd completed the drilling program. Drill samples have been received by the Bureau Veritas laboratory in Adelaide, with assay results anticipated in August/September.

Sampling Update- High-grade Copper and Gold found at the Sterling and Kelly's Prospects

In parallel with the recently completed RC drilling at the Sterling and Krona Prospects (AIM: THR 11 July 2022), three rock chip and stream sediment sampling programs across the Ragged Range Project area have been undertaken.

The geological mapping and sampling programs were designed to:

-- Further develop and validate Thor's geological model by identifying key mineralising structures and gold distribution at the Sterling prospect.

-- Sample historic copper working at Kelly's Prospect to gain a greater understanding of the controlling structures, the tenor of gold mineralisation associated with the visible copper and /or geochemical.

-- Lithological boundaries.

-- Review lithological boundaries and potential alteration signatures using newly-acquired ASTER data.

-- Identify potential outcropping lithium-caesium-tantalum (LCT) enriched pegmatites.

97 rock chip samples and 24 stream samples were collected in total (of which 57 rock chips and 12 stream sample results have been received back from the laboratory to date), highlighting significant gold and copper mineralisation and assisting with the structural interpretation of key controlling structures at Sterling and Kelly's Prospects (Figure 5) (AIM: THR 25 July 2022).

No outcropping LCT-enriched pegmatites have been identified to date; however, lithium exploration will continue with stream and soil sampling within the 10km halo (referred to as goldilocks zone) around the prospective Mondana Monzogranite, part of the Split Rock Supersuite. Encouraging anomalous pathfinders in some stream sediment samples warrant further investigation.


Figure 4: Sterling and Krona prospects highlighting completed RC drilling traverses


Figure 5: Sampling Location Map showing the high-grade copper and gold results at Sterling and Kelly's prospects


The focus to date at the Sterling Prospect has been on the 13km gold corridor defined by stream and soil samples along the north-northwest thrust faulted contact between the Dalton Suite ultramafics and the Euro Basalt (Norman Cairn Fault). After a detailed geological and structural review of the complex folding and faulting within the ultramafics and basalts by consultant geologist Jennifer Gunter, Virga Consulting Pty Ltd, several priority areas and potential dilutional zones were highlighted, warranting ground- truthing, rock chip sampling, and follow up drill testing. Close to one of these new structural target areas (R27), a coarse stream sediment sample (ST0002) reported 0.98g/t Au with one grain of gold noted in the pan. This target was tested with five drillholes on two sections, while other targets were tested as part of the recently completed RC drilling program (AIM: THR 11 July 2022).

The 6g/t Au rock chip sample (R00053) lies within the "Kink zone": in Central Sterling, an area of complex faulting and significant dilation. This gold sample was collected within an outcropping quartz breccia vein associated with an oblique fault system to the regional Norman Cairn Fault (Figure 5).


The Kelly's Prospect consists of a few small, high-grade historic copper workings; these appear to be associated with shear zones cross-cutting the northwest trending Boobina Porphyry/Euro Basalt boundary (Figure 1 and 5).

At Kelly's Mine, historic production(1) between 1955-1970, although small, was of very high grade - 610t of ore averaging 19.47% Cu (Figure 5 and Photo plate 2).

Exploration to date has been sporadic, with no systematic approach over the area. Thor's sampling program to date has targeted areas along strike of known mineralisation, zones of alteration, shears/faults and zones of brecciation, including sampling along the northwest trending, 1.2km long x 25m wide ridge between Euro Basalt and Boobina Porphyry (Photo 2). Both anomalous gold (up to 1.46g/t) and copper (up to 4.28% Cu) have been identified.

A Heritage Survey with the Nyamal Native Title Claimant Group was completed over the Kelly's Prospect in early July in preparation for drill testing.


Photo 2: Kelly's Prospect looking southeast showing ridge between Boobina Porphyry and Euro Basalt

(1) https://www.mindat.org/loc-122951.html

Next Steps

-- An airborne magnetic survey over the eastern portion of tenure to commence early August.

