TIDMTHR
RNS Number : 3842O
Thor Energy PLC
31 January 2023
31 January 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
October 2022 to December 2022
Highlights Outlook for March Quarter 2023
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URANIUM
Wedding Bell & Radium Mountain, Colorado USA
* Initial reconnaissance drilling confirms extensive * Assay results
lateral continuity of uranium hosted sandstones.
* Follow up drilling preparations.
Vanadium King, Utah USA
* Reassessment of previous mining areas
* Drilling preparations
------------------------------------------------------------ ----------------------------------------------------------
GOLD
Ragged Range, Pilbara region,
WA Australia
* RC drilling program completed at Kelly's Prospect, * Continue to review rock chip and drilling data at
highlighting anomalous copper and gold associated Kelly's Prospect.
with felsic porphyry intrusions.
* Regional exploration targeting additional gold,
nickel and lithium targets
------------------------------------------------------------ ----------------------------------------------------------
COPPER
Alford East, SA Australia
* Hydrogeology quarterly water characterisation * Continue ISR assessment and development of the
sampling continuing to develop baseline data for project.
In-Situ Recovery ("ISR") assessment and development
approvals.
Kapunda, SA Australia
(via 30% equity holding in EnviroCopper Ltd)
* Oz Minerals commenced funding the trial work at * Copper-gold recoveries from lixiviant trials.
Kapunda.
* Final approvals for lixiviate stage of Push Pull test
underway.
------------------------------------------------------------ ----------------------------------------------------------
TUNGSTEN & MULTI COMMODITIES
Molyhil, NT Australia
-- A $8M Earn-in Funding Agreement, signed with Investigator
Resources Limited (ASX: IVR "IVR") (THR:ASX/AIM 24 November
2022).
-- Earn-in, via a 3-stage process, to 80% interest in the
Tenements and acquire Thor's 40% interest in the Bonya tenement
(EL29701).
CORPORATE & FINANCE
-- Placement of A$2.65M to advance exploration activities at
Thor's uranium projects in the USA and progress Ragged Range gold
and nickel project, WA .
-- Name change to Thor Energy Plc
Managing Director's comments
"There were major advancements in key projects for Thor during
the December quarter.
At our Wedding Bell and Radium Mountain uranium projects in the
US, the intersection of uranium-bearing, reduced sandstones at the
greenfields Section 23 prospect is exciting, as is the lateral
continuity of high-grades along strike of historic workings at both
Rim Rock and Groundhog prospects.
The latest drill results at Kelly's Prospect are encouraging,
including the copper-silver with minor gold intersections at
Kelly's and Kelly's NE. To date most drilling has only focussed on
the gold potential and the recent drill results demonstrate the
potential for a significant copper-gold-silver and base metals
system.
We are very pleased to have entered into a Heads of Agreement
with Fram (Investigator Resources Ltd) to earn-in and provide
additional exploration funding on the Molyhil tenements. The
agreement enables Thor to retain an equity interest in the advanced
Molyhil mine and the prospective Molyhil tenements. This will
reduce operational risk for Thor, provide exploration upside on the
tenements, as well as receiving considerations in the form of cash
and IVR shares.
The Molyhil divestment and Bonya sale further consolidates the
Company's focus on our priority USA uranium assets and the
multi-element Ragged Range project.
The name change to 'Thor Energy Plc' represents Thor's
developing exploration focus on our uranium and energy metal
projects in the USA and Australia, which the board considers
provide the most significant value upside within our portfolio
bringing longer-term benefits to the Company and its
shareholders.
Thor is looking forward to an exciting 2023 with geophysics
programs and follow-up drilling planned at Wedding Bell and Radium
Mountain uranium projects, Colorado and a maiden drilling program
at Vanadium King Project, Utah".
Nicole Galloway Warland, Managing Director, Thor Energy Plc
Photo 1 : Downhole gamma logging by Jet West at Section 23,
Wedding Bell Project
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.
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
via this link:
https://thorenergyplc.com/projects/uranium-vanadium-projects-usa/
Figure 1: Area map showing project
locations and nearby White Mesa processing
plant
Wedding Bell and Radium Mountain, Colorado Drilling Program
Thor's initial drilling program comprising 15 shallow, rotary
air drillholes, confirms uranium mineralisation along strike of
historical workings at Rim Rock and Groundhog Prospects, and within
the newly tested Section 23 prospect (Figure 2) (ASX/AIM: THR 22
December 2022). These priority prospects lie within 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).
