Thomson Resources : Drilling Program Commences at Silver Spur on Texas Project

For personal use only

ASX ANNOUNCEMENT

13 July 2022

Resource Extension and Exploration Drilling Program Commences at

Silver Spur on the 100% Owned Texas Silver - Base Metal Project

HIGHLIGHTS

• Drilling has commenced in the vicinity of the high-grade historic Silver Spur mine
• Initial program consists of up to 2,000 m of diamond core (DD) and reverse circulation (RC) drilling testing depth and strike extensions of the current resource and near resource exploration targets
• Drill targeting has been assisted by the recently completed dipole-dipoleInduced Polarisation (DDIP) survey1 and is planned to test the Silver Spur Cluster of chargeability anomalies, just one of the seven district scale chargeability target clusters defined by the survey

Thomson Resources (ASX: TMZ) (OTCQB: TMZRF) (Thomson or the Company) is pleased to advise that the Company has commenced an initial RC and DD program at the historic high-grade Silver Spur mine located at the 100% Thomson owned Texas silver-base metal project in southeast Queensland (Figures 1 and 2).

Thomson recently completed a large DDIP survey at Texas, highlighting seven clusters of strongly anomalous chargeability anomalies that have not been previously drill tested (Figure 1). The Silver Spur Target cluster is centered on the historic Silver Spur mine where mineralisation is closely associated with the northwest trending Stokes Fault that links Silver Spur to the Twin Hills deposit.

The Silver Spur drilling program will target extensions to the current Silver Spur resource as well as compelling near resource exploration targets.

The drill program will be conducted by Thomson's shareholder, Australian Mineral & Waterwell Drilling (AMWD), using the same multi-purpose rig that recently completed a drilling program for Thomson on the Company's 100% owned Lachlan Fold Belt projects in NSW.

Executive Chairman David Williams commented:

"It is exciting to be drilling our own holes at the New England Fold Belt Hub and Spoke projects with the commencement of drilling at the Texas Project. This initial drill program will be testing high-priority targets at the Silver Spur deposit.

"This is the culmination of extensive work conducted by Thomson Resources and its geological consultants and technical team as part of developing Thomson's Mineral Resource Estimates for the Texas deposits and the outcome of the geophysical surveys and geological studies it has undertaken to unlock the significant exploration potential of the area.

"We look forward to reporting the results from this initial drill program over the coming weeks and months".

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728	1
Level 1, 80 Chandos Street, St Leonards, NSW 2065
Tel: [phone] E:[e-mail] www.thomsonresources.com.au

ASX ANNOUNCEMENT

13 July 2022

For personal use only

Figure 1: Silver Spur 2022 Planned Drill Targets, Chargeability Anomalies and Structural Corridors

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728	2
Level 1, 80 Chandos Street, St Leonards, NSW 2065
Tel: [phone] E:[e-mail] www.thomsonresources.com.au

ASX ANNOUNCEMENT

13 July 2022

For personal use only

Figure 2: Silver Spur Resource Footprint and Exploration Target looking NW along the Stokes Fault trace to the Twin Hills

Pit, Texas, Queensland

Texas District Resource and Silver Spur Deposit

Over the past 12 months Thomson has reported Indicated and Inferred Mineral Resource Estimates (MRE's) at a 25 g/t AgEqδ cutoff for the Texas district deposits (Silver Spur, Twin Hills and Mt Gunyan) totalling a combined 19.5 Moz AgEqδ,2. This is part of the larger combined Tablelands and Mt Carrington polymetallic resource base controlled by Thomson that currently totals 22.8 Mt at 119 g/t AgEqδ for a total resource base of 87.1 Moz of AgEqδ,6 for MRE's published by Thomson.

Silver Spur is a structurally controlled higher-gradesilver-base metal deposit located 2 km southeast of the Twin Hills open pit. The deposits were mined between 1892 and 1925 that and are characterised by high-grade shoots and halo mineralisation that defines the current Thomson Silver Spur MRE.

The historic Silver Spur mine produced approximately 100 Kt ore from a high-grade core of the deposit containing 2.19 Moz silver (average grade of 800 g/t Ag), and 690 t of zinc, 1,050 t of lead and 990 t of copper and by-product gold3. The current Thomson MRE's for the Texas deposits contain in aggregate 660 Kt at 54 g/t Ag, 2.03% Zn, 0.69% Pb and 0.09% Cu for a AgEqδ grade of 156 g/t and contained 3.3 Moz AgEqδ2.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728	3
Level 1, 80 Chandos Street, St Leonards, NSW 2065
Tel: [phone] E:[e-mail] www.thomsonresources.com.au

For personal use only

ASX ANNOUNCEMENT

13 July 2022

Combined, the historic production and current resource at Silver Spur suggest that pre-mining the deposit contained approximately 800 Kt to 1.0 Mt at 150 g/t Ag, 0.2 % Cu, 2.2% Pb, 4.9% Zn for an approximate 3.6 Moz Ag, 1.5 Kt Cu, 16.9 Kt Pb, 37.2 Kt Zn, representing an attractive exploration target for Thomson in the district.

Silver Spur Resource Expansion Drill Targets

A program of resource expansion holes has been designed to test for extensions of the high-grade mineralisation outlined by the Thomson block model and drill hole data base for the deposit, that suggests the higher-grade silver - base metal mineralisation remains open along strike and to depth.

The recent dipole-dipole induced polarisation (DDIP) survey1 shows a strong chargeability anomaly enveloping and extending beyond the resource and along strike of the controlling Stokes Fault system. Additionally, undrilled down-hole electromagnetic (DHEM) anomaly from a 2011 survey by Alcyone Minerals5, further supports the DDIP anomaly suggesting the potential for the Silver Spur mineralisation to extend to depth beneath the known resource.