-- Await RC drill assays, with results anticipated August/September.

-- Preparation for follow up drilling of any anomalous results.

-- Downhole Electromagnetic Survey (DHEM) on Krona drillhole.

-- Continue regional exploration, focusing on both lithium priority areas and the copper-gold historic workings in the northeastern portion of tenure.

-- Continue to review and model historic data over the Kelly's area in preparation for drill testing.

-- Await the full set of rock chip sample data, especially covering the Kelly's South ridge where 1.46g/t Au was reported.


Thor holds a 100% interest in two US companies with mineral claims in Colorado and Utah, USA. The claims host uranium and vanadium mineralisation in an area known as the Uravan Mineral Belt, which has a history of high-grade uranium and vanadium production (Figure 6).

Within probable economic transport distance is a processing plant (Energy Fuels White Mesa Mill) which may be a low hurdle processing option for any production from these projects.

Details of the projects may be found on the Thor website: www.thormining.com/projects/us-uranium-and-vanadium .

Following on from the San Miguel County approvals on 30 March 2022, Thor has now received the Federal Bureau of Land Management (BLM) and Colorado Division of Reclamation, Mining and Safety (DRMS) approvals, completing the approval process to undertake the proposed shallow drilling program at Rim Rock, Groundhog and Section 23, shown on Figure 7 (AIM: THR 22 June 2022).


High-grade assay results from due diligence work completed by Thor returned up to 1.25% U(3) O(8) and 3.47% V(2) O(5) , confirming uranium and vanadium mineralisation within the Salt Wash member of the Morrison Formation. This is consistent with and typical of the historical production in the Wedding Bell, Radium Mountain area of the Uravan mineral belt (Figure 7).

Following this work, three priority areas within the Colorado claims were highlighted for drill testing - Section 23, Rim Rock, and Ground Hog (Figure 7). The initial drill program comprises 15 holes drilled to an average depth of 80-100m to fully test the prospective horizon. Final drilling preparations are now underway.

Section 23 (Figure 7) in the southeast corner of the Wedding Bell claims has been identified by Thor Mining and World Industrial Minerals LLC (US Consulting team) as the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the "Salt Wash" Member precluded from historic prospecting, drilling and mine production. Proposed drillholes for this area are designed to target potential mineralisation in the third sandstone unit estimated to be within 30-40m of surface, stratigraphically, the mapped contact with the overlying upper Brushy Basin Member of the Morrison Formation.

The Rim Rock Mine area (Figure 7) represents a second priority drill target. The proposed drill holes are designed to straddle the ESE projection of the sampled Rim Rock Mine, whose adit opening is located immediately to the west (Photo 3). The Rim Rock Mine was the largest uranium-vanadium producer in the project area. When the adit area was rock chip sampled by Thor, a laterally continuous layer of vanadium mineralisation with assays was sampled:

-- 0.89% U(3) O(8) and 1.68%V(2) O(5) - WR-004

-- 0.14 % U(3) 0(8) and 1.9% V(2) 0(5) - WR-017

-- 0.05% U(3) O(8) and 2.14% V(2) O(5) - WR-018

(AIM announcement 21 July 2020)

It is anticipated that this same layer or a stratigraphically equivalent layer of mineralisation will be intercepted by the proposed drill holes. Vanadium layers, such as this one, with relatively low uranium content (by the standards of historical uranium mining in the Uravan District), were usually ignored by the miners.

Drilling proposed at the Groundhog Mine area (Figure 7) is designed to test for any lateral continuation of mineralisation parallel to the east-west mineralisation mined to the south.

Next Steps:

-- Complete drilling preparations, including engaging drilling contractors.

-- Drilling is anticipated to start in September quarter


Photo 3 : Uranium and Vanadium mineralisation underground at Rim Rock Prospect


   Figure 6:   Location map showing projects, infrastructure and nearby White Mesa processing plant. 


Figure 7: Map of Colorado Wedding Bell Project showing priority areas - Section 23, Groundhog and Rim Rock.


