Thor Mining : Project Advancement, Alford East Copper-Gold Project, SA

Commercial in confidence

ASX Code: "THR"

22 February 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]

Fx: [phone]

Email:

[e-mail]

Website:

www.thormining.com

Twitter personal@ThorMining

Enquiries:

Nicole Galloway Warland

Ma aging Director

Thor Mining PLC

[phone]

N minated Advisor

Je ica Cave

WH Ireland Ltd

[phone]

AIM & ASX Listings:

Shar s: THR

OTCQB Listing

Shares: THORF

Directors:

Nicole Galloway Warland

Mark Potter

ForMa k McGeough

Alastair Clayton

Key Projects:

• Gold

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

Project Advancement

Alford East Copper-Gold ISR Project, South Australia

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an update on the Alford East Copper-Gold Project, South Australia.

Project highlights:

• Significant intercepts including:
  21AED001 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5m (ASX:THR 31.8.21),
  21AED002 59.9m @ 0.3% Cu from 21.9m (ASX:THR 31.8.21),
  21AED003 32.4m @ 0.2% Cu from 15m,
  21AED004 55.9m @ 0.53% Cu from 7m, including 11.7m @ 1.0%Cu from 17.3m including
  5.7m @ 1.23% and 0.16g/t Au from 17.3
  21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including
  18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m (ASX:THR 31.8.21),
• A robust 3D geological model generated from recent drilling data highlights key structural and lithological controls on mineralisation and potential high-grade target zones.
• Initial hydrometallurgy trialling of an environmentally friendly glycine lixiviant shows positive gold and copper recovery.
• Phase two diamond drilling program is being designed, including continuing hydrogeology and hydrometallurgical studies.

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

"The success of our first phase of drilling, with significant uplift in copper and gold grade adjacent to the Netherleigh Fault, is very exciting and suggests the potential for extended zones of higher-grade copper and gold along strike and at depth.

Demonstrating Thor's greater understanding of the geological and structural constraints through the new geological modelling is critical to the overall project development, especially as we plan our second phase of drilling and progress our hydrometallurgical studies.

These favourable initial hydrometallurgical results for the metal recovery for both copper and gold using a socially and environmentally friendly solution 'glycine' rather than conventional acid in-situ recovery (ISR) is significant, as Thor strives towards the in-situ assessment of the Alford East Project."

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ASX Code: "THR"

22 February 2022

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Figure 1: Tenement & Prospect Location Plan (left) and Mineral Resource Domains (right)

Alford East Project

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (Figure 1) (ASX: THR Announcement 23 November 2020).

The Alford East Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA. 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 (Figure 1), Gawler Craton, SA.

Utilising historic drill hole information, Thor completed an inferred Mineral Resource Estimate (MRE) (ASX: THR Announcement 27 January 2021):

• 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
• 71, 500oz of contained gold

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

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ASX Code: "THR"

22 February 2022

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Based on the nature on 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

Alford East Diamond Drilling Program Update

The first phase of drilling comprised nine diamond drillholes totalling 878m, with assays now received for all drillholes. This initial program for Thor focussed only on the northern portion of the Alford East copper-gold deposit, around the AE-5 mineralised domains (Figure 1 and 2), with drilling targeting areas open at depth and along strike.

Drillhole assay results are reported in Table B and C (Appendices).

AE-5	OPEN
Domain

OPEN

Figure 2: Alford East Project AE-5 domain showing drillhole location plan.

For ISR purposes, drilling was limited to the deeply weathered lithological profile, testing the extent of the oxide zone and the depth boundary of the Top of Fresh Rock (TOFR). The copper-gold oxide mineralisation is hosted within deeply kaolinised (clay) and metasomatic altered units on the contact between the Olympic Domain Wallaroo Group metasediments and the Hiltaba Suite Tickera Granite, Gawler Craton (Figure 1). Copper oxide mineralogy is dominated by malachite and chalcocite.

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ASX Code: "THR"

22 February 2022

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Drill targeting, vectoring in on the hanging wall side of the north-south trending controlling structure, now referred to as Netherleigh Park Fault, intercepted zones of high-grade copper and gold grades resulted in significant grade uplift in comparison to the MRE.

Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A' 6,256,360mN) were drilled through the central portion of AE-5 (Figure 3), designed to validate the geological model and test areas, open at depth. The high- grade copper and gold intercepts in 21AED001 opens the mineralisation up at depth, whilst 21AED005 highlights the grade uplift along the Netherleigh Park Fault.

21AED004 (Section B-B' 6,235,440mN) was drilled along strike to the north 21AED005, a continuation of higher copper grades along fault (Figure 2 and 4).

21AED002, 21AED006 and 21AED007 (Section C-C' 6,235,600mN) were all drilled to the north of the AE-5 MRE domain, with assay results extending the known copper mineralisation along strike towards AE-8 (Figure 2, 3 and 6).

Multi-element analysis of the assay results highlights two distinct higher-grade zones of copper-gold mineralisation within a broader mineralised envelope. The lower of the two has a distinct IOCG geochemical signature - elevated Cu, Au, Mo, Co, Se, Bi & REE (Figure 6 log plot). This potentially reflects sulphide oxidation of primary mineralisation; whilst the upper zone has a more amorphous distribution typical of a supergene mineralised system.

Figure 3: Cross section 6,256,360mN looking NNE, showing 21AED001, 21AED003 and 21AED005. Copper assays shown as cylinder down hole trace.

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ASX Code: "THR"

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Figure 4: Cross section 6,256,4400mN looking NNE, showing 21AED004, with copper assays shown as cylinder

downhole trace.

Figure 5: Cross section 6,256,600mN showing 21AED002 and 21AED007, with copper assays shown as cylinder

downhole trace.

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