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REG - Thor Mining PLC - Quarterly Report April to June 2022

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RNS Number : 1754U  Thor Mining PLC  29 July 2022

29 July 2022

 

 

Thor Mining PLC

 

("Thor" or the "Company")

 

Quarterly Activities Report

 

 

 Highlights                                                                      Outlook for September Quarter 2022
 GOLD, LITHIUM, NICKEL

 Ragged Range, Pilbara region, WA Australia
 · Mapping and sampling programs continuing; testing potential gold,             ·    An Airborne Magnetics Survey to commence over the eastern portion of
 copper-gold and lithium-caesium-tantalum (LCT) targets across tenure.           tenure.
 Initial results from sampling highlight up to 6g/t gold and 4.8 % copper.

                                                                               ·    RC drilling assays results.
 · Electromagnetic (EM) conductor identified beneath nickel gossan from Fixed

 Loop Electromagnetic Survey (FLEM) over the Krona Prospect.                     ·    Potential follow up drilling of drill targets generated from RC assay

                                                                               and rock chip results.
 · 3,120m RC drilling program completed in early July at Sterling and Krona

 Prospects.                                                                      ·   Full results from regional mapping and sampling programs, targeting

                                                                               additional gold, copper and LCT pegmatites.

                                                                                 ·   Down Hole Electromagnetic Survey in cased Krona drillhole.

                                                                                 ·   Interpretation of airborne magnetics and radiometrics data.

 URANIUM & VANADIUM USA
 ·   Final authorisation for proposed drilling program at Wedding Bell           ·   Commence drilling program.
 Project received.

                                                                               ·   Downhole radiometric logging of drillholes.
 ·   Drilling preparations underway to test Groundhog, Rim Rock and Section
 23 at Wedding Bell Project, Colorado.

 COPPER

 Alford East, SA Australia

 · Government approvals received for Phase 2 diamond drilling program,           · Review drill targets highlighted in recent 3D modelling exercise.
 targeting potential high-grade copper zones along strike.

 · Hydrogeology quarterly water characterisation sampling undertaken.

 Kapunda, SA Australia (via 30% equity holding in EnviroCopper Ltd)
 · ISR push-pull trials underway, with tracer bromide component completed.       ·  Copper-gold recoveries from lixiviant trials received and integration
                                                                                 into Scoping Study.

 TUNGSTEN & MULTI COMMODITIES

 Molyhil, NT Australia

 Assay results from 2021 drilling identified a 46m intersection of magnetite     ·  Review strategic plans for Molyhil.
 skarn and weakly disseminated tungsten-molybdenum-copper mineralisation.

CORPORATE & FINANCE

· Mark Potter Non-Executive Chair resigned from the Board on 30 June 2022,
with Alastair Clayton taking on the Non-Executive Chair role.

 

 

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"The June quarter has seen a flurry of on-ground activities, with our
exploration focus on advancing the Ragged Range Project (WA), including the
completion of a c. 3,000m RC program and organising upcoming drilling for our
Uranium and Vanadium Wedding Bell Project in Colorado, USA.

"At our 100% owned Ragged Range Project, Thor is continuing to build on and
develop our geological understanding, with particular emphasis on structural
controls on mineralisation at both the Sterling gold prospect and Kelly's
copper-gold prospect. Activities include our latest sampling programs, which
have highlighted highly encouraging high-grade gold (6/t Au) and copper values
(4.8% Cu) along newly identified structures at Sterling and Kelly's Prospects,
and the completion of the c. 3,000m RC drilling program, which included drill
testing of a FLEM Conductor at Krona nickel-copper prospect.

"In the US, we were delighted to receive full authorisation from federal,
state and counties for the upcoming proposed drill testing at the Wedding Bell
Project, Colorado, during the period. Drilling preparations are now underway
to test the project's priority areas, Groundhog, Rim Rock and Section 23.

"We look forward to receiving the RC drill results at Ragged Range and being
on the ground drilling at our Wedding Bell project during the September
quarter."

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Photo 1: Reverse Circulation drilling at Sterling Prospect, Ragged Range, WA

 

RAGGED RANGE PROJECT

The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia (Figure 1) is 100% owned by Thor Mining and comprises
E46/1190, E46/1262, E46/1355, E46/1340, plus the recently granted E46/1393
(Figure 1).

Since the acquisition, Thor has conducted several programs of stream sediment
and soil sampling to delineate drill targets. Thor has also flown an airborne
magnetics survey over the tenement area to better define the structural
features of the area. Thor drilled 48 RC holes totalling 3,120m at the
Sterling and Krona prospects, with drilling completed in July 2022.

Further details of the projects may be found on the Thor website:
www.thormining.com/projects/ragged-range-pilbara-project
(http://www.thormining.com/projects/ragged-range-pilbara-project) .

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 1: Ragged Range Project Location map (left) and Tenement Map (right)
showing priority prospects

 

 

Fixed Loop Electromagnetics (FLEM) Survey - Krona Prospect - Nickel Gossan

 

A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey was
completed over the Krona Prospect in June, covering the full extent of the
nickel gossan, located in the western portion of the tenure (Figures 1 and
Figure 2) (AIM: THR 17 June 2022). This is the first ground geophysics survey
on the Ragged Range Project. The survey over the gossan was designed to detect
conductive anomalies at depth that may indicate the presence of massive
nickel-copper sulphide mineralisation to constrain initial drill testing.

