Thor Mining : High Grade Molyhil Bulk Sample Assay Results

ASX Code: "THR"

6 June 2019

THOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

Ph: [phone]

Fx: [phone]

Email:

[e-mail]

Website:

www.thormining.com

Twitter @ThorMining

Enquiries: Mick

Billing Executive

Chairman Thor

Mining PLC

[phone]

Nominated Advisor Colin Aaronson Grant Thornton

[phone]

AIM & ASX Listings:

Shares: THR

Directors:

Michael Billing

David Thomas

Alastair Middleton

Richard Bradey

Key Projects:

• Tungsten Molyhil NT
  Pilot Mountain USA
• Copper Kapunda SA

Company Announcements Office

ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000

HIGH GRADE MOLYHIL BULK SAMPLE ASSAY RESULTS

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce positive assay results from metallurgical bulk sample drilling at the company's wholly owned Molyhil tungsten molybdenum deposit, in the Northern Territory of Australia.

Two PQ (85mm) diamond drill holes were drilled down plunge of the Yacht Club lode to obtain material for production of tungsten and molybdenum concentrate samples for prospective project offtake partners.

Highlight

• 92.6 metres @ 1.0% WO₃ (tungsten trioxide), 0.16% Mo (molybdenum) and 0.13% Cu (copper) from surface, including 2.2 metres of unmineralised granite from 11.5m;

Only one of the two holes have been assayed with the other to be kept in storage. The holes will not contribute to the mineral resource estimate.

Mick Billing, Executive Chairman, commented:

"This bulk sample assay result is very encouraging for the Molyhil project."

"It is rewarding to see confirmation of extensive high-grade scheelite mineralisation along with expected grades of molybdenum. It is also very pleasing to see the copper mineralisation at potentially economic levels".

"While the hole design was for the purpose of collecting material most likely to produce sufficient concentrate, rather than for resource purposes, the high-grade nature of the scheelite mineralisation provides further substantial confidence in the Molyhil deposit"

"Additionally, copper, while part of historic mineral resource estimates at Molyhil, has not been included in the resource estimate for some time, however recent testwork has shown encouraging results for production of a separate saleable concentrate. While this work has implications for potential production from the nearby Bonya deposits, it is expected to also apply to any copper mineralisation extracted at Molyhil"

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"Since acquiring the Bonya properties, ongoing studies on the combined Molyhil-Bonya project have identified the copper potential of Bonya and its potential suitability for processing at Molyhil (news releases 26 November2018 and 7 May 2019). This has led to the reappraisal of the copper potential at Molyhil itself. Although copper was part of the historical resource estimates at Molyhil, copper has not been included in the recent Thor Mineral Resource and Reserve estimates, and does not form part of the DFS. At this time, Thor does not plan to amend the resource estimates for Molyhil, or the current DFS on the strength of this new copper perspective, and as such Thor ascribes no additional value for any potential copper revenues at this time."

An historic Molyhil Mineral Resource Estimate with copper included is available on the ASX website, and can be viewed, on page 33 of 124, via the following link:

https://www.asx.com.au/asxpdf/20060817/pdf/3y0txr8b44pkk.pdf

The information is extracted from the Thor Mining plc ASX listing prospectus issued August 2006 and is available to view on the ASX website. The company confirms that it is not aware of any new information or data in respect of copper values reported at the time, that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates of copper values in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Figure 2: Photograph of portion of the core sample under ultraviolet light (highlighting scheelite

mineralisation)

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Further Information

The program comprised 195.6 metres of PQ (85.5mm diameter) diamond drilling into the Yacht Club lode of the Molyhil deposit.

The holes were designed to target high grade mineralisation and as a result are not appropriate for estimating the resource or the mineralisation geometry including true widths.

		Easting	Northing	Elevation	Azi -	Dip	Hole		Estimated
Hole ID	Deposit	GDA94	GDA94	depth	Intersection	true width
(m ASL)	muth
		zone 53)	zone 53)		(m)		(m)
19DD001	Molyhil	577047	7482977	410.7	142	-70	97.9	Mineralised but Not assayed	na
								92.6 metres @ 1.0% WO₃,
19RC002	Molyhil	577051	7482973	410.7	144	-55	97.7	0.16% Mo and 0.13% Cu from	na*
								0m
•	Estimated true	width is not	available due	to inappropriate hole	orientation

Table A: Molyhil down plunge metallurgical sample intercepts

Figure 2: Map showing the diamond drill hole location

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For further information, please contact:

THOR MINING PLC

Mick Billing Executive Chairman [phone]

Competent Person's Report

The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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'. Richard Bradey consents to the inclusion in the report of the matters based on his 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) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource³ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁵ of:

• A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

• Refer ASX and AIM announcement of 23 August 2018
• Refer ASX and AIM announcement of 26 November 2018
• Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

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JORC Code, 2012 Edition - Table 1 report

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation		Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random		Diamond drilling was used to
techniques	chips, or specific specialised industry standard		produce core which was whole core
	measurement tools appropriate to the minerals under		crushed from which representative
	investigation, such as down hole gamma sondes, or		samples were taken and assayed.
	handheld XRF instruments, etc). These examples should
	not be taken as limiting the broad meaning of sampling.
	• Include reference to measures taken to ensure sample
	representivity and the appropriate calibration of any
	measurement tools or systems used.
	• Aspects of the determination of mineralisation that are
	Material to the Public Report.
	• In cases where 'industry standard' work has been done
	this would be relatively simple (eg 'reverse circulation
	drilling was used to obtain 1 m samples from which 3 kg
	was pulverised to produce a 30 g charge for fire assay').
	In other cases more explanation may be required, such
	as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types
	(eg submarine nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole		PQ diameter core was taken for the
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc) and		entire length of the holes. The core
	details (eg core diameter, triple or standard tube, depth		was not oriented.
	of diamond tails, face-sampling bit or other type, whether
	core is oriented and if so, by what method, etc).
Drill sample	• Method of recording and assessing core and chip		After minor core loss at the collar
recovery	sample recoveries and results assessed.		(12% in first 1.7m run), 100% core
	• Measures taken to maximise sample recovery and		recovery was achieved for the
	ensure representative nature of the samples.		remainder of both holes.
	• Whether a relationship exists between sample recovery
	and grade and whether sample bias may have occurred
	due to preferential loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically		Core was logged geologically and
	and geotechnically logged to a level of detail to support		photographed for the entire length of
	appropriate Mineral Resource estimation, mining studies		each hole.
	and metallurgical studies.		Mineralised	and	unmineralised
	• Whether logging is qualitative or quantitative in nature.		zones were easily determined from
	Core (or costean, channel, etc) photography.		geological observations.
	• The total length and percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half or		Whole core crushed to 80% passing
sampling	all core taken.		3.25mm a 2kg subsample was split
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc		off pulverised to 75µm from which a
and sample	and whether sampled wet or dry.		25gram charge was taken for assay.
preparation	• For all sample types, the nature, quality and		Industry standard internal laboratory
	appropriateness of the sample preparation technique.
	• Quality control procedures adopted for all sub-sampling		QAQC procedures were applied.
	stages to maximise representivity of samples.
	• Measures taken to ensure that the sampling is
	representative of the in situ material collected, including		No	quality	control	measures were
	for instance results for field duplicate/second-half
		included with the core samples.
	sampling.
		PQ	core	is adequate size to
	• Whether sample sizes are appropriate to the grain size

of the material being sampled.	represent the material sampled.
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