Thor Mining : Gold Exploration Update, Ragged Range WA

ASX Code: "THR"

25 January 2022

onlyTHOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

Ph: [phone] useEmail:

[e-mail]

Web ite:

www.thormining.com

Twitter @ThorMining

personalEnquiries:

Nicole Galloway Warland

M n ging Director

Thor Mining PLC

[phone]

Nominated Advisor

Jessica Cave

WH Ireland Ltd

[phone]

AIM & ASX Listings:

Sha es: THR

OTCQB Listing

Shar s: THORF

Dir ctors:

Nicole Galloway Warland

Mark Potter

Mark McGeough

Alastair Clayton

ForKey P ojects:

• G ld

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

Ragged Range Project, WA

Gold Exploration Update

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to

provide an update on drilling at the Company's 100% owned Ragged Range Project, located in the Eastern Pilbara, Western Australia.

Project highlights:

• Due to mechanical issues, only 50% of the planned maiden Reverse Circulation (RC) drilling program completed at the Sterling prospect.
• Significant sulphides (pyrite, chalcopyrite, sphalerite), quartz veining and sericite- pyrite-fuchsite alteration identified, characteristic of gold mineralisation in the East Pilbara Craton.
• Low grade gold in 3m composites and pathfinder elements will assist to vector in on stream and soil gold source.
• Thor is targeting Archaean structurally controlled lode gold mineralisation hosted in basaltic and ultramafic rocks of the Warrawoona Group, within the 100% held Kelly greenstone belt.
• Thor plans to complete the planned drilling program at the Sterling prospect whilst undertaking further geophysics, mapping and geochemical sampling over additional gold, nickel and lithium targets in the project area.

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

"Due to mechanical issues, only half of the planned drilling program at the Sterling prospect has been completed, with 50% of the strong gold anomalies therefore remaining untested. Although no significant gold was intercepted in the maiden RC program, this is only the start of our gold campaign at the prospect, with 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.

We are currently planning our 2022 field program, with further drilling to complete the original program and new targets identified at the Sterling prospect. Geophysics (airborne and ground surveys) and geochemical sampling programs are planned over our additional gold, nickel and lithium target areas.

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 critical minerals project in the Northern Territory."

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ASX Code: "THR"

25 January 2022

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Figure 1: Tenement & Prospect Location Plan

The 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) with the recent additional tenure surrounding the gold anomalous zones, E46/1393 (application).

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ASX Code: "THR"

25 January 2022

Sterling Prospect - Gold

Since acquiring the Ragged Range project in late 2019, Thor have completed a series of systematic stream sediment programs and soils surveys over the tenure and an airborne magnetic survey, defining a 13km structurally controlled gold corridor - Sterling Prospect (Figure 2). High-grade gold stream results, including up to 2.2g/t Au were reported from sampling in 2019 and 2020 (THR:ASX announcement 1/12/2020).

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210623-ragged-range-exploration-update.pdf

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20211007-asx-ragged-range-infill-soil-results-.pdf

These surface geochemistry surveys defined continuous anomalous gold zones, with some zones extending over 1km long at both the Sterling Central and Sterling South areas (Figure 3 and Figure 4).

The gold anomalism generally strikes slightly oblique to the Euro Basalt and Dalton Suite contact, suggesting that gold mineralisation is controlled by minor faults and structures, that splay off this major structure.

RC Drilling Program

41 shallow (50-96m) RC drillholes totalling 2,155m were completed at the Sterling Prospect (Table A). 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 sphalerite 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.

Due to numerous mechanical drilling issues, only half of the proposed drilling program was completed, with 50% of the anomalies remaining untested.

Next Steps

Thor is planning follow up drilling at Sterling prospect completing the planned program and targeting the fault contact in the area between Sterling Central and Sterling South.

In addition, an airborne magnetic/radiometric survey will be flown over the eastern portion of the tenure including E46/1340 and E46/1393, ground 'fixed loop' electromagnetics (FLEM) is scheduled over the nickel gossan, whilst geological mapping and geochemical sampling is planned over additional gold, nickel and lithium targets in the project area.

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ASX Code: "THR"

25 January 2022

Photo Plate 1 -Fuchsite (chromium rich muscovite) alteration in 21RRRC008

Photo Plate 2 -Sericite alteration in 21RRC010

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ASX Code: "THR"

25 January 2022

Figure 2: Ragged Range Project highlighting areas of exploration Focus including Sterling prospect

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