Thor Mining : Positive Tungsten & Copper Results - Bonya

ASX Code: "THR"

7 May 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 INTERIM TUNGSTEN AND COPPER RESULTS

SAMARKAND DEPOSIT - BONYA

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to announce further positive interim results from drilling at the Bonya tungsten deposits, adjacent Molyhil, in the Northern Territory of Australia.

The Bonya project is held in joint venture with Arafura Resources Limited (ASX: "ARU"), with both parties contributing to the cost of the program in proportion to their project equity (THR 40% : ARU 60%).

Remaining interim results for Samarkand prospect are now available via portable X-ray fluorescence ("XRF") determination. These results should be considered preliminary and subject to confirmation in subsequent laboratory assay. Laboratory assays results may vary from those obtained from XRF.

Tungsten Highlights from Samarkand drilling include:

•15 metres @ 0.44% WO₃ from 19 metres from drill hole 19RC026;

•8 metres @ 0.36% WO₃ from 38 metres from drill hole 19RC028;

•11 metres @ 0.61% WO₃ from 64 metres, including 2 metres @ 0.21% Cu from 69 metres from drill hole 19RC030;

Copper drill intersection highlights include:

•5 metres @ 0.5% Cu from 9 metres including 2m @ 0.22% WO3 from drill hole 19RC029;

•12 metres @ 0.69% Cu from 22 metres from drill hole 19RC030;

•6m @ 0.97% Cu from 38 metres from drill hole 19RC032

Significant drill intercepts are tabulated in full below.

Mick Billing, Executive Chairman, commented: "More very good XRF tungsten results along with exciting copper readings from the Samarkand deposit at Bonya."

"The proposed Molyhil processing facility is designed to extract copper as well as tungsten and molybdenum so any primary copper at Bonya can be extracted at minimal additional cost."

"We look forward to the full laboratory assays from this drill program, along with results from the costean sampling from Marrakech and Tashkent, all expected during May."

Page | 1

Figure 1: Map showing Molyhil and Bonya Deposits

Further Information

The program comprised 2,184 metres of drilling by Reverse Circulation (RC) method on Samarkand, Jericho, White Violet, and Tashkent deposits, and approximately 200 metres of trench sampling across each of the Marrakesh and Tashkent deposits.

The Jericho deposit, in particular, has been mined historically, with a surface stockpile estimated at several hundred tonnes of scheelite ore at surface adjacent to the deposit.

It is anticipated that assay results will be available within four weeks.

		Easting	Northing				Hole			Est
		Elevation	Azi -				true
Hole ID	Deposit	GDA94	GDA94	Dip	depth		Intersection
(m ASL)	muth		width
		zone 53)	zone 53)		(m)
							(m)
		Intercepts for 19RC001 to 19RC023 provided in previous announcement
19RC024	Samarkand	612011	7485446	422	51.7	-60.5	60	No significant intercept	-
19RC025	Samarkand	612031	7485459	421	55.1	-59	100	3m	@ 0.53% WO3 from 41m	1m
								5m	@0.20% WO3 from 52m	2m
								3m	@ 0.08%WO3 from 61m	1m
								4m	@ 0.1%WO3 from 73m	2m
19RC026	Samarkand	612052	7485478	420	47.7	-60.9	60	15m @ 0.44%WO3 from 19m	8m
19RC027	Samarkand	612055	7485480	419	45.9	-59	40	3m	@ 0.13% WO3 from 9m	1m
19RC028	Samarkand	612046	7485433	415	56.6	-55.6	120	8m@0.36% WO3 from 38m	4m
19RC029	Samarkand	612078	7485355	435	42.2	-55.1	60	5m	@ 0.55% Cu from 9m	3m
								including 2m @ 0.22% WO3	1m
								2m	@ 0.37% Cu and 0.08%
								WO3 from 24m	1m
					2

