TIDMTHR
RNS Number : 5413A
Thor Mining PLC
26 September 2022
26 September 2022
Thor Mining PLC
("Thor" or the "Company")
US Uranium and Vanadium
Drilling Commences at Wedding Bell Project
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are delighted to announce that drilling has commenced at the
Company's 100%-owned Wedding Bell and Radium Mountain Projects,
located in the historic uranium-vanadium mining district within the
Uravan Mineral Belt, southwest Colorado, USA (Figure 1).
Project highlights:
-- Maiden 2000m drilling program has commenced at the priority
Rim Rock, Groundhog and Section 23 prospects within the Wedding
Bell and Radium Mountain Projects (Figure 2).
-- Drilling will target the prospective 'Salt Wash' horizon of
sandstone-hosted uranium and vanadium mineralisation at shallow
depths ( 80m) for total drilling up to 2000m.
-- Drilling at Rim Rock and Groundhog Prospects is designed to
test extensions to high-grade uranium and vanadium mineralisation
sampled within and around historic workings of up to 1.25% Uranium
(U(3) O(8) ) and 3.47% Vanadium (V(2) O(5) ) (THOR ASX, AIM: 21
July 2020).
-- A fenceline of drillholes at Section 23 Prospect will be the
first holes drilled into this highly prospective area.
-- The Wedding Bell and Radium Mountain Prospects are easy to
access and close to excellent infrastructure.
Section 23 - Wedding Bell Project
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Commencement of drilling at the Wedding Bell Project is a
significant milestone for Thor. We look forward to testing these
shallow, high-grade targets, especially Section 23, where Thor will
be the first company to access and drill test this highly
prospective area.
"Short to long-term fundaments for nuclear energy are the best
in over 50 years, with demand increasing due to electrification,
climate change carbon emission initiatives, responses to the global
energy crisis exacerbated in Europe by the Russian invasion, and
advancements in small modular reactors (SMR).
"As uranium prices rise and the US looks to secure domestic
uranium supply, Thor is in an excellent position to advance this
promising US asset."
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Figure 1: US Uranium and Vanadium Project location map showing
Wedding Bell and Radium Mountain in Colorado and Vanadium King in
Utah, USA.
Full details on Thor's US uranium and vanadium projects may be
found on Thor's website
https://www.thormining.com/projects/us-uranium-and-vanadium .
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Figure 2: Map of Colorado Wedding Bell & Radium Mountain
Projects showing priority drill areas - Section 23, Groundhog and
Rim Rock.
DRILLING PROGRAM
The initial drill program at the Wedding Bell and Radium
Mountain Project comprises 15 drillholes for a total of 2000m,
drilled to an average depth of 80m (down to 150m), to fully test
the highly prospective Salt Wash Sandstone horizon at three
priority targets.
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 Brushy
Basin Shales and the Salt Wash Sandstone of the Morrison Formation
(Figure 2 and 3). This is consistent with and typical of the
historical production in the Wedding Bell and Radium Mountain area
of the Uravan Mineral Belt (Figure 3).
Following this work, three priority areas within the Wedding
Bell and Radium Mountain claims were highlighted for drill testing
- Section 23, Rim Rock and Ground Hog (Figure 2).
Section 23 (Figure 2) 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 from surface stratigraphically,
beneath the mapped contact with the overlying upper Brushy Basin
Member of the Morrison Formation.
The Rim Rock Mine area (Figure 2) represents a second priority
drill target. The proposed drill holes are designed to straddle the
east-southeast projection of the sampled Rim Rock Mine, the adit
opening of which is located immediately to the west. The Rim Rock
Mine was the largest uranium-vanadium producer in the project area.
When the adit area was 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) - WR0018
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200721-high-grade-uranium-assays.colorado-field-sampling.pdf
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, which is
relatively low in uranium content (by the standards of historical
uranium mining in the Uravan District), were usually ignored by the
miners.
The Groundhog Mine area (Figure 2) consists of the upper and
lower historic mine workings (Photo 2). The upper workings are in
the lower unit of the Brushy Basin Shales whilst the more extensive
lower workings are in the Salt Wash Sandstone (Figure 3 and Photos
1 & 2). Drilling proposed in the area is designed to test for
any lateral continuation of mineralisation to the south in the
Brushy Basin Shales, with holes extending down through the
stratigraphy to test for potential stacked mineralisation in the
Salt Wash Sandstone.
Douglas Exploration LLC are undertaking the drilling program,
with Jet West Geophysical Services completing the downhole gamma
probe work.
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Photo 2: Section 23 looking west towards Groundhog showing
stratigraphic horizons.
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Figure 3 : Simple Stratigraphy of the Uravan Mineral Belt
showing the prospective Morrison Formation.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
Antonio Bossi / 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 , 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 gold(1).
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.(2)(3)
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 resources , 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.
Notes
(1)
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
(3)
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
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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END
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