Uranium mineralisation was intersected at all three prospects
confirming the prospectivity of the Projects by increasing and
enhancing the uranium lateral continuity within the Salt Wash
Member of the Morrison Formation.
Key grade intersections include ( eU(3) O(8) denotes that the
uranium grade has been determined by downhole gamma logging):
Groundhog
-- 2.1m @ 0.036% (360ppm) eU(3) O(8) from 85m (22WBRA012A), including
0.3m @ 0.14% (1400ppm) eU(3) O(8)
-- 1.2m @ 0.034% (340ppm) eU(3) O(8) from 78m (22WBRA013), including
0.5m @ 0.5% (5000ppm) eU(3) O(8)
Rim Rock
-- 0.3m @ 0.072% (720ppm) eU(3) O(8) from 59.7m (22WBRA014)
Section 23
-- 0.5m @ 0.051% (510ppm) eU(3) O(8) from 102.6m (22WBRA002)
-- 0.6m @ 0.021% (210ppm) eU(3) O(8) from 92.4m and
-- 0.5m @ 0.03% (300ppm) eU(3) O(8) from 100m (22WBRA011)
Section 23 (Figure 2) in the southeast corner of the Wedding
Bell claim blocks represents the only large area in the Project
with interpreted continuity of the uranium prospective Salt Wash
sandstone unit precluded from historic prospecting, drilling and
mine production. A small fence line of d rillholes (22WBRA01-
22WBRA0011) confirms uranium mineralisation within the lower
sandstone units of the Salt Wash Sandstone (Figure 1, Figure 2 and
Figure 3).
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 2 and Figure
3). Two drillholes (22WBRA12 and 22WBRA013) tested and confirmed
lateral continuation of mineralisation to the south, with the
intersection of reduced sandstones hosting uranium mineralisation
in the first and second sandstone rims.
The Rim Rock Mine area (Figure 2) represents a vanadium rich
target. The two drillholes (22WBRA014 and 22WBRA015) are designed
to straddle the east-southeast projection of the Rim Rock Mine, the
opening of which is located immediately to the west. The Rim Rock
Mine was the largest historic uranium-vanadium producer in the
project area.
Vanadium layers, such as this one targeted at Rim Rock, are
generally relatively low in uranium content (by the standards of
historical uranium mining in the Uravan District) and were usually
ignored by the miners, with the focus on high-grade uranium zones
only. The intersection in 22WBRA014 ( 0.3m @ 0.072% eU(3) O(8) from
59.7m) confirms the uranium mineralisation, as we await physical
samples for vanadium analysis.
The uranium grades and thicknesses reported are determined by
gamma downhole logging. Physical s amples have been collected
within these mineralised zones for laboratory testing. The analyses
will test for uranium and vanadium, as well as multi-element
analysis. These results are anticipated in Q1 2023.
Douglas Exploration LLC undertook the drilling program, with Jet
West Geophysical Services completing the downhole gamma probe
logging.
Next Steps
The following activities are planned for Q1 2023:
1. Detailed interpretation and modelling.
2. Laboratory analysis - physical samples collected over the
mineralised zones sent for laboratory analysis - testing for both
uranium and vanadium plus multi-element.
3. Continue to review all historic data associated with the
Projects including Vanadium King Project, Utah.
4. Plan drilling including follow-up at Wedding Bell and Radium Mountain.
5. Commence planning and approvals for 2023 drilling programs.
6. Fly an airborne radiometric survey over the tenements.
Figure 2: Geology and tenement map of Wedding Bell and Radium
Mountain projects, showing Section 23, Rim Rock and Groundhog
prospects.
Photo 3: Section 23 looking west towards Groundhog showing
stratigraphic horizons.
RAGGED RANGE PROJECT
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia (Figure 4) is 100% owned by Thor
- E46/1190, E46/1262, E46/1355, E46/1340 and E46/1393 Figure 4.
Since 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.
Details of the projects may be found on the Thor website via
this link:
https://thorenergyplc.com/projects/ragged-range-project/
.
Figure 4: Ragged Range Project Location map (left) and Tenement
Map (right) showing priority targets.
Kelly's Prospect
A small reconnaissance program included six holes along Kelly's
Ridge, two below the historic Kelly's copper workings and two at
the Kelly's NE Prospect (Figure 2) returned anomalous copper and
gold values associated with felsic porphyry intrusions into the
Euro Basalts (ASX/AIM: THR 15 December 2022).