A single loop FLEM survey over the Krona prospect identified a conductor at
the southern end of the gossan (Figure 2 and Figure 3). The conductor was
modelled as a shallow flat lying feature approximately 100m deep (Figure 3)
and is consistent with sulphides. The shallow (100m) conductor gives Thor a
clear drill target, that was drill tested as part of RC program at the
adjacent Sterling Prospect (Figure 3).

The gossan was initially identified by the Western Australian Geological
Survey on the Split Rock 1:100K mapping explanatory notes (Bagas et al.,
2004). The gossan extends over 1km x 100m and lies on the basal contact of the
Dalton Suite ultramafics, with the older Wyman Formation, felsic volcanics.

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 2: FLEM survey showing EM conductor overlain on the 100K GSWA Geology.

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 3: 3D modelled EM conductor

 

Drilling

Thor drilled 48 reverse circulation "RC" holes totalling 3,120m at the
Sterling and Krona prospects, Ragged Range Project (Figure 4), with drilling
completed in July (AIM: THR 11 July 2022).

STERLING PROSPECT

11 drill traverses were completed along the Sterling Prospect 13km structural
gold corridor, with drill holes generally angled -60 degrees toward the west,
near perpendicular to the structural controls of the dominant faulted contact
between the Euro Basalt and the Dalton Suite ultramafics (Figure 4). Drill
depths range from approximately 60-170m.

This second phase of drilling tested interpreted dilational zones (potential
trap sites for mineralisation and the potential source of the gold anomalies
found in stream and soil samples). Surface anomalism is associated with a
series of faults and folds, subparallel or at a low angle to the regional
thrust faulted contact (Norman Cairns Fault) between the Euro Basalt and the
Dalton Suite ultramafics (Figure 1 and 4). In a number of the drillholes,
fuchsite and/or sericite alteration, with pyrite and arsenopyrite were
observed, important indicators for gold mineralisation.

KRONA PROPSECT

As part of the drilling program, one drill hole was drilled into the FLEM
conductor recently identified below the nickel gossan at Krona Prospect,
(Figure 1 and Figure 4) (AIM: THR 17 June 2022). This hole has been cased in
preparation for a future Downhole Electromagnetic Survey ("DHEM") survey.

DJC Drilling Pty Ltd completed the drilling program. Drill samples have been
received by the Bureau Veritas laboratory in Adelaide, with assay results
anticipated in August/September.

 

Sampling Update- High-grade Copper and Gold found at the Sterling and Kelly's Prospects

 

In parallel with the recently completed RC drilling at the Sterling and Krona
Prospects (AIM: THR 11 July 2022), three rock chip and stream sediment
sampling programs across the Ragged Range Project area have been undertaken.

The geological mapping and sampling programs were designed to:

§ Further develop and validate Thor's geological model by identifying key
mineralising structures and gold distribution at the Sterling prospect.

§ Sample historic copper working at Kelly's Prospect to gain a greater
understanding of the controlling structures, the tenor of gold mineralisation
associated with the visible copper and /or geochemical.

§ Lithological boundaries.

§ Review lithological boundaries and potential alteration signatures using
newly-acquired ASTER data.

§ Identify potential outcropping lithium-caesium-tantalum (LCT) enriched
pegmatites.

97 rock chip samples and 24 stream samples were collected in total (of which
57 rock chips and 12 stream sample results have been received back from the
laboratory to date), highlighting significant gold and copper mineralisation
and assisting with the structural interpretation of key controlling structures
at Sterling and Kelly's Prospects (Figure 5) (AIM: THR 25 July 2022).

No outcropping LCT-enriched pegmatites have been identified to date; however,
lithium exploration will continue with stream and soil sampling within the
10km halo (referred to as goldilocks zone) around the prospective Mondana
Monzogranite, part of the Split Rock Supersuite. Encouraging anomalous
pathfinders in some stream sediment samples warrant further investigation.

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 4: Sterling and Krona prospects highlighting completed RC drilling
traverses

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 5: Sampling Location Map showing the high-grade copper and gold results
at Sterling and Kelly's prospects

 

 

STERLING PROSPECT

The focus to date at the Sterling Prospect has been on the 13km gold corridor
defined by stream and soil samples along the north-northwest thrust faulted
contact between the Dalton Suite ultramafics and the Euro Basalt (Norman Cairn
Fault). After a detailed geological and structural review of the complex
folding and faulting within the ultramafics and basalts by consultant
geologist Jennifer Gunter, Virga Consulting Pty Ltd, several priority areas
and potential dilutional zones were highlighted, warranting ground- truthing,
rock chip sampling, and follow up drill testing. Close to one of these new
structural target areas (R27), a coarse stream sediment sample (ST0002)
reported 0.98g/t Au with one grain of gold noted in the pan. This target was
tested with five drillholes on two sections, while other targets were tested
as part of the recently completed RC drilling program (AIM: THR 11 July 2022).

