Thor Mining PLC Spring Hill Royalty Update (1043F)

TIDMTHR

RNS Number : 1043F

Thor Mining PLC

12 November 2020

12 November 2020

THOR MINING PLC

SPRING HILL ROYALTY SALE UPDATE

The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) are pleased to advise that f urther to the announcement of 14 July 2020 of the sale of the Spring Hill royalty entitlement, the Company announces that while approval of the acquisition by Trident of the Spring Hill Royalty by Australia's Foreign Investment Review Board has not yet been received, it is expected shortly and the parties have agreed to extend the period during which completion can take place to 30 November 2020.

A further announcement will be made as appropriate.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

 
Mick Billing             +61 (8) 7324  Thor Mining PLC  Executive Chairman 
                           1935 
 Ray Ridge                +61 (8) 7324  Thor Mining PLC  CFO/Company Secretary 
                           1935 
 Samantha Harrison/Niall  +44 (0) 207   Grant Thornton   Nominated Adviser 
  McDonald                 383 5100      UK LLP 
 Nick Emerson             +44 (0) 1483  SI Capital Ltd   Broker 
                           413 500 
 

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 2018(1) suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits(2).

Thor is also acquiring up to a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery . Thor also holds rights to earn a 75% interest in portion of the Alford West copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery .

Thor holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(3) on 2 of the 4 known deposits.

At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned."

"Thor holds mineral claims in the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results."

Notes

(1) Refer ASX and AIM announcement of 23 August 2018

(2) Refer ASX and AIM announcement of 26 November 2018, and 29 January 2020

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

Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

Refer ASX and AIM announcement of 15 August 2019

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November 12, 2020 03:00 ET (08:00 GMT)