Thor Mining : Quarterly Activities Dec2021

• Permitting outcomes.

• Drilling preparations

QUARTERLY ACTIVITIES REPORT

ASX & AIM Code: "THR"

OTCQB Code: "THORF"

QUARTERLY REPORT OCTOBER TO DECEMBER 2021

			Highlights		Outlook for March Quarter 2021
	GOLD
	Ragged Range, Pilbara region, WA Australia
	• Maiden RC drilling program completed	• Airborne Magnetics Survey over eastern
		highlighting sericite-pyrite-fuchsite	portion of tenure
		alteration system indicating proximity to	• Follow up RC drilling program at Sterling
onlygold source (ASX: THR 25 January 2022)	Prospect
	• Battery metal - Lithium targets identified,	• Regional mapping and stream sediment
		and work program being designed	sampling targeting additional gold, nickel
					and lithium targets
	COPPER
	Alford East, SA Australia		• Final assay results from diamond drilling
	• Hydrogeology results show favourable
use	water characteristics and permeability	program with improved 3D geological
suitable for ISR production.	model.
					• Continue ISR assessment and
					development of the project.
	Kapunda, SA Australia (via 30% equity holding in EnviroCopper Ltd)
	• In-situ recovery push pull trials	• Copper-gold recoveries from lixiviant
		commenced, including tracer and copper	trials.
		recovery test work.		• Scoping study
	TUNGSTEN & MULTI COMMODITIES
	Molyhil, NT Australia		• Assay results from diamond drilling
	• Successful	diamond	drilling program
		completed,	confirming	magnetic target	program.
		adjacent to deposit is mineralised	• Modelling of data to be used for updated
		magnetite skarn.		Mineral Resource Estimation.
	• 21MHDD002 intercepted over 45m of	• Review strategic plans for Molyhil
personal	magnetite	skarn with disseminated
tungsten (W), molybdenum (Mo) and
copper (Cu) mineralisation.
For
	Pilot Mountain, USA		• Variation of Tail Benefit announced post
	• Thor have completed Sale Agreement with
		Power Metal Resources PLC (AIM: POW) to	period - with POW paying £50,000 cash and
		divest project for an agreed value of	4M freely tradable new ordinary shares of
		US1.8M			PMR of 0.1p at a deemed issue price of 2.5p.
					(ASX: THR 25 January 22)

URANIUM & VANADIUM USA

• Permitting continuing for initial drill testing at Wedding Bells Project, Colorado.

CORPORATE & FINANCE

• Placement of A$2.75M to maintain exploration momentum to progress key projects.
• Thor triggers Stage 1 of the earn-in to increase its interest to 51% interest from Spencer

Metals Pty Ltd over the Alford East Copper-Gold oxide Project, South Australia.

THOR MINING PLC

Registered Numbers:

United Kingdom 05 276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5033

Australia

Ph: [phone]

Email:

[e-mail]

Website:

www.thormining.com

@ThorMining

Enquiries:

Nicole Galloway Warland Managing Director Thor Mining PLC

[phone]

Jessica Cave Nominated Advisor WH Ireland Ltd

[phone]

AIM & ASX Listings:

Shares: THR

OTCQB Listing

Shares: THORF

Directors:

Nicole Galloway Warland

Mark Potter

Mark McGeough

Alastair Clayton

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Nicole Galloway Warland, Managing Director, Thor Mining Plc

QUARTERLY ACTIVITIES REPORT

ASX & AIM Code: "THR"

OTCQB Code: "THORF"

Managing Director's Comments

only"The December quarter saw Thor increase its on-ground exploration activities with concurrent drilling programs at Ragged Range Gold Project, WA and Molyhil Critical Minerals Project, NT, whilst advancing the drill permit process for Wedding Bells Uranium Project, USA.

Although no significant gold was intercepted in the maiden RC program at the Sterling Prospect, Ragged Range, this is only the start of our gold campaign at Ragged Range, with some of the best ground yet to be tested. Elevated pathfinder elements and broad zones of alteration are positive indicators that we are in close proximity to the gold source.

Thor's recent geological review of the Ragged Range project, triggered by the granting of E46/1393, has identified usexciting lithium-caesium-tantalum targets associated with the highly prospective Split Rock Supersuite.

We are currently designing our 2022 field program, with further drilling to complete the original and test new targets identified at the Sterling prospect, with geophysics, comprising airborne and ground surveys, and geochemical ampling and mapping programs planned over our additional gold, nickel and lithium target areas. The new lithium targets will be advanced as soon as possible and have the potential for significant exploration discoveries, while we continue drill testing further gold exploration targets at the Sterling Prospect.

We are excited with the new discovery at our Molyhil critical metals project, with drilling validating an interpreted personalmineralised magnetic target, developed from 3D modelling - a new geological concept for the project. The extension of this mineralisation, directly south of the deposit, in a previously untested area, is pivotal to the overall Molyhil

project.

Pump testing of our initial water bore at Alford East project has shown favourable water characterisation and permeability for potential In Situ copper-gold recovery. This is positive news as we progress the project towards ISR assessment and development; an environmentally, low carbon emission alternative to conventional open cut and underground mining.

