TIDMTHR

RNS Number : 3405W

Thor Energy PLC

17 April 2023

17 April 2023

Thor Energy Plc

("Thor" or the "Company")

Geophysics Delineates Structures that host Copper-Gold Mineralisation

Alford West Copper-Gold Project, South Australia

The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the results from the Ambient Noise Tomography ("ANT") survey at the Alford West Project, South Australia, by 30% owned EnviroCopper Limited ("ECL").

Highlights:

-- ANT survey using Exosphere by Fleet(R) successfully delineates the weathered "trough" like structures that host oxide copper-gold mineralisation within the Alford Copper Belt (Figure 1 - 4).

-- The subsurface ANT results will be integrated with historical drilling data to generate a new drilling program, targeting higher-grade oxide copper-gold mineralisation.

-- Future drilling will be focused on areas with low-density contrast which have been shown to host oxidised copper mineralisation, amenable to potential In-Situ Copper Recovery ("ISCR" ).

-- The geophysical survey was partially funded (up to A$30,000) by the South Australian Government Accelerated Discovery Grant ("ADI") awarded to ECL.

Figure 1: 3D model showing the deeply weathered "trough" structure, host to oxide copper-gold mineralisation in the Alford Copper Belt.

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

"This low-impact ANT survey was extremely successful in subsurface mapping, in particular delineating the weathered "trough" structures which host the oxide copper-gold mineralisation within the Alford Copper Belt; with further processing and modelling, it will potentially highlight the higher-grade mineralised zones within these structures.

"The use of the ExoSphere by Fleet (R) has enabled ECL to be more efficient in exploration, minimising the environmental impact and improving drilling targeting.

"We look forward to updating the market as the subsurface maps are further refined with drill targets."

Figure 2: Alford West Project (ECL) Location Map (Left) and Tenement Map (right) with Thor's Alford East Project.

Geophysics Survey

As part of its South Australian Government Accelerated Discovery Initiative grant, ECL carried out an ANT survey over a portion of the Alford West project using ExoSphere by Fleet(R) (Figure 1) . This technology is a particularly low-impact form of exploration and uses environmental vibrations in the ground, caused by ocean waves, weather or traffic, to analyse the earth's make-up down to 2000m depth.

The technology uses compact, battery-powered smart sensors called Geodes collecting raw data. It can pre-process that data and deliver it directly via Fleet's satellite connectivity. This technology means fewer drill holes, much lower environmental impact and less time on the land, which fits with ECL's corporate objectives of minimising the impact of recovering metals necessary to aid the green energy transition.

The survey delineated the deep weathered "trough" like structures in the survey area, that host the oxide copper-gold mineralisation within the Alford Copper Belt (Figure 2- 4). With further processing and modelling, it may be possible to highlight mineralised zones within these structures.

The subsurface ANT results will be integrated with information that has been historically gathered by traditional air core and diamond drilling. This will result in drill targets with potential for higher-grade oxide copper-gold mineralisation.

The speed and minimal impact of this technique compared with traditional drilling mean that exploration impacts for landowners are kept to an absolute minimum. ECL is currently combining the ANT data with other forms of low-impact, remotely sensed data to further improve the definition of these mineralised zones.

The ExoSphere program by Fleet Space Technologies consisted of laying an array of 40 lightweight, battery-powered surface sensors called Geodes over a paddock of 0.45km(2) to measure naturally occurring environmental seismic vibrations in the ground (caused by ocean waves, weather and traffic) in real-time over a 10-day period (Photo Plate 1). The Geodes collect and deliver information in near real-time to Fleet Space's satellite network.

Figure 3: Historic drillhole at Wombat Prospect highlighting the deeply weathered "trough" structure hosting the oxide copper-gold mineralisation.

Source: http://saemc.com.au/archive/2017/17drown.pdf

Photo Plate 1: Deploying sensors (Geodes) at Alford West, note the minimum surface disturbance.

Accelerated Discovery Initiative ("ADI")

The ANT survey is partially funded (up to A$30,000) by the South Australian Government Accelerated Discovery Grant (ADI) geophysics grant, received by ECL in 2022.

The ADI aims to encourage innovation and collaboration to advance exploration activities in South Australia. It provides a government contribution towards exploration activities by supporting the potential discovery of new mineral and groundwater resources, while delivering a number of other economic and social benefits to the State.

About EnviroCopper Limited ("ECL")

Thor holds a 30% interest in ECL, which is a public, unlisted company, with In-Situ Recovery Copper projects at Kapunda and Alford West , South Australia (Figure 1). ECL manage the Alford West Project in a Joint Venture with the tenement holder Andromeda to earn up to a 75% interest in the mineral rights over metals recoverable via ISCR. (ASX/AIM announcement: 11 November 2020).