Drilling at Kelly's Ridge was designed to test below the
high-grade rock chips, returning up to 15g/t Au and 535g/t Ag along
the 1km silicified ridge at the contact between the Boobina
Porphyry and Euro Basalt, as well as testing below and along strike
of the historic drillhole (DDHK2(1) ) that intersected 1.5m @
22.97g/t gold, located at the porphyry-basalt contact (Figure 3).
The recent drillholes appear to have stopped short of the target
and have not fully tested the contact target. Follow-up drilling is
proposed angled from the west to east.
The 4m @ 12.2g/t Au intercept from 192 to 196m in drillhole
22RRRC052 has been assayed in one-metre intervals and reports: 193
to 194m 0.15g/t Au with 1.6% Zn and 0.13% Pb and 194 to 195m
reports 0.02g/t Au with 0.35% Zn (Figure 3). This type of zinc and
lead metal association is to be expected in areas with high-grade
gold results and observations of quartz sulphide material in these
two-metre intervals are very encouraging.
Beneath the historic Kelly's copper workings, copper was
intercepted with anomalous gold and silver warranting further
review.
At the Kelly's NE Prospect, high-grade gold (up to 7.2g/t Au)
and copper (up to 13.6 % Cu) identified in rock chips (ASX/RNS: THR
7 December 2022) was tested by two drillholes, 22RRRC057 and
22RRC058. Wide zones of low-grade copper were intersected in the
first hole from shallow depths with moderate grade intercepts in
the second hole, both at surface and at depth. Surprisingly the
tenor of gold with the copper is subdued, from assays received to
date, compared to the surface rock chips.
Significant results received to date include (greater than 0.1%
Cu and 0.1 g/t Au):
Kelly's Ridge
-- 22RRRC049: 1m @ 0.91 g/t Au from 40m
-- 22RRRC052: 1m @ 0.15g/t Au and 1.6% Zn from 196m
Kelly's Mine
-- 22RRRC056: 8m @ 1.31% Cu and 0.1g/t Au from 4m (22RRRC056), including
3m @ 2.9% Cu, 0.17g/t Au and 39g/t Ag from 7m
Kelly's NE
-- 22RRRC057: 4m @ 0.13% Cu from 20m
-- 22RRRC058: 19m @ 0.15% Cu from 8m, including
3m @ 0.24% Cu from 24m, and
3m @ 0.29% Cu, 0.12g/t Au, 8.5g/t Ag, 1.1% Pb, and 0.25% Zn from
133m
3m @ 2.9% Cu and 0.17g/t Au
Photo 2 : RC Chips from 22DDRC056 at Kelly's Ridge Prospect,
Ragged Range
Next Step
The following activities and results at Ragged Range are
anticipated over the coming weeks:
1. Review Kelly's rock-chip and drilling data
2. Continue regional exploration, including reconnaissance
sampling over ground in the northern portion of tenure for
prospective lithium-caesium-tantalum enriched (LCT) pegmatites
COPPER PROJECTS
Thor holds direct and indirect interests
in over 400,000 tonnes of Inferred Figure 5: SA Copper projects
copper resources in South Australia, location map
via its 80% farm-in interest in the
Alford East copper project and its
30% interest in EnviroCopper Ltd.
Each of these projects are considered
by Thor directors to have significant
growth potential, and each are being
advanced 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, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (THR:ASX 23 November 2020).
The Project covers the northern extension of the Alford Copper
Belt, located on the Yorke Peninsula, SA (Figure 5). 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.
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE), (THR:ASX 27 January
2021), consisting of:
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71, 500oz of contained gold
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
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 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
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
7). 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:
1. Hydraulic connectivity between wells
2. Copper solubility and recovery
3. 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 Figure 6: Molyhil Project Location
and is located 220km north-east of map
Alice Springs (320km by road) within
the prospective polymetallic province
of the Proterozoic Eastern Arunta
Block in the Northern Territory (Figure
6).
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 6). 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 website https://thorenergyplc.com/projects/
Earn-in/Joint Venture
On 24 November 2022 Thor announced the signing, through its
wholly-owned subsidiary Molyhil Mining Pty Ltd ("Molyhil"), of a
Heads of Agreement ("HOA") with ASX-listed mineral exploration and
development company Investigator Resources Limited (ASX: IVR,
"IVR") to fund the accelerated exploration of Thor's 100%-owned
Molyhil tenements (the "Tenements"), in the Northern Territory and
the sale of Thor's interest in the Bonya tenement (EL29701).
Key transaction details
Stage 1 Earn-In
IVR to pay Molyhil an upfront payment of A$100,000.
On or before the eighteenth month anniversary of the execution
of the HOA ("Stage 1 Commitment Date"), Fram shall complete the
expenditure of A$1m of exploration activities ("Stage 1
Commitment").