Permitting is progressing well at our Wedding Bell Uranium Project in the US and we hope to update the market in the coming weeks, along with assay results from our recently completed successful diamond drilling at the Molyhil c itical minerals project in the Northern Territory."

For

21MHDD002 (275.4m) -massive magnetite skarn with disseminated scheelite-molybdenite-chalcopyrite

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

Lithium Targets

QUARTERLY ACTIVITIES REPORT

ASX & AIM Code: "THR"

OTCQB Code: "THORF"

RAGGED RANGE PROJECT

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

Since 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.

Details of the projects may be found on the Thor website via this link: www.thormining.com/projects/ragged-range-pilbara-project

usepersonal.

ForLithium Prospectivity

With the recent granting of E46/1393 (Figure 1), Thor undertook a geological review of the Ragged Range Project highlighting the lithium prospectivity in addition to gold, nickel and copper-gold.

The Pilbara Craton is highly prospective for lithium-caesium-tantalum enriched (LCT) pegmatites and hosts two large and globally significant spodumene deposits at Wodgina (Mineral Resources Ltd) and Pilgangoora (Pilbara Minerals). The Wodgina lithium project is considered the largest hard rock, spodumene deposit in the world (https://www.carbonart.com.au).

The lithium rich pegmatites in the Pilbara are spatially and appear to be genetically related to the Split Rock Supersuite (2.85 to 2.83Ma), which are post tectonic (Sweetapple, M, 2017). These are mapped as highly fractionated, biotite, quartz and K Feldspar rich, monzogranites (Figure 2).

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QUARTERLY ACTIVITIES REPORT

ASX & AIM Code: "THR"

OTCQB Code: "THORF"

Pegmatites are located within 10 km of cogenetic peraluminous granites and leucogranites. The roof zones of large plutons are considered to be one of the most favourable positions for lithium enrichment (London, 2018). Spatial onlyzonation of pegmatites around a common granitic source which is a fundamental starting point for exploration

models (London, 2018). Using this as a model, the Ragged Range area fits all these conditions.

Commercial lithium is found in the mineral spodumene LiAl(Si2O6) that can grow into very large crystals within pegmatite bodies. It is normally associated with minerals such as cassiterite (Sn), columbite-tantalite(Nb-Ta), lepidolite (lithium rich mica), beryl (Be) and garnets. These elements can be used as pathfinders in stream sediment sampling programs.

At the southern end of the Corunna Downs Batholith (Figure 2), a crescent shaped post-tectonic granitic pluton is found (now termed the Mondana Monzogranite part of the Split Rock Supersuite). The Mondana Monzogranite is

use
porphyritic and is largely unfoliated. Small units of the Mondana Monzogranite are mapped in the NE corner of
E46/1262, E46/1340 and E46/1393 and three target areas have been defined:
1)	This NE corner of E46/1262 is potentially a roof zone of the Mondana Monzogranite making it the most
	prospective area for lithium in the tenements (Figure 1 and 4).
2)	The second target area is on E46/1393 where numerous structures cut the older Euro Basalt providing
personalFor	conduits for pegmatites emanating from the adjacent Mondana Monzogranite (Figure 1).
The third area of interest is a small enclave of greenstone at the contact of the Mondana Monzogranite
3)

in E46/1340 (Figure 1).

Figure 2: Geological map of the units and terranes comprising the North Pilbara Craton (adapted from Sweetapple and Collins, 2002 and Hickman, 2016), highlighting the distribution of the Split Rock Supersuite (~2.85-2.83Ga) and pegmatite fields and groups of LCT (Li-Cs-Ta),NYF (Nb-Y>F)and mixed (LCT-NYF)petrogenetic families of Cerny

and Ercit (2005). Ragged Range tenure is shown covering the southern portion of the Split Rock Supersuite and Corunna Downs Batholith (after Sweetapple., 2017).

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QUARTERLY ACTIVITIES REPORT

ASX & AIM Code: "THR"

OTCQB Code: "THORF"

Sterling Prospect -Maiden RC Drilling

only41 shallow (50-96m) RC drillholes totalling 2,155m were completed at the Sterling Prospect (ASX: THR 25 January 2022). Drill holes were designed to angle-overlap, orientated at -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 3 and Figure 4).

3m composite samples returned no significant gold intercepts (max of 0.1g/t Au), though intersections of strong broad zones of quartz veining, sericite, silica alteration, sulphides and fuchsite, characteristic of gold mineralisation in the Pilbara, are positive indicators of close proximity to the gold source (Photo Plate 1). In many of the drill holes close to the fault contact, sericite and silica alteration of the Euro Basalt is strong (Photo Plate 2). This alteration style forms the distal alteration halo around many gold deposits. Sulphide veining with chalcopyrite, pyrite and

usesphalerite was observed in drill chips. Higher grade gold is associated with sulphide mineralisation at Calidus Resources' Warrawoona Project.

This maiden RC program was designed to test eight strong gold anomalies at Sterling Central and Sterling South prospects, defined from soil and stream sediment sampling programs. Unfortunately, due to mechanical issues, not all targets were tested. Full drilling details may be viewed via following link:

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20220125-gold-exploration-

update,-ragged-range-wa.pdfpersonalFor

Figure 3: Sterling Prospect showing drill collars overlying high-grade soil anomalies; Sterling Central (Right) and

Sterling South (Left).

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