INVESTOR UPDATE

Maiden Copper-Gold Mineral Resource Estimate, Alford East Copper-Gold ISR Project

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR) are pleased to announce a maiden Mineral Resource Estimate of 177,000 tonnes of contained copper and 71,500 ounces of contained gold at its Alford East copper-gold project, located on the Yorke Peninsula, South Australia.

Project highlights:

  • Maiden Mineral Resource Estimate completed on the Alford-East Project (reported in accordance with JORC Code 2012) including Netherleigh Park, Liaway and Alford East prospects
  • An Inferred Mineral Resource Estimate of 125.6 Mt at 0.14% Cu for 177,000 tonnes of contained copper & 71,500 ounces of contained gold
  • The resource estimate includes only oxide copper-gold mineralisation considered amenable to In Situ Recovery (ISR) techniques, and identical cut-off grades being used at operating ISR Copper projects such as Excelsior’s Gunnison project in Arizona, USA
  • There is clear potential for resources growth, along strike and at depth
  • The Alford East Project covers the northern extension of Alford Copper Belt, where to the south-west, EnviroCopper Ltd has reported an Inferred Mineral Resource of 66.1Mt @ 0.17% Cu for three deposits; Wombat, Bruce and Larwood (THR:ASX Announcement 15 August 2019).

     

Alford East Mineral Resource Estimate

Table A: Alford East Mineral Resource Estimate by JORC (2012) classification as at 22 January 2021, reported for oxide material only, at a cut-off grade of 0.05% Copper which is consistent with the assumed In Situ Recovery technique.

Note:
• Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.
• Cut-off of 0.05% Cu
• Thor earning up to 80% interest in Alford East Copper-Gold Project

The copper-gold Alford East Project results have exceeded our expectations for a Maiden Mineral Resource Estimate.
There have been more than 500 recorded drill holes into these deposits, and it is a tremendous bonus to be able to apply proven ISR technology thinking to produce this initial resource estimate.
Significant growth potential exists for this resource, both at depth, and along strike and, while we commence testing activities to demonstrate the potential for ISR production, we will concurrently work towards increasing this resource.

Our objective will be to work towards technical feasibility of ISR production, which will be designed to allow continuation of traditional farming activities, as much as possible during operations, and following the end of the project life, with the land effectively undisturbed.

- Managing Director Mick Billing

ABOUT THE

ALFORD COPPER PROJECTS

Thor Mining has an interest in several projects in the copper belt near Alford on the Yorke Peninsula in South Australia and further to the east at Kapunda.

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