 Thor holds direct and indirect interests     http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf 
  in over 400,000 tonnes of Inferred                              Figure 8: SA Copper projects 
  copper resources (Tables A, B, & C)                                     location map. 
  in South Australia via its 80% farm-in 
  interest in the Alford East copper 
  project and 30% interest in EnviroCopper 
  Each of these projects are considered 
  by Thor directors to have significant 
  growth potential. Both are also advancing 
  towards development via low cost, 
  environmentally friendly In Situ Recovery 
  (ISR) techniques. 


The Alford East Copper-Gold Project is located on EL6529. Thor is earning up to 80% interest in the project from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (AIM: THR 23 November 2020).

The Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA (Figure 8). The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralisation within a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within metamorphic units on the edge of the Tickera Granite, Gawler Craton, SA (Figure 9).

Utilising historic drill hole information, Thor completed an inferred Mineral Resource Estimate (MRE), (AIM: THR 26 January 2021), consisting of:

-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper

-- 71, 500oz of contained gold

(AIM announcement 26 Jan 2021)


Figure 9: Alford East Project showing the eight mineralised domains (Plan View) (left) and Tenement & Prospect Location Plan (right).

Phase 2 Diamond Drilling Program

Based on the new geological model, approximately 10 diamond drill holes have been designed to test potential high-grade zones (Figure 10):

-- Along strike and up-dip of deeply weathered zones.

-- Targeting controlling key structures including the Netherleigh Park Fault at depth especially where there are large gaps in existing data.

-- Targeting intersection of SMS and Liaway offset Fault.

-- Targeting intersection of Netherleigh Park Fault and Liaway Fault.

-- Targeting subordinate splays off Netherleigh Park Fault where there is evidence of a deep weathering trough.

In addition, hydrogeological water bores and pump testing is in planning to determine aquifer connectivity between holes, with initial focus in the northern area of the mineralisation.

These drill holes including pump testing have now been approved by the South Australian Government regulators.

Concurrent to drilling, hydrometallurgical work will continue to investigate and optimise both copper and gold metal extraction using environmentally friendly lixiviants.


Figure 10 : Phase two proposed drillholes, targeting potential higher-grade zones open at depth and along strike

In conjunction with the technical assessment, Thor will continue ongoing stakeholder and community engagement, as well as regulatory activities.

Based on the nature of the oxide mineralisation, the deposit is considered amenable to In Situ Recovery (ISR) techniques. For further information on ISR please refer to Thor's website via this link for an informative video: www.youtube.com/watch?v=eG_1ZGD0WIw


Thor holds a 30% equity interest in private Australian company EnviroCopper Limited ("ECL"). In turn, ECL has entered into an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via In-Situ Recovery ("ISR") contained in the Kapunda deposit from Australian listed company Terramin Australia Limited ("Terramin" ASX: "TZN"), and the rights to 75% of the Alford West copper project, comprising the northern portion of exploration licence EL5984 held by Andromeda Metals Limited (ASX:ADN).

Information about EnviroCopper Limited and its projects can be found on the EnviroCopper website:



EnviroCopper Ltd ("EnviroCopper" or "ECL") has completed the installation of test well arrays and has commenced in-situ recovery trials ("ISR"), including tracer and push-pull test work (Figure 5). These tests are the final hydrometallurgical assessments before ECL commences Site Environmental Lixiviant Trials (SELT).

The purpose of lixiviant trials (or "push-pull tests") is to assess the solubility of copper mineralisation and, therefore, copper recovery, using a specially designed solution called a lixiviant under in-situ conditions. The trial is to be undertaken in two stages: the first stage involves injecting and extracting a tracer solution (Sodium Bromide - NaBr) from the same well to demonstrate hydraulic connectivity between the observation and environmental monitor well network. This is followed by injecting and extracting lixiviant from the same well to test copper solubility from the mineralisation.

Key outcomes anticipated from lixiviant trials:

   --    Hydraulic connectivity between wells 
   --    Copper solubility and recovery 

-- Establish lixiviant and time parameters for design of the Site Environmental Lixiviant Trials (SELT).



