Thor Mining : Molyhil Extension Drilling Update, Molyhil Project NT

ASX Code: "THR"

28 July 2022

onlyTHOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

usePh: [phone] Email: [e-mail]

Website:

www.thormining.com

Twitter

@ThorMining personalEnquiries:

Nicole Galloway Warland M n ging Director Thor Mining PLC

[phone]

N minated Advisor

Jessica Cave

WH Ireland Ltd

[phone]

AIM & ASX Listings:

Sha es: THR

OTCQB Listing

Shar s: THORF

Directors:

Nicole Galloway Warland Alastair Clayton

Mark McGeough

ForKey P ojects:

• G ld

Ragged Range Pilbara WA

• Copper

Alford East SA

• Uranium / Vanadium

Colorado / Utah USA

• Tungsten

Molyhil NT

Company Announcements Office

ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000

Molyhil Extension Drilling Update

Molyhil Project, Northern Territory

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:

1. 46m @ 0.06% WO3, 0.05% Mo & 0.04% Cu from 249m,

• 1. Including 11m @ 0.05% WO3, 0.13% Mo & 0.06 % Cu from 272m
• 21MHDD003:
• 1. 4m @ 0.13% WO3, 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

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."

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ASX Code: "THR"

28 July 2022

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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 (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% WO3, 0.05% Mo & 0.04% Cu from 249m,
• • Including 11m @ 0.05% WO3, 0.13% Mo & 0.06 % Cu from 272m

21MHDD003:

• 4m @ 0.13% WO3, 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).

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 (ASX: THR 4 June 2021).

Photo 1: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO3, 0.23% Mo & 0.07% Cu - coarse grained visible molybdenite

in magnetite skarn

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28 July 2022

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Photo 2: 21MHDD002: 293-294m (293.8m) - 1m @ 0.03% WO3, 0.04% Mo and 0.06% Cu - significant visible molybdenite

and chalcopyrite visible throughout intercept, contrasting to assays

Figure 1 (Left): Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO3 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 - 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% WO3 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.

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28 July 2022

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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).

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 (ASX: THR 8 April 2021) a revised Mineral Resource Estimate comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.4 million tonnes at 0.27% WO3 (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO3 cut-off.

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf

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ASX Code: "THR"

28 July 2022

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Figure 3: Tenement & Prospect Location Plan

Table A: Drill Hole Collar Summary

DRILLHOLE	EASTING	NORTHING	ELEVATION	AZIMUTH	DIP	End of 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

Coordinates in GDA 94 Zone 53

Table B: Geology

DRILLHOLE	GEOLOGY	FROM (M)	TO (M)	DOWNHOLE
				INTERCEPT (M)
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

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