19 September 2017

THOR MINING PLC

COMPLETION OF DRILLING AT PILOT MOUNTAIN - NEVADA USA

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to report completion of drilling at the Pilot Mountain tungsten project in Nevada, USA.

Highlights:

·   Mineralisation identified extending a further 60 metres down dip at Desert Scheelite

·   Potential second lode identified 20 metres to the north of the existing Desert Scheelite lode.

·   28 metre wide zone of copper, zinc and tungsten mineralisation intersected near surface at the Good Hope prospect.

Detailed logging of the drill core is now complete and samples submitted for laboratory assay.

Mr Mick Billing, Executive Chairman of Thor:

"Very encouraging initial results from Desert Scheelite and Good Hope, and hopefully the assays, expected in several weeks, will confirm this.

"Desert Scheelite in particular continues to shape as very exciting amongst the suite of deposits at Pilot Mountain, and the depth extension and potential additional lode to the north identified in this program represents extremely promising growth potential."

"The rising Tungsten commodity price recently has increased interest in tungsten explorers and developers. We have spent several years building a quality tungsten portfolio and with Pilot Mountain in the US and Molyhil in Australia, the Company is uniquely positioned to benefit from a resurgent tungsten sector."

Desert Scheelite

Drill hole 17DSDD-02 intersected two mineralised zones; the first representing a potential second new lode approximately 20 metres to the hangingwall (north) of the existing Desert Scheelite lode. The second intersection down hole represents a 60 metre down dip extension to the existing Desert Scheelite lode.

Link to Desert Scheelite Cross Section: http://www.rns-pdf.londonstockexchange.com/rns/1504R_-2017-9-19.pdf

Two diamond drill holes were planned at the Desert Scheelite prospect however only one was completed after 17DSDD01 was abandoned due to drilling difficulties. Alternative drill collar locations are in the process of being permitted for subsequent drilling.

Good Hope

Four reverse circulation (RC) holes and one diamond drill core hole were completed at the Good Hope prospect. Robust mineralisation was identified by drilling following up the historic drill hole result from RGH-02 (36.5m @ 0.4%WO₃, 0.25%Cu, 0.47%Zn).

·     Assay results are awaited to confirm preliminary XRF results of 27m @ 1.1% Cu, 1.3% Zn and 0.19%WO₃ from surface including 10m @ 0.32% WO₃ from 17.5m down hole (reported on 18 August 2017).

·     The Good Hope drilling has delineated a 28-metre-wide zone of copper zinc and tungsten mineralisation beneath shallow alluvial cover.

·     Drill hole 17GH-RC02, 70 metres west of 17GHRC-01 (Figure 5) failed to intersect significant mineralisation possibly due to unidentified fault displacement.

A strong mineralising system has been demonstrated at Good Hope and there remains good potential of further drilling success.

Table 1: Drill hole orientation summary

† Previously reported as 17DS-DD01

Laboratory assay results are expected within four weeks. the Company will issue an updated report with the full results when received.

Enquiries:

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

 Competent Person's Report

The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy.  Mr Bradey is an employee of Thor Mining PLC.  He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 

About Thor Mining PLC

Thor Mining PLC 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 2015¹ suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate² on 1 of the 4 known deposits.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor also holds a production royalty entitlement from the Spring Hill Gold project³ of:

·     A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

·     A$14 per ounce of gold⁴ produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

·     ¹ Refer ASX and AIM announcement of 12 January 2015

·     ² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017

·     ³ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

·     ⁴ At the date of this announcement gold is trading at approximately A$1,650/oz

JORC Code, 2012 Edition - Table 1 report

Section 1 Sampling Techniques and Data