INVESTOR UPDATE

Over 45m of Tungsten-Molybdenum-Copper Mineralisation Intercepted at the Molyhil Project

The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the second hole in the diamond drilling program (21MHD002) intercepted scheelite, molybdenite and chalcopyrite mineralisation within a magnetite skarn, at the Molyhil tungsten-molybdenum-copper Project in the Northern Territory.

Project highlights:

  • 21MHDD002 intercepted over 45m of disseminated scheelite-molybdenite- chalcopyrite mineralisation in a massive magnetite-rich skarn
  • Drilling confirms that the newly identified magnetic target to the south of the Molyhil deposit is a continuation (possibly offset) of the Molyhil deposit tungsten- molybdenum-copper mineralisation
  • Based on the success of the second drillhole, a third hole is now underway, designed to target the projection of the 21MHDD002 mineralisation down plunge

We are excited to be sharing this new discovery at our Molyhil critical metals project. Testing a new geological concept, in this case an interpreted magnetic target from 3D modelling to the south of existing mineralisation, has paid off significantly. The tungsten-molybdenum-copper mineralisation is open to the south and the third hole is designed to test this south plunging model. The extension of this mineralisation, directly south of the deposit, in a previously untested area, is pivotal to the overall Molyhil project. We look forward to updating shareholders as more information becomes available.

- Managing Director Nicole Galloway Warland

THE

MOLYHIL TUNGSTEN PROJECT

The Molyhil Project is located 220 kilometres north-east of Alice Springs in the Northern Territory. It has a known deposit of 11,800t of Tungsten, making it the largest known deposit of this strategic metal in Australia. In July 2020, the Northern Territory government announced that the Molyhil project had been awarded Major Project status.

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