The 6g/t Au rock chip sample (R00053) lies within the "Kink zone": in Central
Sterling, an area of complex faulting and significant dilation.  This gold
sample was collected within an outcropping quartz breccia vein associated with
an oblique fault system to the regional Norman Cairn Fault (Figure 5).

 

KELLY'S PROSPECT

The Kelly's Prospect consists of a few small, high-grade historic copper
workings; these appear to be associated with shear zones cross-cutting the
northwest trending Boobina Porphyry/Euro Basalt boundary (Figure 1 and 5).

At Kelly's Mine, historic production(1) between 1955-1970, although small, was
of very high grade - 610t of ore averaging 19.47% Cu (Figure 5 and Photo plate
2).

Exploration to date has been sporadic, with no systematic approach over the
area.  Thor's sampling program to date has targeted areas along strike of
known mineralisation, zones of alteration, shears/faults and zones of
brecciation, including sampling along the northwest trending, 1.2km long x 25m
wide ridge between Euro Basalt and Boobina Porphyry (Photo 2).  Both
anomalous gold (up to 1.46g/t) and copper (up to 4.28% Cu) have been
identified.

 

A Heritage Survey with the Nyamal Native Title Claimant Group was completed
over the Kelly's Prospect in early July in preparation for drill testing.

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Photo 2:  Kelly's Prospect looking southeast showing ridge between Boobina
Porphyry and Euro Basalt

 

(1) https://www.mindat.org/loc-122951.html
(https://www.mindat.org/loc-122951.html)

 

Next Steps

§ An airborne magnetic survey over the eastern portion of tenure to commence
early August.

§ Await RC drill assays, with results anticipated August/September.

§ Preparation for follow up drilling of any anomalous results.

§ Downhole Electromagnetic Survey (DHEM) on Krona drillhole.

§ Continue regional exploration, focusing on both lithium priority areas and
the copper-gold historic workings in the northeastern portion of tenure.

§ Continue to review and model historic data over the Kelly's area in
preparation for drill testing.

§ Await the full set of rock chip sample data, especially covering the
Kelly's South ridge where 1.46g/t Au was reported.

 

URANIUM AND VANADIUM PROJECTS

 

Thor holds a 100% interest in two US companies with mineral claims in Colorado
and Utah, USA.  The claims host uranium and vanadium mineralisation in an
area known as the Uravan Mineral Belt, which has a history of high-grade
uranium and vanadium production (Figure 6).

Within probable economic transport distance is a processing plant (Energy
Fuels White Mesa Mill) which may be a low hurdle processing option for any
production from these projects.

Details of the projects may be found on the Thor website:
www.thormining.com/projects/us-uranium-and-vanadium
(http://www.thormining.com/projects/us-uranium-and-vanadium) .

Following on from the San Miguel County approvals on 30 March 2022, Thor has
now received the Federal Bureau of Land Management (BLM) and Colorado Division
of Reclamation, Mining and Safety (DRMS) approvals, completing the approval
process to undertake the proposed shallow drilling program at Rim Rock,
Groundhog and Section 23, shown on Figure 7 (AIM: THR 22 June 2022).

 

DRILLING PROGRAM

High-grade assay results from due diligence work completed by Thor returned up
to 1.25% U(3)O(8) and 3.47% V(2)O(5), confirming uranium and vanadium
mineralisation within the Salt Wash member of the Morrison Formation. This is
consistent with and typical of the historical production in the Wedding Bell,
Radium Mountain area of the Uravan mineral belt (Figure 7).

Following this work, three priority areas within the Colorado claims were
highlighted for drill testing - Section 23, Rim Rock, and Ground Hog (Figure
7). The initial drill program comprises 15 holes drilled to an average depth
of 80-100m to fully test the prospective horizon. Final drilling preparations
are now underway.

Section 23 (Figure 7) in the southeast corner of the Wedding Bell claims has
been identified by Thor Mining and World Industrial Minerals LLC (US
Consulting team) as the highest priority drill target in the Colorado
Uranium-Vanadium Project. This area represents the only large area in the
claim block with the "Salt Wash" Member precluded from historic prospecting,
drilling and mine production.  Proposed drillholes for this area are designed
to target potential mineralisation in the third sandstone unit estimated to be
within 30-40m of surface, stratigraphically, the mapped contact with the
overlying upper Brushy Basin Member of the Morrison Formation.

The Rim Rock Mine area (Figure 7) represents a second priority drill target.
The proposed drill holes are designed to straddle the ESE projection of the
sampled Rim Rock Mine, whose adit opening is located immediately to the west
(Photo 3). The Rim Rock Mine was the largest uranium-vanadium producer in the
project area. When the adit area was rock chip sampled by Thor, a laterally
continuous layer of vanadium mineralisation with assays was sampled:

§ 0.89% U(3)O(8) and 1.68%V(2)O(5) - WR-004

§ 0.14 % U(3)0(8) and 1.9% V(2)0(5) - WR-017

§ 0.05% U(3)O(8) and 2.14% V(2)O(5) - WR-018

(AIM announcement 21 July 2020)

 

It is anticipated that this same layer or a stratigraphically equivalent layer
of mineralisation will be intercepted by the proposed drill holes. Vanadium
layers, such as this one, with relatively low uranium content (by the
standards of historical uranium mining in the Uravan District), were usually
ignored by the miners.