If Fram does not complete the Stage 1 Commitment by the Stage 1
Commitment Date, Fram must pay any shortfall amount of the Stage 1
Commitment to Molyhil in order to satisfy the requirements of the
Stage 1 Commitment.
Upon Fram meeting the Stage 1 Commitment, Fram will be entitled
to 25% interest in the Tenements. Molyhil and IVR must execute all
documents and forms necessary to effect the transfer of Molyhil's
40% interest in the Bonya tenement (EL29107) to Fram.
If Fram gives notice writing to Molyhil that it does not elect
to effect transfer of the 25% interest in the Tenements, Fram will
be deemed to have withdrawn from the HOA without earning any equity
in the Tenements.
Formation of the Joint Venture
If Fram earns and elects to transfer an interest in the
Tenements, pursuant to the execution of the Stage 1 obligations, a
joint venture will come into effect on the date on which Fram and
Molyhil execute the joint venture agreement ("JV Commencement
Date"). The initial joint venture interests of the parties will be
25% Fram and 75% Molyhil.
Stage 1 Joint Venture Consideration
On the formalisation of Fram's 25% joint venture interest, IVR
will issue Molyhil A$250,0000 of IVR shares at a deemed price equal
to the higher of the Volume Weighted Average Price for the 15-day
trading period immediately preceding the 25% earn-in date, or
A$0.05 per share. Thor plans to hold the IVR shares over the longer
term until the appropriate juncture to realise value on the shares
as decided by the Board.
Stage 2 Earn-In
Fram shall, within 28 days of the JV Commencement Date, give
notice in writing to Molyhil of its intention to earn a further 26%
interest in the Molyhil Tenements ("Stage 2 Earn-In Notice "),
taking its total interest to 51%.
If Fram issues a Stage 2 Earn-In Notice, Fram must spend A$2m
(which amount is in addition to the Stage 1 Commitment) on
exploration on or before the third anniversary of the JV
Commencement Date ("Stage 2 Commitment") to earn the additional
26%.
Upon Fram meeting the Stage 2 Commitment, Fram will be entitled
to 51% interest in the Tenements.
Stage 3 Earn-In
Fram shall, within 28 days of the Stage 2 Completion Notice,
give notice in writing to Molyhil of its intention to earn a
further 29% interest in the Tenements ("Stage 3 Earn-In Notice"),
taking its total interest to 80%.
If Fram issues a Stage 3 Earn-In Notice, Fram must spend A$5m
(which amount is in addition to the Stage 1 and Stage 2
Commitments) on exploration on or before the sixth anniversary of
the JV Commencement Date ("Stage 3 Commitment") to earn the
additional 26%.
Upon Fram meeting the Stage 3 Commitment, Fram will be entitled
to 80% interest in the Tenements.
Stage 3 Joint Venture Consideration
On formalisation of Fram's 80% joint venture interest, IVR shall
issue Molyhil A$250,000 of IVR shares at a deemed price equal to
the higher of the Volume Weighted Average Price for the 15-day
trading period immediately preceding the 80% earn-in date, or
A$0.05 per share. Thor plans to hold the IVR shares over the longer
term until the appropriate juncture to realise value on the shares
as decided by the Board.
Bonya Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located
approximately 30km to the north-east of Molyhil (Figure 7). Thor in
joint venture with Arafura hold a 40% equity interest in the
resources. Thor's interest in the Bonya tenement EL29701 (copper
and tungsten deposit) is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.
A full background on the project is available on the Thor
website: https://thorenergyplc.com/projects/
Figure 7 : Molyhil Project location showing adjacent Bonya
tenements.
CORPORATE, FINANCE, AND CASH MOVEMENTS
On the 17 November 2022, the Company held its Annual General
Meeting (AGM). All resolutions were approved by shareholders by a
significant margin.
On the 29 November 2022, Thor announced a successful capital
raise of $2,650,000 via a placing of 378,571,429 new ordinary
shares and ASX-listed CDI's (Shares) at a price of $0.007 (0.7
cents) per Share (the Placement). Applications to participate in
the Placement were scaled back following strong demand.
Following shareholder approval at a General Meeting held 4
January 2023, all participants in the Placement also received three
options for every four Shares subscribed, being a total of
283,928,593 options. A further 94,642,858 options were issued to
the lead broker to the Placement on the basis of one option for
every four Shares issued under the Placement. All options are
ASX-listed (ASX: THROD), are exercisable at $0.009 (0.9 cents) and
expire 5 January 2025.