The Board of Thor Energy Plc has approved this announcement and authorised its release.

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 
 SI Capital Limited (Joint Broker)            Tel: +44 (0) 1483 
                                               413 500 
 Nick Emerson 
 Yellow Jersey (Financial PR)                 thor@yellowjerseypr.com 
 Sarah Hollins / Shivantha Thambirajah        Tel: +44 (0) 20 3004 
  / Bessie Elliot                              9512 
 

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

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.

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

   1.      2012 Edition - Table 1 report template 

Section 1 Sampling Techniques and Data

 
 Criteria        JORC Code explanation                                           Commentary 
 Sampling                                                                         No new drilling or 
  techniques        *    Nature and quality of sampling (eg cut channels,          surface sampling in 
                         random chips, or specific specialised industry            this release. 
                         standard measurement tools appropriate to the             -- THR is reporting 
                         minerals under investigation, such as down hole gamma     the results of an ambient 
                         sondes, or handheld XRF instruments, etc). These          noise tomography survey 
                         examples should not be taken as limiting the broad        conducted by EnviroCopper 
                         meaning of sampling.                                      Ltd. And Fleet Space 
                                                                                   Technologies which 
                                                                                   commenced on the 21 
                    *    Include reference to measures taken to ensure sample      Feb 2023 and finished 
                         representivity and the appropriate calibration of any     on the 24 Feb 2023 
                         measurement tools or systems used.                        -- The Ambient Noise 
                                                                                   Tomography data was 
                                                                                   acquired using Fleet 
                    *    Aspects of the determination of mineralisation that       Space Technology Geodes. 
                         are Material to the Public Report.                        -- The Geode specifications 
                                                                                   are as follows: 
                                                                                   - 1-component (vertical) 
                    *    In cases where 'industry standard' work has been done     2Hz geophones 
                         this would be relatively simple (eg 'reverse              - Sensitivity: 260 
                         circulation drilling was used to obtain 1 m samples       V/m/s 
                         from which 3 kg was pulverised to produce a 30 g          - Sampling rate: 20Hz 
                         charge for fire assay'). In other cases more              - Recording mode: continuous 
                         explanation may be required, such as where there is       - Preamplifier gain: 
                         coarse gold that has inherent sampling problems.          32 (linear) 
                         Unusual commodities or mineralisation types (eg 
                         submarine nodules) may warrant disclosure of detailed 
                         information. 
                --------------------------------------------------------------  --------------------------------------- 
 Drilling                                                                        Not applicable - No 
  techniques        *    Drill type (eg core, reverse circulation, open-hole      drilling reported 
                         hammer, rotary air blast, auger, Bangka, sonic, etc) 
                         and details (eg core diameter, triple or standard 
                         tube, depth of diamond tails, face-sampling bit or 
                         other type, whether core is oriented and if so, by 
                         what method, etc). 
                --------------------------------------------------------------  --------------------------------------- 
 Drill sample                                                                    Not applicable - No 
  recovery          *    Method of recording and assessing core and chip          drilling reported 
                         sample recoveries and results assessed. 
 
 
                    *    Measures taken to maximise sample recovery and ensure 
                         representative nature of the samples. 
 
 
                    *    Whether a relationship exists between sample recovery 
                         and grade and whether sample bias may have occurred 
                         due to preferential loss/gain of fine/coarse 
                         material. 
                --------------------------------------------------------------  --------------------------------------- 
 Logging                                                                         Not applicable - No 
                    *    Whether core and chip samples have been geologically     drilling reported 
                         and geotechnically logged to a level of detail to 
                         support appropriate Mineral Resource estimation, 
                         mining studies and metallurgical studies. 
 
 
                    *    Whether logging is qualitative or quantitative in 
                         nature. Core (or costean, channel, etc) photography. 
 
 
                    *    The total length and percentage of the relevant 
                         intersections logged. 
                --------------------------------------------------------------  --------------------------------------- 
 Sub-sampling                                                                    Not applicable - No 
  techniques        *    If core, whether cut or sawn and whether quarter,        drilling reported 
  and sample             half or all core taken. 
  preparation 
 
                    *    If non-core, whether riffled, tube sampled, rotary 
                         split, etc and whether sampled wet or dry. 
 
 
                   For all sample types, the nature, 
                   quality and appropriateness of 
                   the sample preparation technique. 
                    *    Quality control procedures adopted for all 
                         sub-sampling stages to maximise representivity of 
                         samples. 
 
 
                    *    Measures taken to ensure that the sampling is 
                         representative of the in situ material collected, 
                         including for instance results for field 
                         duplicate/second-half sampling. 
 