Drilling proposed at the Groundhog Mine area (Figure 7) is designed to test
for any lateral continuation of mineralisation parallel to the east-west
mineralisation mined to the south.

Next Steps:

§ Complete drilling preparations, including engaging drilling contractors.

§ Drilling is anticipated to start in September quarter

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Photo 3: Uranium and Vanadium mineralisation underground at Rim Rock Prospect

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 6:  Location map showing projects, infrastructure and nearby White
Mesa processing plant.

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 7: Map of Colorado Wedding Bell Project showing priority areas -
Section 23, Groundhog and Rim Rock.

COPPER PROJECTS

 

 Thor holds direct and indirect interests in over 400,000 tonnes of Inferred      http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
 copper resources (Tables A, B, & C) in South Australia via its 80% farm-in       (http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)
 interest in the Alford East copper project and 30% interest in EnviroCopper

 Ltd.                                                                             Figure 8: SA Copper projects location map.

 Each of these projects are considered by Thor directors to have significant
 growth potential. Both are also advancing towards development via low cost,
 environmentally friendly In Situ Recovery (ISR) techniques.

ALFORD EAST COPPER-GOLD PROJECT - SA

The Alford East Copper-Gold Project is located on EL6529. Thor is earning up
to 80% interest in the project from unlisted Australian explorer Spencer
Metals Pty Ltd, covering portions of EL6255 and EL6529 (AIM: THR 23 November
2020).

The Project covers the northern extension of the Alford Copper Belt, located
on the Yorke Peninsula, SA (Figure 8).  The Alford Copper Belt is a semi
coherent zone of copper-gold oxide mineralisation within a structurally
controlled, north-south corridor consisting of deeply kaolinised and oxidised
troughs within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA (Figure 9).

Utilising historic drill hole information, Thor completed an inferred Mineral
Resource Estimate (MRE), (AIM: THR 26 January 2021), consisting of:

§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper

§ 71, 500oz of contained gold

(AIM announcement 26 Jan 2021)

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 9:  Alford East Project showing the eight mineralised domains (Plan
View) (left) and Tenement & Prospect Location Plan (right).

 

Phase 2 Diamond Drilling Program

Based on the new geological model, approximately 10 diamond drill holes have
been designed to test potential high-grade zones (Figure 10):

§ Along strike and up-dip of deeply weathered zones.

§ Targeting controlling key structures including the Netherleigh Park Fault
at depth especially where there are large gaps in existing data.

§ Targeting intersection of SMS and Liaway offset Fault.

§ Targeting intersection of Netherleigh Park Fault and Liaway Fault.

§ Targeting subordinate splays off Netherleigh Park Fault where there is
evidence of a deep weathering trough.

In addition, hydrogeological water bores and pump testing is in planning to
determine aquifer connectivity between holes, with initial focus in the
northern area of the mineralisation.

These drill holes including pump testing have now been approved by the South
Australian Government regulators.

Concurrent to drilling, hydrometallurgical work will continue to investigate
and optimise both copper and gold metal extraction using environmentally
friendly lixiviants.

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 10: Phase two proposed drillholes, targeting potential higher-grade
zones open at depth and along strike

 

In conjunction with the technical assessment, Thor will continue ongoing
stakeholder and community engagement, as well as regulatory activities.

Based on the nature of the oxide mineralisation, the deposit is considered
amenable to In Situ Recovery (ISR) techniques. For further information on ISR
please refer to Thor's website via this link for an informative video:
www.youtube.com/watch?v=eG_1ZGD0WIw
(http://www.youtube.com/watch?v=eG_1ZGD0WIw)

 

KAPUNDA and ALFORD WEST COPPER PROJECTS - SA

Thor holds a 30% equity interest in private Australian company EnviroCopper
Limited ("ECL").  In turn, ECL has entered into an agreement to earn, in two
stages, up to 75% of the rights over metals which may be recovered via In-Situ
Recovery ("ISR") contained in the Kapunda deposit from Australian listed
company Terramin Australia Limited ("Terramin" ASX: "TZN"), and the rights to
75% of the Alford West copper project, comprising the northern portion of
exploration licence EL5984 held by Andromeda Metals Limited (ASX:ADN).

Information about EnviroCopper Limited and its projects can be found on the
EnviroCopper website:

www.envirocopper.com.au (http://www.envirocopper.com.au/)

 

KAPUNDA

EnviroCopper Ltd ("EnviroCopper" or "ECL") has completed the installation of
test well arrays and has commenced in-situ recovery trials ("ISR"), including
tracer and push-pull test work (Figure 5). These tests are the final
hydrometallurgical assessments before ECL commences Site Environmental
Lixiviant Trials (SELT).