δNote: Twin Hills, Mt Gunyan and Silver Spur MREs are reported at 25 g/t Ag equivalent (AgEq) cut-off and reported above an RL 100 m below pit or 150 m below surface for Twin Hills, 150 m below surface for Mt Gunyan and 200 m below surface for Silver Spur. The AgEq formula used the following metallurgical recoveries: Twin Hills Ag 78%, Au 77%; Mt Gunyan oxide Ag 89%, Au 78%, Zn 12%; Mt Gunyan sulphide Ag 78%, Au 77%, Zn 16%; Silver Spur Oxide Ag 91%, Zn 20%; Silver Spur Sulphide Ag 69%, Zn 93%, Pb 64%. AgEq was calculated using the following formulas: Twin Hills (AgEq) = Ag ppm + 65.22*Au g/t, Mt Gunyan Oxide AgEq = Ag (g/t) + 57.91 * Au (g/t) +

4.49 * Zn(%), Mt Gunyan Sulphide AgEq = Ag (g/t) + 65.22 * Au (g/t) + 6.84 * Zn(%), Silver Spur Oxide AgEq = Ag (g/t) + 7.3 * Zn(%), Silver Spur Sulphide AgEq = Ag (g/t) + 44.92 * Zn (%) + 22.67*Pb(%) based on metal prices and metal recoveries into concentrate. Ref: TMZ: ASX Release 1st of March 2022

The Webbs MRE uses a 30 g/t Ag cut-off and reported to 225 m below surface. The Webbs AgEq Formula uses the following processing recoveries: Ag 87%, Cu 85%, Pb 70% and Zn 89%. The Webbs AgEq formula = Ag g/t + 108.5 * Cu (%) + 19.7 * Pb (%) + 34.1 * Zn (%) based on metal prices and metal recoveries into concentrate. Ref: TMZ:ASX Release 9th June 2022

Conrad MRE uses a 40 g/t AgEq cut-off within an optimised pit (2.0 revenue factor) for the portion of the deposit likely mined by open pit and is constrained to domains within the underground portion of the deposit (no AgEq cut-off applied to that portion). The AgEq formula used the following recovery and processing assumptions: recoveries of 90% for Ag, Pb, Zn, Cu and 70% for Sn. AgEq was calculated using the formula AgEq = Ag g/t + 33.3 * Zn (%) + 24.4 * Pb (%) + 111.1 * Cu (%) + 259.2 * Sn (%) based on metal prices and metal recoveries into concentrate. Ref: TMZ:ASX Release 11th August 2021.

The Strauss and Kylo MRE uses a 0.35 g/t AuEq cut-off within optimised pit shells. The Stauss and Kylo AgEq and AuEq Formula uses the following metallurgical recoveries: Au 75% Ag 41%, Cu 28%, and Zn 70%. The AgEq formula = Ag g/t + 120.3 * Au (g/t) + 76.6 * Cu (%) +

69.9 * Zn (%) based on metal prices and metal recoveries. The AuEq formula = Au g/t + 0.0083 * Ag (g/t) + 0.636 * Cu (%) + 0.581* Zn (%) based on metal prices and metal recoveries. Totals are shown based on a 100% equity basis. Under the terms of the updated WRM-TMZ JV Agreement (ASX: TMZ 23 May 2023) Thomson can earn up to a maximum of 70% equity in the Mt Carrington Project.

For all deposits an exchange rate of US$0.73 was used. For Twin Hills, Mt Gunyan, Silver Spur, Webbs and Conrad deposits, the metal price assumptions used, where applicable, in the AgEq formula were; Ag price A$38/oz, Au price A$2,534/oz, Zn price A$4,110/t, Pb price A$3,014/t, Cu price A$13,699/t, Sn price A$41,096. For Strauss and Kylo Deposits, the AgEq and AuEq formulas use metal prices of Ag price A$38/oz, Au price A$2,500/oz, Zn price A$5,000/t, Cu price A$13,699/t.

Silver equivalent (AgEq) grades and ounces are stated in the text for consistency with the larger Tablelands projects Hub and Spoke resource base. In the Company's opinion, the metals included in each metal equivalent calculation have a reasonable potential to be recovered and sold.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728	4
Level 1, 80 Chandos Street, St Leonards, NSW 2065
Tel: [phone] E:[e-mail] www.thomsonresources.com.au

For personal use only

ASX ANNOUNCEMENT

13 July 2022

Exploration Drill Targets

At Silver Spur North targeting has focused on a number of compelling DDIP chargeability anomalies which straddle the Stokes Fault beneath shallow historic drilling (Figure 3) that will be drill tested by Thomson in the initial program.

Between 1995 and 2012 Macmin Silver and Alcyone Resources completed 5,672 m of shallow RC, percussion, and RAB drilling to depths of 100 m at Silver Spur North4,7,8, intersecting near surface typically low-grade oxide silver mineralisation. However, Alcyone reported a best intersection in this RAB drilling in a zone from hole SSRB007 of up to 26 m @ 138 g/t Ag, 0.29% Pb, inc. 3 m @ 840 g/t Ag, 1.25% Pb7, that may represent geochemical "leakage" from deeper mineralisation and a potentially related, but undrilled, high order chargeability anomaly outlined in the Thomson DDIP survey.

To the south of the Silver Spur mine, Thomson is also planning to test a previously undrilled Fixed Loop Electromagnetic (FLEM) anomaly defined in a 2011 survey by Alcyone Minerals5 which is coincident strong DDIP chargeability from the recent survey.

THOMSON RESOURCES LTD (ASX: TMZ) (OTCQB: TMZRF) ABN 82 138 358 728	5
Level 1, 80 Chandos Street, St Leonards, NSW 2065
Tel: [phone] E:[e-mail] www.thomsonresources.com.au