Thor Mining : Kapunda Copper Project - Proof of Concept Established

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Thor Mining PLC - THR Kapunda Copper Project Proof of Concept Released 07:00 18-Dec-2018

RNS Number : 7927K

Thor Mining PLC

18 December 2018

18 December 2018

THOR MINING PLC

PROOF OF CONCEPT ESTABLISHED - KAPUNDA COPPER PROJECT

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise that proof of concept has been established for Insitu-Recovery of copper at the Kapunda Copper Project, in partnership with Environmental Copper Recovery SA Pty Ltd ("ECR").

The Kapunda Copper project, in which the Company has a right to earn into a 45% effec�ve interest, holds an inferred JORC compliant resource of 119,000 tonnes of copper, as per the maiden resource es�mate announced in February 2018 by Thor Mining (in partnership with Environmental Copper Recovery SA Pty Ltd ("ECR")) and Terramin Pty Ltd (ASX: TZN).

The Kapunda project follows a typical series of well-defined project development steps with each step being a "go, no-go" decision point. The Proof of Concept of Insitu-Recovery (ISR) for the project is a significant step forward in the project development process.

Highlights:

• · Posi�ve Ini�al hydrogeological assessment and water sampling completed;

• · Construc�on of the necessary technical models of geology, ore grade, copper species distribu�on, and fracture density;

• · Ini�al hydrogeological computer modelling which suggests that flow through the ore body is possible and the geology is amenable for ISR;

• · Successful comple�on of preliminary laboratory work, and determined the copper species present are recoverable;

• · Ini�al implementa�on of a community educa�on program for community on benefits of ISR;

• · Stage 2 work commenced.

Mr Mick Billing, Execu�ve Chairman, commented:

"The proof of concept stage has been successful in demonstra�ng that, from both a technical and social viewpoint, we should proceed to the next stage of work. This next stage (stage 2) will include: relevant approval processes, pump and environmental tes�ng, and will incorporate a field recovery trial to generate solu�on and test a variety of metal recovery op�ons."

"The successful comple�on of these stages was complemented by the receipt of a (CRC-P) Commonwealth Research Program Grant for A$2.85 million for the Kapunda Copper ISR project, further suppor�ng this exci�ng ini�a�ve of an economically and environmentally sustainable mining future technique."

"We look forward to providing further informa�on on this exci�ng project, and each of our other projects at Molyhil (including Bonya), and Pilot Mountain in the coming weeks."

The informa�on contained within this announcement is deemed to cons�tute inside informa�on as s�pulated under the Market Abuse Regula�ons (EU) No. 596/2014. Upon the publica�on of this announcement, this inside informa�on is now considered to be in the public domain.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Execu�ve Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company
Secretary
Colin Aaronson/	[phone]	Grant Thornton UK LLP	Nominated Adviser
Richard Tonthat/ Ben
Roberts
Nick Emerson	[phone]	SI Capital Ltd	Joint Broker
David Hignell / Rob	[phone]	Northland Capital Partners	Joint Broker
Rees	Limited
Tim Blythe/ Camilla	[phone]	Blytheweigh	Financial PR
Horsfall

Updates on the Company's ac�vi�es are regularly posted on Thor's websitewww.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twi�er page @ThorMining.

Competent Person's Report

The informa�on in this report that relates to explora�on results and Mineral Resources is based on informa�on compiled by Leon Faulkner, who holds a BSc in geology and who is a Member of The Australasian Ins�tute of Geoscien�sts. Mr Faulkner is an employee of Environmental Copper Recovery Pty Ltd. He has sufficient experience which is relevant to the style of mineralisa�on and type of deposit under considera�on and to the ac�vity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edi�on of the 'Australasian Code for Repor�ng of Explora�on Results, Mineral Resources and Ore Reserves'. Leon Faulkner consents to the inclusion in the report of the ma�ers based on his informa�on in the form and context in which it appears.

About Kapunda

The Kapunda copper project is located approximately 90 kilometres north of Adelaide in South Australia.

On 1 August 2017, Thor announced an agreement to earn up to 60% of a newly incorporated private Australian company, Environmental Copper Recovery SA Pty Ltd, ini�ally via conver�ble loan notes of up to A$1.8 million, which will be used to fund field test work and feasibility ac�vi�es at Kapunda over the next 3 years.

In turn ECR 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").

For detail of the In-situ Recovery process, investors are invited to view the ECR website;h�ps://www.envirocopper.com.au/ .

In February 2018 Thor announced an Inferred JORC Resource Es�mate for the Kapunda project, of 47.4 million tonnes (MT) grading 0.25% Cu, containing 119,000 tonnes of contained copper considered amenable to In-situ Recovery techniques.

For detail of the Resource Es�mate Announcement, investors are invited to view the Thor website;

h�p://www.thormining.com/-/thor/lib/docs/asx%20releases/20180212%20ASX%20Kapunda%20Resource.pdf .

Subsequently, on 30 July 2018, the Company announced details of a CRC-P (Coopera�ve

Research Centre) grant to the value of A$2.85 million from the Australian Commonwealth Government for the Kapunda In-Situ Copper and Gold Recovery Trial.

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 attrac�ve 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 Cri�cal 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 por�on 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 produc�on royalty en�tlement 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

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December

2018

⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2017

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