 

The purpose of lixiviant trials (or "push-pull tests") is to assess the
solubility of copper mineralisation and, therefore, copper recovery, using a
specially designed solution called a lixiviant under in-situ conditions. The
trial is to be undertaken in two stages: the first stage involves injecting
and extracting a tracer solution (Sodium Bromide - NaBr) from the same well to
demonstrate hydraulic connectivity between the observation and environmental
monitor well network. This is followed by injecting and extracting lixiviant
from the same well to test copper solubility from the mineralisation.

Key outcomes anticipated from lixiviant trials:

·    Hydraulic connectivity between wells

·    Copper solubility and recovery

·    Establish lixiviant and time parameters for design of the Site
Environmental Lixiviant Trials (SELT).

TUNGSTEN PROJECTS

MOLYHIL TUNGSTEN / MOLYBDENUM PROJECT - NT (100% Thor)

 

 The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor Mining      http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
 and is located 220km north-east of Alice Springs (320km by road) within the      (http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)
 prospective polymetallic province of the Proterozoic Eastern Arunta Block in

 the Northern Territory (Figure 15).                                              Figure 11: Molyhil project location map

 The deposit consists of two adjacent outcropping iron-rich skarn bodies: the
 northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to
 a granite intrusion; both lodes contain scheelite (CaWO(4)) and molybdenite
 (MoS(2)) mineralisation (Figure 10). Both the outlines of the lodes and the
 banding within the lodes strike approximately north and dip steeply to the
 east.

 A full background on the project is available on the Thor Mining website:
 www.thormining.com/projects (http://www.thormining.com/projects) .

Diamond Drilling Program

Three diamond drillholes (21MHDD001 - 21MHDD003) totalling 995.4m completed in
late 2021, have successfully tested and confirmed the newly identified 3D
magnetic target located along strike to the south of the Molyhil Critical
Minerals Project. This magnetic target represents a massive magnetite skarn
hosting disseminated tungsten-molybdenum-copper mineralisation (Figure 12)
(AIM: THR 28 July 2022).

Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation,
consisting of scheelite-molybdenite and chalcopyrite within massive magnetite
skarn. Drillhole 21MHDD002 intercepted 46m of disseminated mineralisation,
whilst 21MHDD003 intercepted two zones of disseminated mineralisation over 29m
of magnetite skarn. It appears 21MHDD001 intersected the edges of the
magnetite skarn drilling over the top into a granite, with negligible
mineralisation (Table A, B and C).

21MHDD002:

§ 46m @ 0.06% WO(3), 0.05% Mo & 0.04% Cu from 249m,

§ including 11m @ 0.05% WO(3), 0.13% Mo & 0.06 % Cu from 272m

21MHDD003:

§ 4m @ 0.13% WO(3), 0.08% Mo & 0.06% Cu from 255m

Visible grade estimations were significantly higher than compared with assays,
thus resulting in the samples being resubmitted for analysis using two
different analytical techniques (Lithium Borate Fusion with ICP-MS finish and
XRF Fusion), with further follow up using the coarse reject material (Photos 4
and 5).  Analytical analysis of the tungsten and molybdenum is significantly
impacted by the coarse nature of the scheelite crystals in half core, combined
with the malleable nature of the molybdenite when pulverised; hence sample
size is critical to the representivity of assay grades (bulk sampling is
optimal for scheelite).

The Directors believe further work on the tungsten - molybdenum - copper
relationship and grade distribution is warranted.

The drilling program is co-funded by the Geophysics and Drilling
Collaborations (GDC) program as part of the 'Resourcing the Territory'
initiative, with Thor Mining granted A$110,000 (AIM: THR 03 June 2021). Full
details can be found on the NTGS website:
www.resourcingtheterritory.nt.gov.au/about/gdc
(http://www.resourcingtheterritory.nt.gov.au/about/gdc) .

The newly discovered extension of the tungsten-molybdenum-chalcopyrite
mineralisation to the south of the Molyhil deposit has validated the
successful 3D modelling of the geology, magnetics and mineralisation. The
newly acquired data will be used to enhance the 3D model prior to potential
follow up resource drilling.

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Photo 4: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO(3), 0.23% Mo & 0.07%
Cu - coarse grained visible molybdenite in magnetite skarn

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Photo 5: 21MHDD002:  293-294m (293.8m) - 1m @ 0.03% WO(3), 0.04% Mo and 0.06%
Cu - significant visible molybdenite and chalcopyrite visible throughout
intercept, contrasting to assays

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 12 (left): Plan view, looking down at the conceptual pit shell (brown),
with the 0.3% WO(3) isosurface in blue, 0.15% Mo isosurface in silver, and
modelled 3D magnetics in transparent red. The yellow dashed line shows the
location of the long section (Figure 3). 21MHDD001 and 21MHDD002 completed
with DD Hole C underway.

 

Figure 12 (right): Long section of the Molyhil project looking west-northwest,
showing two drilled holes and a third planned hole. Drilled holes, 21MHDD001
and 21MHDD002, were targeted into the magnetic anomaly where it appears offset
at depth by faulting. The next planned hole, DD Hole C, is planned to
intersect the geological plunge of the mineralised intercept in 21MHDD002. The
conceptual pit shell is shown in brown, 0.3% WO(3) isosurface in blue, 0.15%
Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a
transparent red envelope (0.15 SI) and a conceptual shape representing the
down-plunge mineralised zone in yellow.