 
                    *    Whether sample sizes are appropriate to the grain 
                         size of the material being sampled. 
                --------------------------------------------------------------  --------------------------------------- 
 Criteria        JORC Code explanation                                           Commentary 
                --------------------------------------------------------------  --------------------------------------- 
 Quality                                                                          No drilling reported. 
  of assay          *    The nature, quality and appropriateness of the            EnviroCopper Ltd. and 
  data and               assaying and laboratory procedures used and whether       Fleet Space Technologies 
  laboratory             the technique is considered partial or total.             conducted the ANT survey. 
  tests                                                                            -- The ANT data was 
                                                                                   acquired using Fleet 
                    *    For geophysical tools, spectrometers, handheld XRF        Space Technology Geodes 
                         instruments, etc, the parameters used in determining      -- The Geode specifications 
                         the analysis including instrument make and model,         are as follows: 
                         reading times, calibrations factors applied and their     - 1-component (vertical) 
                         derivation, etc.                                          2Hz geophones 
                                                                                   - Sensitivity: 260 
                                                                                   V/m/s 
                    *    Nature of quality control procedures adopted (eg          - Sampling rate: 20Hz 
                         standards, blanks, duplicates, external laboratory        - Recording mode: continuous 
                         checks) and whether acceptable levels of accuracy (ie     - Preamplifier gain: 
                         lack of bias) and precision have been established.        32 (linear) 
                --------------------------------------------------------------  --------------------------------------- 
 Verification                                                                    ANT - Data received 
  of sampling       *    The verification of significant intersections by         is preliminary in nature 
  and assaying           either independent or alternative company personnel.     and is being reviewed 
                                                                                  by Fleet Space Technologies. 
 
                    *    The use of twinned holes. 
 
 
                    *    Documentation of primary data, data entry procedures, 
                         data verification, data storage (physical and 
                         electronic) protocols. 
 
 
                    *    Discuss any adjustment to assay data. 
                --------------------------------------------------------------  --------------------------------------- 
 Location                                                                         No drilling reported 
 of data            *    Accuracy and quality of surveys used to locate drill      *    ANT - Data using a handheld GPS 
 points                  holes (collar and down-hole surveys), trenches, mine 
                         workings and other locations used in Mineral Resource 
                         estimation.                                               *    GDA94 Zone 53. 
 
 
                    *    Specification of the grid system used. 
 
 
                    *    Quality and adequacy of topographic control. 
                --------------------------------------------------------------  --------------------------------------- 
 Data spacing                                                                    ANT line spacing is 
 and                *    Data spacing for reporting of Exploration Results.       appropriate for exploration 
 distribution                                                                     purposes 
 
                    *    Whether the data spacing and distribution is 
                         sufficient to establish the degree of geological and 
                         grade continuity appropriate for the Mineral Resource 
                         and Ore Reserve estimation procedure(s) and 
                         classifications applied. 
 
 
                    *    Whether sample compositing has been applied. 
                --------------------------------------------------------------  --------------------------------------- 
 Orientation                                                                     ANT grid covers the 
 of data in         *    Whether the orientation of sampling achieves unbiased    roughly East-West trending 
 relation                sampling of possible structures and the extent to        weathered zone. 
 to geological           which this is known, considering the deposit type. 
 structure 
 
                    *    If the relationship between the drilling orientation 
                         and the orientation of key mineralised structures is 
                         considered to have introduced a sampling bias, this 
                         should be assessed and reported if material. 
                --------------------------------------------------------------  --------------------------------------- 
 Sample                                                                          No sampling reported 
 security           *    The measures taken to ensure sample security. 
                --------------------------------------------------------------  --------------------------------------- 
 Audits or                                                                       None undertaken 
  reviews           *    The results of any audits or reviews of sampling 
                         techniques and data. 
                --------------------------------------------------------------  --------------------------------------- 
 Criteria        JORC Code explanation                                           Commentary 
                --------------------------------------------------------------  --------------------------------------- 
 Mineral                                                                         Exploration results 
 tenement            *    Type, reference name/number, location and ownership     are reported on EL 
 and land                 including agreements or material issues with third      5984 in South Australia 
 tenure status            parties such as joint ventures, partnerships,           held 100% by Penninsula 
                          overriding royalties, native title interests,           Resources Ltd. EnviroCopper 
                          historical sites, wilderness or national park and       Ltd is earning into 
                          environmental settings.                                 a joint venture on 
                                                                                  the Alford West Project. 
                                                                                  The tenement is secure 
                     *    The security of the tenure held at the time of          under SA legislation 
                          reporting along with any known impediments to           and is in good standing. 
                          obtaining a licence to operate in the area. 
                --------------------------------------------------------------  --------------------------------------- 
 Exploration                                                                     Alford West is a mature 
 done by other       *    Acknowledgment and appraisal of exploration by other    exploration with considerable 
 parties                  parties.                                                work undertaken over 
                                                                                  the years by several 
                                                                                  groups including Red 
                                                                                  Metals, Western Mining 
                                                                                  and Adelaide Resources. 
                                                                                  The area has been subject 
                                                                                  to considerable historic 
                                                                                  drilling including 
                                                                                  RC, Diamond and Air 
                                                                                  Core drilling programs 
                --------------------------------------------------------------  --------------------------------------- 
 Geology                                                                         Primary deposits in 
                     *    Deposit type, geological setting and style of           the region are considered 
                          mineralisation.                                         to be of Iron Oxide 
                                                                                  Copper Gold (IOCG) 
                                                                                  affinity, related to 
                                                                                  the 1590Ma Hiltaba/GRV 
                                                                                  event. Cu-Au-Mo-Pb 
                                                                                  mineralisation is structurally 
                                                                                  controlled and associated 
                                                                                  with significant metasomatic 
                                                                                  alteration and deep 
                                                                                  weathering or kaolinisation 
                                                                                  of host rocks. 
                --------------------------------------------------------------  --------------------------------------- 
 Drill hole                                                                      No drilling has been 
  Information       *    A summary of all information material to the             undertaken or reported 
                         understanding of the exploration results including a 
                         tabulation of the following information for all 
                         Material drill holes: 
 