 The Molyhil tungsten-molybdenum-copper      http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf 
  deposit is 100% owned by Thor Mining                        Figure 11: Molyhil project location 
  and is located 220km north-east of                                          map 
  Alice Springs (320km by road) within 
  the prospective polymetallic province 
  of the Proterozoic Eastern Arunta 
  Block in the Northern Territory (Figure 
  The deposit consists of two adjacent 
  outcropping iron-rich skarn bodies: 
  the northern 'Yacht Club' lode and 
  the 'Southern' lode. Both lodes are 
  marginal to a granite intrusion; both 
  lodes contain scheelite (CaWO(4) ) 
  and molybdenite (MoS(2) ) mineralisation 
  (Figure 10). Both the outlines of 
  the lodes and the banding within the 
  lodes strike approximately north and 
  dip steeply to the east. 
  A full background on the project is 
  available on the Thor Mining website: 
  www.thormining.com/projects . 

Diamond Drilling Program

Three diamond drillholes (21MHDD001 - 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 (Figure 12) (AIM: THR 28 July 2022).

Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of scheelite-molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted 46m of disseminated mineralisation, 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 (Table A, B and C).


-- 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


-- 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 4 and 5). 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 is 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 (AIM: THR 03 June 2021). Full details can be found on the NTGS website: www.resourcingtheterritory.nt.gov.au/about/gdc .

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. The newly acquired data will be used to enhance the 3D model prior to potential follow up resource drilling.


Photo 4: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO(3) , 0.23% Mo & 0.07% Cu - coarse grained visible molybdenite in magnetite skarn


Photo 5: 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


Figure 12 (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 (Figure 3). 21MHDD001 and 21MHDD002 completed with DD Hole C underway.

Figure 12 (right): Long section of the Molyhil project looking west-northwest, showing two drilled holes and a third planned hole. Drilled holes, 21MHDD001 and 21MHDD002, were targeted into the magnetic anomaly where it appears offset at depth by faulting. The next planned hole, DD Hole C, is planned to intersect the geological plunge of the mineralised intercept in 21MHDD002. 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.

Table A: Drill Hole Collar Summary

                                                               End of 
 21MHDD001    577207    7482773    409         262       60    324.5 
             --------  ---------  ----------  --------  ----  ------- 
 21MHDD002    577220    7482774    409         278       60    334.2 
             --------  ---------  ----------  --------  ----  ------- 
 21MHDD003    577069    7482780    412         082       87    336.7 
             --------  ---------  ----------  --------  ----  ------- 

Coordinates in GDA 94 Zone 53

Table B: Geology

 21MHDD001    Calc-Silicate      159.1      255.8    96.7 
             -----------------  ---------  -------  ------------------- 
 21MHDD002    Magnetite Skarn    249        297      48 
             -----------------  ---------  -------  ------------------- 
 21MHDD003    Magnetite Skarn    255        259      4 
             -----------------  ---------  -------  ------------------- 
 21MHDD003    Magnetite Skarn    274.5      283.5    9 
             -----------------  ---------  -------  ------------------- 

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 
             -----  -----  ----------  ----------  -------  -------  ------  -----  ----- 


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 13).


Figure 13: 3D modelling of magnetics (transparent red) highlights Molyhil deposit and the recently drilled southeast plunging extension, plus drill targets along strike.

Bonya (Tungsten, Copper) and Jervois Vanadium Projects (40% Thor)

The Bonya tungsten, copper and vanadium deposits are located approximately 30km to the north-east of Molyhil (Figure 14). Thor, in joint venture with Arafura, holds a 40% equity interest in the resources.

A full background on the project is available on the Thor Mining website: www.thormining.com/projects .


Figure 14 : Molyhil Project location showing adjacent Bonya tenement


Mark Potter, Non-Executive Chair, resigned from the Board on 30 June 2022, with Alastair Clayton taking on the position of interim Non-Executive Chair.