 

 

Table A: Drill Hole Collar Summary

 DRILLHOLE  EASTING  NORTHING  ELEVATION  AZIMUTH  DIP  End of Hole
 21MHDD001  577207   7482773   409        262      60   324.5
 21MHDD002  577220   7482774   409        278      60   334.2
 21MHDD003  577069   7482780   412        082      87   336.7

Coordinates in GDA 94 Zone 53

 

Table B: Geology

 DRILLHOLE  GEOLOGY          FROM (M)  TO (M)  DOWNHOLE INTERCEPT (M)
 21MHDD001  Calc-Silicate    159.1     255.8   96.7
 21MHDD002  Magnetite Skarn  249       297     48
 21MHDD003  Magnetite Skarn  255       259     4
 21MHDD003  Magnetite Skarn  274.5     283.5   9

 

 

Table C: Drill Intercepts - 21MHDD002 and MHDD03

 DRILLHOLE  FROM (M)  TO (M)  Intercept (M)
                                             Lithium Borate Fusion with ICP-AES/MS        XRF Fusion
                                              (LB102/ MA101/102)                          (XF300)
                                             WO(3) %        Mo %           Cu %           WO(3) %  Mo %  Cu %
 21MHDD002  249       295     46             0.06           0.05           0.04           0.06     0.04  0.04
 Including  272       283     11             0.05           0.13           0.06           0.05     0.12  0.05
 21MHDD003  255       259     4              0.13           0.08           0.06           0.13     0.10  0.05

 

 

NEXT STEP:

The newly discovered extension of the tungsten-molybdenum-chalcopyrite
mineralisation to the south of the Molyhil deposit, has validated the
successful 3D modelling of the geology, magnetics and mineralisation.

This 3D modelling has identified further high priority targets for drill
testing along strike (Figure 13).

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 13: 3D modelling of magnetics (transparent red) highlights Molyhil
deposit and the recently drilled southeast plunging extension, plus drill
targets along strike.

 

Bonya (Tungsten, Copper) and Jervois Vanadium Projects (40% Thor)

The Bonya tungsten, copper and vanadium deposits are located approximately
30km to the north-east of Molyhil (Figure 14).  Thor, in joint venture with
Arafura, holds a 40% equity interest in the resources.

A full background on the project is available on the Thor Mining website:
www.thormining.com/projects (http://www.thormining.com/projects) .

 

http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1754U_1-2022-7-28.pdf)

Figure 14: Molyhil Project location showing adjacent Bonya tenement

 

 

CORPORATE, FINANCE, AND CASH MOVEMENTS

Mark Potter, Non-Executive Chair, resigned from the Board on 30 June 2022,
with Alastair Clayton taking on the position of interim Non-Executive Chair.

Net cash outflows from Operating and Investing activities for the quarter were
$718,000 which included expenditure of $556,000 directly related to
exploration activities.

Providing an ending cash balance of $2,069,000.

In addition, Thor continues to hold 48,118,920 Power Metal Resources plc (AIM:
POW) Shares which are released from a trading restriction at the rate of 25%
each quarter, with the second release on 31 July 2022.  The market value of
the POW shares currently held is £445,000 (approximately $774,000) based on
the closing price of the POW Shares as traded on the London Stock Exchange on
27 July 2022.

Cashflows for the quarter include related party payments of $111,000 to
Directors, comprising the Managing Director's salary, and Non-Executive
Directors' fees.

 
 

For further information, please contact:

 

 Thor Mining PLC

 
 Nicole Galloway Warland, Managing Director               Tel: +61 (8) 7324 1935

 Ray Ridge, CFO / Company Secretary                       Tel: +61 (8) 7324 1935

 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 207 220 1666
 Jessica Cave / Darshan Patel / Megan Liddell

 SI Capital Limited (Joint Broker)                        Tel: +44 (0) 1483 413 500
 Nick Emerson

 Yellow Jersey (Financial PR)                             thor@yellowjerseypr.com
 Sarah Hollins / Henry Wilkinson                          Tel: +44 (0) 20 3004 9512

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

Competent Persons Report

The information in this report that relates to exploration results is based on
information compiled by Nicole Galloway Warland, who holds a BSc Applied
geology (HONS) and who is a Member of The Australian Institute of
Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the
report of the matters based on her information in the form and context in
which it appears.

 

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

 

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource
company quoted on the AIM Market of the London Stock Exchange, ASX in
Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy
and strategic metal projects across USA and Australia. Its focus is on
progressing its copper, gold, uranium and vanadium projects, while seeking
investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early stage gold and nickel results in the
Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in copper
deposits considered amenable to extraction via In Situ Recovery techniques
(ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate
of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds 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 and the Alford West copper project, both situated
in South Australia, and both considered amenable to recovery by way of
ISR.²³

Thor holds 100% interest in two private companies with mineral claims in the
US states of Colorado and Utah with historical high-grade uranium and vanadium
drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020.