 
                   o easting and northing of the 
                   drill hole collar 
                   o elevation or RL (Reduced Level 
                   - elevation above sea level in 
                   metres) of the drill hole collar 
                   o dip and azimuth of the hole 
                   o down hole length and interception 
                   depth 
                   o hole length. 
                    *    If the exclusion of this information is justified on 
                         the basis that the information is not Material and 
                         this exclusion does not detract from the 
                         understanding of the report, the Competent Person 
                         should clearly explain why this is the case. 
                --------------------------------------------------------------  --------------------------------------- 
 Data                                                                            Only field observations 
 aggregate          *    In reporting Exploration Results, weighting averaging    have been reported. 
 methods                 techniques, maximum and/or minimum grade truncations     There has been no data 
                         (eg cutting of high grades) and cut-off grades are       aggregation. 
                         usually Material and should be stated. 
 
 
                    *    Where aggregate intercepts incorporate short lengths 
                         of high grade results and longer lengths of low grade 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated 
                --------------------------------------------------------------  --------------------------------------- 
 Relationship                                                                    No drilling has been 
 between            *    These relationships are particularly important in the    undertaken or reported 
 mineralisaton           reporting of Exploration Results. 
 widths and 
 intercept 
 lengths            *    If the geometry of the mineralisation with respect to 
                         the drill hole angle is known, its nature should be 
                         reported. 
 
 
                    *    If it is not known and only the down hole lengths are 
                         reported, there should be a clear statement to this 
                         effect (eg 'down hole length, true width not known'). 
                --------------------------------------------------------------  --------------------------------------- 
 Diagrams                                                                        See body of report 
                     *    Appropriate maps and sections (with scales) and 
                          tabulations of intercepts should be included for any 
                          significant discovery being reported These should 
                          include, but not be limited to a plan view of drill 
                          hole collar locations and appropriate sectional 
                          views. 
                --------------------------------------------------------------  --------------------------------------- 
 Balanced                                                                        ANT data is reported 
  reporting          *    Where comprehensive reporting of all Exploration        for Alford West. 
                          Results is not practicable, representative reporting 
                          of both low and high grades and/or widths should be 
                          practiced to avoid misleading reporting of 
                          Exploration Results. 
                --------------------------------------------------------------  --------------------------------------- 
 Other                                                                           All data have been 
 substantive        *    Other exploration data, if meaningful and material,      reported 
 exploration             should be reported including (but not limited to): 
 data                    geological observations; geophysical survey results; 
                         geochemical survey results; bulk samples - size and 
                         method of treatment; metallurgical test results; bulk 
                         density, groundwater, geotechnical and rock 
                         characteristics; potential deleterious or 
                         contaminating substances. 
                --------------------------------------------------------------  --------------------------------------- 
 Further                                                                         It is anticipated that 
  work              *    The nature and scale of planned further work (eg         the weathered zone 
                         tests for lateral extensions or depth extensions or      identified from the 
                         large-scale step- out drilling).                         ANT survey will be 
                                                                                  drill tested to evaluate 
                                                                                  hydrogeological parameters. 
                    *    Diagrams clearly highlighting the areas of possible 
                         extensions, including the main geological 
                         interpretations and future drilling areas, provided 
                         this information is not commercially sensitive. 
                --------------------------------------------------------------  --------------------------------------- 
 

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