Net cash outflows from Operating and Investing activities for the quarter were $718,000 which included expenditure of $556,000 directly related to exploration activities.

Providing an ending cash balance of $2,069,000.

In addition, Thor continues to hold 48,118,920 Power Metal Resources plc (AIM: POW) Shares which are released from a trading restriction at the rate of 25% each quarter, with the second release on 31 July 2022. The market value of the POW shares currently held is GBP445,000 (approximately $774,000) based on the closing price of the POW Shares as traded on the London Stock Exchange on 27 July 2022.

Cashflows for the quarter include related party payments of $111,000 to Directors, comprising the Managing Director's salary, and Non-Executive Directors' fees.

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 
 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 

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.


(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


At 30 June 2022 , the consolidated entity holds an interest in the following Australian tenements:

Project              Tenement     kms(2)  Area ha.  Holders               Company Interest 
                                                      Molyhil Mining Pty 
   Molyhil            EL22349     228.10               Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            EL31130       9.51               Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            ML23825                95.92     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            ML24429                91.12     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            ML25721                 56.2     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            AA29732                 38.6     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS77                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS78                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS79                   8.09     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS80                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS81                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS82                   8.09     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS83                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS84                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS85                  16.18     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Molyhil            MLS86                   8.05     Ltd                            100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Bonya              EL29701      204.5               Ltd                             40% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Molyhil Mining Pty 
   Bonya              EL32167      74.54               Ltd                             40% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Pilbara Goldfields 
   Panorama           E46/1190     35.03               Pty Ltd                        100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Pilbara Goldfields 
   Ragged Range       E46/1262      57.3               Pty Ltd                        100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Pilbara Goldfields 
   Corunna Downs      E46/1340        48               Pty Ltd                        100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Pilbara Goldfields 
   Bonney Downs       E46/1355        38               Pty Ltd                        100% 
                     ----------  -------  --------  --------------------  ---------------- 
                                                      Pilbara Goldfields 
   Hamersley Range    E46/1393        11               Pty Ltd                        100% 
                     ----------  -------  --------  --------------------  ---------------- 

At 30 June 2022 , the consolidated entity holds an interest in the following tenements in the US State of Nevada:

Claim Group   Prospect           Claim Name        Area                  Holders          Company 
                                                   45 blocks (611ha 
Platoro       Desert Scheelite   NT #55 - 64        or 1,510 acres)                       100% 
------------  -----------------  ----------------  -------------------------------------  --------- 
              Garnet             NT #9 - 18 
                                                                           Pilot Metals 
------------  -----------------  ----------------  --------------------                   --------- 
              Gunmetal           NT #19 - 22, 
                                  6, 7 
              -----------------  ---------------- 
              Good Hope          NT #1 - 5, 
                                  41 - 54 
------------  -----------------  ----------------  --------------------  ---------------  --------- 
              Black Fire                           109 blocks (1,481ha   BFM Resources 
BFM 1          Claims            BFM1 - BFM109      or 3,660 acres)       Inc             100% 
              -----------------  ----------------  --------------------  ---------------  --------- 
              Des Scheel                           22blocks (299ha       BFM Resources 
BFM 2          East              BFM109 - BFM131    or 739Acre)           Inc             100% 
              -----------------  ----------------  --------------------  ---------------  --------- 
                                                                         BFM Resources 
Dunham Mill   Dunham Mill        MS1 - MS4         4 blocks               Inc             100% 
              -----------------  ----------------  --------------------  ---------------  --------- 

On 30 June 2022, the consolidated entity holds 100% interest in a Uranium and Vanadium projects in US States of Colorado and Utah as follows:

Claim Group       Serial Number   Claim Name          Area                Holders             Company 
Vanadium          UMC445103 to                        100 blocks (2,066   Cisco Minerals 
 King (Utah)       UMC445202      VK-001 to VK-100     acres)              Inc                100% 
----------------  --------------  ------------------  ------------------  ------------------  --------- 
Radium Mountain   CMC292259 to    Radium-001          99 blocks (2,045    Standard Minerals 
 (Colorado)        CMC292357       to Radium-099       acres)              Inc                100% 
                  --------------  ------------------  ------------------  ------------------  --------- 
Groundhog         CMC292159 to    Groundhog-001       100 blocks (2,066   Standard Minerals 
 (Colorado)        CMC292258       to Groundhog-100    acres)              Inc                100% 
                  --------------  ------------------  ------------------  ------------------  --------- 