Adjacent to 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.
⁵

 

Notes

(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf)

(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)
 

³
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)

 (4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf)
 

(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
 
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210901-pilot-mountain-project-us1.8m-sale-option.pdf)

 

TENEMENT SCHEDULE

 

At 30 June 2022, the consolidated entity holds an interest in the following
Australian tenements:

 

 Project          Tenement  Area kms(2)  Area ha.  Holders                     Company Interest
 Molyhil          EL22349   228.10                 Molyhil Mining Pty Ltd      100%
 Molyhil          EL31130   9.51                   Molyhil Mining Pty Ltd      100%
 Molyhil          ML23825                95.92     Molyhil Mining Pty Ltd      100%
 Molyhil          ML24429                91.12     Molyhil Mining Pty Ltd      100%
 Molyhil          ML25721                56.2      Molyhil Mining Pty Ltd      100%
 Molyhil          AA29732                38.6      Molyhil Mining Pty Ltd      100%
 Molyhil          MLS77                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS78                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS79                  8.09      Molyhil Mining Pty Ltd      100%
 Molyhil          MLS80                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS81                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS82                  8.09      Molyhil Mining Pty Ltd      100%
 Molyhil          MLS83                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS84                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS85                  16.18     Molyhil Mining Pty Ltd      100%
 Molyhil          MLS86                  8.05      Molyhil Mining Pty Ltd      100%
 Bonya            EL29701   204.5                  Molyhil Mining Pty Ltd      40%
 Bonya            EL32167   74.54                  Molyhil Mining Pty Ltd      40%
 Panorama         E46/1190  35.03                  Pilbara Goldfields Pty Ltd  100%
 Ragged Range     E46/1262  57.3                   Pilbara Goldfields Pty Ltd  100%
 Corunna Downs    E46/1340  48                     Pilbara Goldfields Pty Ltd  100%
 Bonney Downs     E46/1355  38                     Pilbara Goldfields Pty Ltd  100%
 Hamersley Range  E46/1393  11                     Pilbara Goldfields Pty Ltd  100%

 

 

At 30 June 2022, the consolidated entity holds an interest in the following
tenements in the US State of Nevada:

 Claim Group  Prospect           Claim Name          Area                                 Holders            Company Interest
 Platoro      Desert Scheelite   NT #55 - 64         45 blocks (611ha or 1,510 acres)                        100%
              Garnet             NT #9 - 18

                                                     Pilot Metals Inc
              Gunmetal           NT #19 - 22, 6, 7
              Good Hope          NT #1 - 5, 41 - 54
 BFM 1        Black Fire Claims  BFM1 - BFM109       109 blocks (1,481ha or 3,660 acres)  BFM Resources Inc  100%
 BFM 2        Des Scheel East    BFM109 - BFM131     22blocks (299ha or 739Acre)          BFM Resources Inc  100%
 Dunham Mill  Dunham Mill        MS1 - MS4           4 blocks                             BFM Resources Inc  100%

 

On 30 June 2022, the consolidated entity holds 100% interest in a Uranium and
Vanadium projects in US States of Colorado and Utah as follows:

 Claim Group                 Serial Number           Claim Name                      Area                      Holders                Company Interest
 Vanadium King (Utah)        UMC445103 to UMC445202  VK-001 to VK-100                100 blocks (2,066 acres)  Cisco Minerals Inc     100%
 Radium Mountain (Colorado)  CMC292259 to CMC292357  Radium-001 to Radium-099        99 blocks (2,045 acres)   Standard Minerals Inc  100%
 Groundhog (Colorado)        CMC292159 to CMC292258  Groundhog-001 to Groundhog-100  100 blocks (2,066 acres)  Standard Minerals Inc  100%

 

 

Appendix 5B
Mining exploration entity or oil and gas exploration entity

quarterly cash flow report
 Name of entity
 THOR MINING PLC
 ABN              Quarter ended ("current quarter")
 121 117 673      30 JUNE 2022

 

 Consolidated statement of cash flows                                                                                                                  Current quarter  Year to date     (12 months)

$A'000
$A'000
 1.                   Cash flows from operating activities
 1.1                  Receipts from customers
 1.2                  Payments for                                                                                                                     -                (48)
                      (a)    exploration & evaluation
                      (b)   development
                      (c)    production
                      (d)   staff costs                                                                                                                (43)             (152)
                      (e)   administration and corporate costs                                                                                         (117)            (1,017)
 1.3                  Dividends received (see note 3)
 1.4                  Interest received
 1.5                  Interest and other costs of finance paid                                                                                         -                (2)
 1.6                  Income taxes paid
 1.7                  Government grants and tax incentives
 1.8                  Other                                                                                                                            51               110
 1.9                  Net cash from / (used in) operating activities                                                                                   (109)            (1,109)

 2.                   Cash flows from investing activities
 2.1                  Payments to acquire or for:
                      (a)    entities
                      (b)   tenements
                      (c)    property, plant and equipment                                                                                             (88)             (104)
                      (d)   exploration & evaluation                                                                                                   (556)            (3,164)