At the General Meeting of 4 January 2023, shareholders also
approved a change of company name to Thor Energy Plc. This change
of name was announced to the ASX on 18 January 2023 and became
effective on the ASX from 23 January 2023. The name change reflects
the Company's exploration focus on its uranium and energy metals
projects in Australia and USA.
For the Quarter, the Company had total net cash inflows of
$1,515,000, comprising:
-- Net cash outflows from Operating and Investing activities for
the quarter of $1,034,000 which included expenditure of $1,043,000
directly related to exploration activities and inflows of $310,000
from the sale of shares in LSE listed Power Metal Resources plc
(AIM: POW).
-- Net cash inflows from financing activities for the quarter
were $2,479,000, reflecting the Placement less costs associated
with the Placement.
-- Providing an ending cash balance of $2,690,000.
In addition, Thor continues to hold 23,118,920 Power Metal
Resources plc Shares. The market value of the POW shares currently
held is GBP307,000 (approximately $534,000) based on the closing
price of the POW Shares as traded on the London Stock Exchange on
26 January 2023.
Cashflows for the quarter include related party payments of
$86,000 to Directors, comprising the Managing Director's salary,
and Non-Executive Directors' fees.
Competent Person's 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 Energy 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 https://thorenergyplc.com which includes a facility
to register to receive these updates by email, and on the Company's
twitter page @thorenergyplc
For further information, please contact:
Thor Energy 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 / Bessie Elliot Tel: +44 (0) 20 3004
9512
About Thor Energy Plc
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km2 of
exploration licences with highly encouraging early-stage gold and
nickel results in the Pilbara region of Western Australia, with
follow up drilling planned for 2022.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource Estimate(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% 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. Thor
executed a $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24th November 2022.(6)
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. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
TENEMENT SCHEDULE
At 31 December 2022 , the consolidated entity holds an interest
in the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Corunna Downs E46/1340 48 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Hamersley Range E46/1393 11 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
On 31 December 2021, 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 UMC445103 to 100 blocks (2,066 Cisco Minerals
King (Utah) UMC445202 VK-001 to VK-100 acres) Inc 100%
---------------- -------------- ------------------ ------------------ ------------------ ---------
Radium Mountain CMC292259 to Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 to Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) CMC292258 to Groundhog-100 acres) 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 31 DECEMBER 2022
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (6 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (43) (52)
(e) administration and corporate
costs (357) (518)
1.3 Dividends received (see note
3)
1.4 Interest received
1.5 Interest and other costs of
finance paid
1.6 Income taxes paid
1.7 Government grants and tax
incentives
1.8 Other 104 106
----------------- --------------
Net cash from / (used in)
1.9 operating activities (296) (464)
----- ----------------------------------- ----------------- --------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (5) (7)
(d) exploration & evaluation (1,043) (2,282)
(e) equity accounted investments
(f) other non-current assets
(bonds) - (74)
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 310 660
(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) - 293
----------------- --------------
Net cash from / (used in)
2.6 investing activities (738) (1,410)
----- ----------------------------------- ----------------- --------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 2,650 2,650
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (167) (167)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) (4) (4)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance
of a placement)
----------------- --------------
Net cash from / (used in)
3.10 financing activities 2,479 2,479
----- ----------------------------------- ----------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 1,175 2,069
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (296) (464)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (738) (1,410)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 2,479 2,479
Effect of movement in exchange
4.5 rates on cash held 70 16
----------------- --------------
Cash and cash equivalents
4.6 at end of period 2,690 2,690
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 2,690 1,175
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 2,690 1,175
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 86
-----------------
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 drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity.
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 $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (296)
8.2 (Payments for exploration & evaluation classified (1,043)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (1,339)
8.2)
8.4 Cash and cash equivalents at quarter end 2,690
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 2,690
8.5)
--------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 2.0
--------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 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: ..31 January 2023...........................................................
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.
TENEMENT SCHEDULE
At 31 December 2022 , the consolidated entity holds an interest
in the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Corunna Downs E46/1340 48 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Hamersley Range E46/1393 11 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
On 31 December 2021, 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 UMC445103 to 100 blocks (2,066 Cisco Minerals
King (Utah) UMC445202 VK-001 to VK-100 acres) Inc 100%
---------------- -------------- ------------------ ------------------ ------------------ ---------
Radium Mountain CMC292259 to Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 to Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) CMC292258 to Groundhog-100 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
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END
MSCGRGDBRSXDGXB
(END) Dow Jones Newswires
January 31, 2023 02:50 ET (07:50 GMT)
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