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

 Name of entity 
 ABN             Quarter ended ("current quarter") 
------------    ---------------------------------- 
 121 117 673     30 JUNE 2022 
 Consolidated statement of cash                          Current quarter   Year to date 
  flows                                                                     (12 months) 
                                                              $A'000           $A'000 
               1.   Cash flows from operating 
 1.1                Receipts from customers 
 1.2                Payments for 
                    (a) exploration & evaluation                       -           (48) 
                    (b) development 
                    (c) production 
                    (d) staff costs                                 (43)          (152) 
                    (e) administration and corporate 
                     costs                                         (117)        (1,017) 
 1.3                Dividends received (see note 
 1.4                Interest received 
                    Interest and other costs of 
 1.5                 finance paid                                      -            (2) 
 1.6                Income taxes paid 
 1.7                Government grants and tax 
 1.8                Other                                             51            110 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 1.9                 operating activities                          (109)        (1,109) 
-----------------  -----------------------------------  ----------------  ------------- 
 2.                      Cash flows from investing 
 2.1                     Payments to acquire or for: 
                    (a) entities 
                    (b) tenements 
                    (c) property, plant and equipment               (88)          (104) 
                    (d) exploration & evaluation                   (556)        (3,164) 
                    (e) equity accounted investments 
                    (f) other non-current assets 
                     (bonds)                                        (43)           (43) 
 2.2                     Proceeds from the disposal 
                    (a) entities                                       -            246 
                    (b) tenements 
                    (c) property, plant and equipment 
                    (d) investments                                    -            102 
                    (e) other non-current assets 
 2.3                Cash flows from loans to other 
 2.4                Dividends received (see note 
 2.5                Other (Government grants)                         78            406 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 2.6                 investing activities                          (609)        (2,557) 
-----------------  -----------------------------------  ----------------  ------------- 
 3.                 Cash flows from financing 
                    Proceeds from issues of equity 
                     securities (excluding convertible 
 3.1                 debt securities)                                  -          4,261 
 3.2                Proceeds from issue of convertible 
                     debt securities 
                    Proceeds from exercise of 
 3.3                 options                                           -            223 
                    Transaction costs related 
                     to issues of equity securities 
 3.4                 or convertible debt securities                    -          (120) 
 3.5                Proceeds from borrowings 
                    Repayment of borrowings (lease 
 3.6                 liability)                                        -           (19) 
 3.7                Transaction costs related 
                     to loans and borrowings 
 3.8                Dividends paid 
 3.9                Other (funds received in advance 
                     of a placement) 
                                                        ----------------  ------------- 
                    Net cash from / (used in) 
 3.10                financing activities                              -          4,345 
-----------------  -----------------------------------  ----------------  ------------- 
 4.                 Net increase / (decrease) 
                     in cash and cash equivalents 
                     for the period 
                    Cash and cash equivalents 
 4.1                 at beginning of period                        2,780          1,442 
                    Net cash from / (used in) 
                     operating activities (item 
 4.2                 1.9 above)                                    (109)        (1,109) 
                    Net cash from / (used in) 
                     investing activities (item 
 4.3                 2.6 above)                                    (609)        (2,557) 
                    Net cash from / (used in) 
                     financing activities (item 
 4.4                 3.10 above)                                       -          4,345 
                    Effect of movement in exchange 
 4.5                 rates on cash held                                7           (52) 
                                                        ----------------  ------------- 
                    Cash and cash equivalents 
 4.6                 at end of period                              2,069          2,069 
               5.   Reconciliation of cash and           Current quarter   Previous quarter 
                     cash equivalents                         $A'000            $A'000 
                     at the end of the quarter 
                     (as shown in the consolidated 
                     statement of cash flows) to 
                     the related items in the accounts 
 5.1                Bank balances                                  2,069              2,780 