                      (e)   equity accounted investments

                      (f)    other non-current assets (bonds)                                                                                          (43)             (43)

 2.2                  Proceeds from the disposal of:                                                                                                   -                246
                      (a)    entities
                      (b)   tenements
                      (c)    property, plant and equipment
                      (d)   investments                                                                                                                -                102
                      (e)   other non-current assets
 2.3                  Cash flows from loans to other entities
 2.4                  Dividends received (see note 3)
 2.5                  Other (Government grants)                                                                                                        78               406
 2.6                  Net cash from / (used in) investing activities                                                                                   (609)            (2,557)

 3.                   Cash flows from financing activities                                                                                             -                4,261
 3.1                  Proceeds from issues of equity securities (excluding convertible debt
                      securities)
 3.2                  Proceeds from issue of convertible debt securities
 3.3                  Proceeds from exercise of options                                                                                                -                223
 3.4                  Transaction costs related to issues of equity securities or convertible debt                                                     -                (120)
                      securities
 3.5                  Proceeds from borrowings
 3.6                  Repayment of borrowings (lease liability)                                                                                        -                (19)
 3.7                  Transaction costs related to loans and borrowings
 3.8                  Dividends paid
 3.9                  Other (funds received in advance of a placement)
 3.10                 Net cash from / (used in) financing activities                                                                                   -                4,345

 4.                   Net increase / (decrease) in cash and cash equivalents for the period
 4.1                  Cash and cash equivalents at beginning of period                                                                                 2,780            1,442
 4.2                  Net cash from / (used in) operating activities (item 1.9 above)                                                                  (109)            (1,109)
 4.3                  Net cash from / (used in) investing activities (item 2.6 above)                                                                  (609)            (2,557)
 4.4                  Net cash from / (used in) financing activities (item 3.10 above)                                                                 -                4,345
 4.5                  Effect of movement in exchange rates on cash held                                                                                7                (52)
 4.6                  Cash and cash equivalents at end of period                                                                                       2,069            2,069

 

 5.   Reconciliation of cash and cash equivalents                                                                             Current quarter  Previous quarter
      at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
 5.1  Bank balances                                                                                                           2,069            2,780
 5.2  Call deposits
 5.3  Bank overdrafts
 5.4  Other (provide details)
 5.5  Cash and cash equivalents at end of quarter (should equal item 4.6 above)                                               2,069            2,780

 
 6.   Payments to related parties of the entity and their associates                 Current quarter

$A'000
 6.1  Aggregate amount of payments to related parties and their associates included  111
      in item 1
 6.2  Aggregate amount of payments to related parties and their associates included
      in item 2
 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
 report must include a description of, and an explanation for, such payments.

 The amount at item 6.1 above represents fees paid to Non-Executive Directors,
 and remuneration paid to the Managing Director.

 

 7.   Financing facilities                                                                              Total facility amount at quarter end  Amount drawn at quarter end

Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
      Add notes as necessary for an understanding of the sources of finance available to the entity.
 7.1  Loan facilities
 7.2  Credit standby arrangements
 7.3  Other (please specify)
 7.4  Total financing facilities

 7.5  Unused financing facilities available at quarter end
 7.6  Include in the box below a description of each facility above, including the
      lender, interest rate, maturity date and whether it is secured or unsecured.
      If any additional financing facilities have been entered into or are proposed
      to be entered into after quarter end, include a note providing details of
      those facilities as well.

 

 8.   Estimated cash available for future operating activities                        $A'000
 8.1  Net cash from / (used in) operating activities (item 1.9)                       (109)
 8.2  (Payments for exploration & evaluation classified as investing activities)      (556)
      (item 2.1(d))
 8.3  Total relevant outgoings (item 8.1 + item 8.2)                                  (665)
 8.4  Cash and cash equivalents at quarter end (item 4.6)                             2,069
 8.5  Unused finance facilities available at quarter end (item 7.5)                   -
 8.6  Total available funding (item 8.4 + item 8.5)                                   2,069

 8.7  Estimated quarters of funding available (item 8.6 divided by item 8.3)          3.1
                                                                                      No
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                                                                                      8.
                                                                                      7.
 8.8  If item 8.7 is less than 2 quarters, please provide answers to the following
      questions:
      8.8.1      Does the entity expect that it will continue to have the
      current level of net operating cash flows for the time being and, if not, why
      not?
      Answer:

      8.8.2      Has the entity taken any steps, or does it propose to take any
      steps, to raise further cash to fund its operations and, if so, what are those
      steps and how likely does it believe that they will be successful?
      Answer:
      8.8.3      Does the entity expect to be able to continue its operations
      and to meet its business objectives and, if so, on what basis?
      Answer:

      Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
      and 8.8.3 above must be answered.

 

Compliance statement

1          This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.

2          This statement gives a true and fair view of the matters
disclosed.

 

 

Date:                     ..29 July
2022...........................................................

 

 

Authorised by:  .....the
Board....................................................................

(Name of body or officer authorising release - see note 4)

 

Notes

1.         This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.

2.         If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.

3.         Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.

4.         If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".

5.         If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.

 

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