								2m	@ 0.28% Cu and 0.08%
								WO3 from 32m	2m
								4m	@ 0.13% Cu from 36m
								5m	0.52% Cu from 44m
19RC030	Samarkand	612088	7485364	435	54.7	-59	120	14m @ 0.25% Cu from 3m
								including 7m @ 0.12% WO3	8m
								from 10m
								12m @ 0.69% Cu from 22m
								including 4m @ 0.08% WO3	6m
								from 28m
								11m @ 0.61% WO3 from 64
								m including 2m @ 0.21% Cu	6m
								from 69m
								8m	@ 0.39% Cu from 98m
								including 5m @0.28% WO3	4m
								from 99m
19RC031	Samarkand	612103	7485382	431	54.8	-60	60	7m @0.32% Cu from 25m	4m
								1m	@ 0.16% WO3 from 39m	1m
								2m	@0.32% Cu from 57m	1m
19RC032	Samarkand	612110	7485390	429	55.2	-62.1	60	2m @ 0.26% Cu from 7m	1m
								6m	@ 0.97% Cu from 38m
								3m
								including 2m @ 0.09% WO3
								1m
								from 41m

Table A: Bonya drilling significant portable XRF intercepts with estimated true widths

Figure 2: Samarkand Deposit Drill Collar Locations

For further information, please contact:

THOR MINING PLC

Mick Billing Executive Chairman [phone]

Competent Person's Report

3

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

¹Refer ASX and AIM announcement of 23 August 2018

²Refer ASX and AIM announcement of 26 November 2018

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

4

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,	Reverse Circulation drilling with face
techniques	random chips, or specific specialised industry	sampling hammer was used to obtain one
	standard measurement tools appropriate to the	metre interval samples. Subsamples of
	minerals under investigation, such as down hole	approximately 2-3kg were taken from each
	gamma sondes, or handheld XRF instruments,	interval using rotary splitter for indicative
	etc). These examples should not be taken as	portable XRF analysis and follow up
	limiting the broad meaning of sampling.	laboratory analysis	where appropriate.
	• Include reference to measures taken to ensure	Chip tray samples were collected, logged
	sample representivity and the appropriate	and photographed.
	calibration of any measurement tools or systems	Industry standard QAQC protocol was
	used.
	• Aspects of the determination of mineralisation that	adopted with reference material inserted at
	are Material to the Public Report.	approximately 20%.
	• 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	Reverse circulation drilling with face
techniques	hammer, rotary air blast, auger, Bangka, sonic,	sampling hammer.
	etc) and details (eg core diameter, triple or
	standard tube, depth 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	Samples were weighed from a random
recovery	sample recoveries and results assessed.	selection of holes and compared with
	• Measures taken to maximise sample recovery and	estimated sample weights to gauge overall
	ensure representative nature of the samples.	sample	recoveries. Reasonable	sample
	• Whether a relationship exists between sample	recovery was obtained after the initial collar
	recovery and grade and whether sample bias may	sample.	Sample	recoveries	were
	have occurred due to preferential loss/gain of	consistent across different rock units.
	fine/coarse material.
Logging	• Whether core and chip samples have been	Hole cuttings were logged geologically and
	geologically and geotechnically logged to a level	photographed for the entire length of each
	of detail to support appropriate Mineral Resource	hole.
	estimation, mining studies and metallurgical	Mineralised and unmineralised zones were
	studies.	easily	determined	from	geological
	• Whether logging is qualitative or quantitative in	observations.
	nature. Core (or costean, channel, etc)
	photography.
	• The total length and percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter,	Subsamples for independent	laboratory
sampling	half or all core taken.	analyses were taken as follow;
techniques	• If non-core, whether riffled, tube sampled, rotary	Rotary splitter - all samples were dry. As
and sample	split, etc and whether sampled wet or dry.	per industry standard QAQC protocol, field
preparation	• For all sample types, the nature, quality and	duplicates made up 30% of the quality
	appropriateness of the sample preparation	control samples.
	technique.	Sample size of 2-3kg is appropriate for RC
	• Quality control procedures adopted for all sub-	samples with a maximum particle size of
	5