Thor Mining provides 1Q21 update

Gold

Ragged Range, Pilbara region, Western Australia, Australia

Highlights

• Geochemical sampling and access survey in advance of drill programme permitting.
• Completion of acquisition of adjacent exploration tenements.

Outlook for June 2021 quarter (2Q21)

• Initial 3,000m RC drill program to test the Sterling prospect.
• Results from soil sampling program at Sterling Prospect.

Copper

Alford East, South Australia, Australia

Highlights

• Maiden mineral resource estimate of 177 000 t contained copper and 71 000 oz gold.

2Q21 outlook

• Resource extension drilling and ISR related technical testwork.

Kapunda, South Australia, Australia (via 30% equity holding in EnviroCopper Ltd)

Highlights

• Permitting for 2^nd stage hydrogeological testing.
• Permitting for Site Environmental Lixiviant Test (SELT) drilling and copper/gold recovery work.

2Q21 outlook

• Stage 2 borehole hydrogeological testing.
• Commencement of SELT drilling and copper/gold recovery testing.

Uranium and vanadium, USA

Highlights

• Planning and permitting for initial drill testing of the Colorado claims.

2Q21 outlook

• Initial 1000 m RC drill testing of the Colorado claims.

Tungsten and mutli-commodities

Molyhil, Northern Territories, Australia

Highlights

• Updated mineral resource estimate includes portion categorised as ‘measured’ resource.
• Continued discussions with potential Molyhil project financiers and off-take partners.

2Q21 outlook

• Ongoing discussions with Australian government agencies mandated to assist Australian critical minerals projects, and potential financiers and partners.

Pilot Mountain, Nevada, USA

Highlights

• Ongoing discussions with various US parties aimed at securing specific investment to progress this project.

2Q21 outlook

• Continue attempts to secure project investment.

Corporate and finance

• Appointment of Nicole Galloway Warland as Managing Director.
• Strategic placing raises £750 000 (approximately AUS$1.3 million) before expenses.

Mick Billing, Executive Chairman, commented: "We congratulate Nicole Galloway Warland on her appointment to the position of Managing Director. Her energy and skills will be pivotal to driving outcomes across our portfolio of projects.

"The next phases of work involving drilling at Ragged Range and also at the US uranium-vanadium project in Colorado, along with resource extension work and ISR testwork at Alford East, the Directors believe will have a significant impact on the value of shareholders' investment in Thor Mining.

"The 2021 programme at the Kapunda ISR copper project is expected to be project-defining with gold focused drilling, and field SELT trials about to commence. This work is aimed at delivering the final stage of technical production feasibility for the ISR process at Kapunda."

Read the article online at: https://www.globalminingreview.com/finance-business/30042021/thor-mining-provides-1q21-update/