 5.2                Call deposits 
 5.3                Bank overdrafts 
 5.4                Other (provide details) 
                                                        ----------------  ----------------- 
                    Cash and cash equivalents 
                     at end of quarter (should 
 5.5                 equal item 4.6 above)                         2,069              2,780 
-----------------  -----------------------------------  ----------------  ----------------- 
               6.    Payments to related parties of the entity    Current quarter 
                      and their associates                             $A'000 
                     Aggregate amount of payments to related 
                      parties and their associates included in 
 6.1                  item 1                                                  111 
 6.2                 Aggregate amount of payments to related 
                      parties and their associates included in 
                      item 2 
 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly 
  activity report must include a description of, and an explanation 
  for, such payments. 
  The amount at item 6.1 above represents fees paid to Non-Executive 
  Directors, and remuneration paid to the Managing Director. 
               7.   Financing facilities                    Total facility      Amount drawn 
                     Note: the term "facility'             amount at quarter    at quarter end 
                     includes all forms of financing              end               $A'000 
                     arrangements available to                  $A'000 
                     the entity. Add notes as necessary 
                     for an understanding of the 
                     sources of finance available 
                     to the entity. 
 7.1                Loan facilities 
                                                         -------------------  ---------------- 
 7.2                Credit standby arrangements 
                                                         -------------------  ---------------- 
 7.3                Other (please specify) 
                                                         -------------------  ---------------- 
 7.4                Total financing facilities 
                                                         -------------------  ---------------- 
 7.5                Unused financing facilities available at 
                     quarter end 
 7.6                Include in the box below a description of each facility 
                     above, including the lender, interest rate, maturity date 
                     and whether it is secured or unsecured. If any additional 
                     financing facilities have been entered into or are proposed 
                     to be entered into after quarter end, include a note providing 
                     details of those facilities as well. 
-----------------  --------------------------------------------------------------------------- 
               8.   Estimated cash available for future operating               $A'000 
                    Net cash from / (used in) operating activities 
 8.1                 (item 1.9)                                                  (109) 
 8.2                (Payments for exploration & evaluation classified            (556) 
                     as investing activities) (item 2.1(d)) 
 8.3                Total relevant outgoings (item 8.1 + item                    (665) 
 8.4                Cash and cash equivalents at quarter end                     2,069 
                     (item 4.6) 
 8.5                Unused finance facilities available at quarter                   - 
                     end (item 7.5) 
 8.6                Total available funding (item 8.4 + item                     2,069 
                    Estimated quarters of funding available 
 8.7                 (item 8.6 divided by item 8.3)                              3.1 
                    Note: if the entity has reported positive relevant outgoings 
                     (ie a net cash inflow) in item 8.3, answer item 8.7 as 
                     "N/A". Otherwise, a figure for the estimated quarters 
                     of funding available must be included in item 8.7. 
 8.8                If item 8.7 is less than 2 quarters, please provide answers 
                     to the following questions: 
                    8.8.1 Does the entity expect that it will continue to 
                     have the current level of net operating cash flows for 
                     the time being and, if not, why not? 
                    8.8.2 Has the entity taken any steps, or does it propose 
                     to take any steps, to raise further cash to fund its operations 
                     and, if so, what are those steps and how likely does it 
                     believe that they will be successful? 
                    8.8.3 Does the entity expect to be able to continue its 
                     operations and to meet its business objectives and, if 
                     so, on what basis? 
                    Note: where item 8.7 is less than 2 quarters, all of 
                     questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. 
-----------------  ------------------------------------------------------------------- 

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

   2          This statement gives a true and fair view of the matters disclosed. 
   Date:                     ..29 July 2022........................................................... 

Authorised by: .....the Board....................................................................

(Name of body or officer authorising release - see note 4)


1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

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July 29, 2022 02:00 ET (06:00 GMT)

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