TIDMTHR
RNS Number : 1426X
Thor Energy PLC
24 April 2023
24 April 2023
Thor Energy Plc
("Thor" or the "Company")
Positive Vanadium Assay Results (Exploration Update)
Wedding Bell and Radium Mountain Uranium Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide an exploration update on the
Company's 100% owned Wedding Bell and Radium Mountain uranium and
vanadium projects in the Uravan Mineral Belt, Colorado, USA.
Project Highlights:
-- Assay results validate downhole gamma readings for uranium
and confirm broader vanadium mineralisation.
-- Vanadium assay results include:
1.5m @ 2660ppm (0.27%) V(2) O(5) from 83.8m (22WB012A) -
Groundhog
1.5m @ 1776ppm (0.18%) V(2) O(5) from 59.4m (22WB014) - Rim
Rock
3.0m @ 1640ppm (0.16%) V(2) O(5) from 83.8m (22WB012) -
Groundhog
1.5m @ 1026ppm (0.10%) V(2) O(5) from 83.8m (22WB011) - Section
23
-- Close-spaced airborne magnetics and radiometric survey to
commence over all three projects, once the ground conditions are
suitably dry.
-- Drill permitting has commenced for follow up drilling at both
Wedding Bell and Radium Mountain.
Photo 1: 22WBRA012 - Uranium and vanadium mineralisation within
reduced (green) sandstone
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"We are pleased to receive these very encouraging vanadium assay
results for the selection of physical samples sent for analysis.
The assay results confirm the uranium mineralisation determined by
downhole gamma and highlight broader enriched vanadium haloes of up
to 0.27% vanadium. These vanadium-rich halos are typical of this
style of 'Salt Wash' sandstone-hosted uranium mineralisation.
"Drill permitting is underway for our next round of drilling at
Wedding Bell, and initial drilling at Vanadium King, Utah,
following the airborne geophysical survey. A close-spaced airborne
radiometric and magnetics survey is planned over all three projects
area once the conditions are suitably dry given there is still a
small amount of snow and water at present on the ground."
Next Steps:
The following activities are underway:
1. Detailed interpretation and modelling (combining new data with historic records).
2. Continue to retrieve and review all historic data associated
with the projects, including the Vanadium King Project.
3. Fly airborne magnetic and radiometric surveys over all three
projects - pending suitable dry ground conditions.
4. Planned drilling, including follow-up at Wedding Bell and Radium Mountain.
5. Commenced approvals for 2023 drilling programs.
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt.
Wedding Bell and Radium Mountain, Colorado Drilling Program:
Thor's initial drilling program, which was completed in November
2022 comprised of 15 shallow rotary air drillholes, confirming
uranium mineralisation along strike of historical workings at Rim
Rock and Groundhog Prospects, and within the newly tested Section
23 prospect (Figure 2). 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 determined by gamma downhole logging
(conducted by Jet West), was intersected at all three prospects,
confirming the prospectivity of the Projects by increasing and
enhancing the uranium lateral continuity across the Projects within
the Salt Wash Member of the Morrison Formation (ASX/AIM: 21
December 2022).
"Saltwash type" sandstone-hosted uranium deposits, of the Uravan
Mineral Belt (Figure 1) are considered unique amongst the
sandstone-hosted type of deposits, as the amount of vanadium
generally exceeds uranium. Based on historic production figures,
vanadium exceeds uranium at an average ratio of 5:1 in the Wedding
Bell/Groundhog Project area [1] . Uranium occurs primarily as
uraninite and coffinite with oxidised tyuyamunite and carnotite,
while vanadium is mostly found in the mineral montroseite and
vanadium-rich alumino-silicates - tyuyamunite and carnotite.
For drillholes 22WBR010 to 22WBR014, where there are zones of
visual interest (reduced grey/green sandstone), with anomalous
scintillometer values, physical samples were collected for uranium
and vanadium assay, as well as multi-element analysis. Sixty-Seven
(67) physical samples were collected and sent to either the ALS
laboratory or the Hazen laboratory (Table A and B and Figure 2-4).
The ALS laboratory would not receive samples above 0.3
millisieverts (mSv - background radiation dose), hence the addition
of Hazen Laboratory for 22WBR012 samples. Thor is currently also
doing some cross-lab sample analysis as part of our QAQC
process.
Figure 2: Wedding Bell and Radium Mountain Claims showing
priority prospects and historic workings.
Vanadium layers, such as the one targeted at Rim Rock, are
generally relatively low in uranium content (by the standards of
historical uranium mining in the Uravan District). They are usually
ignored by the miners, with the focus on high-grade uranium zones
only (Photo 2). For instance, the uranium intersection in
22WBRA014: 0.3m @ 720ppm (0.072%) eU(3) O(8) from 59.7m, correlated
to a broader vanadium halo/zone of 1.5m @ 1776 ppm (0.18%) V(2)
O(5) from 59.4m.
Despite drillhole 22WBR012 collapsing prior to taking downhole
gamma probe readings, assay samples confirmed uranium and vanadium
mineralisation that correlates to the redrill of hole a few meters
away, 22WBR012A.
-- 3.0m @ 519ppm U(3) O(8) and 1640ppm V(2) O(5) from 83.8m
(22WBR012)
-- 1.5m @ 601ppm U(3) O(8) and 2660ppm V(2) O(5) from 83.8m
(22WBR012A)
22WBR012A (figure 3) highlights the positive correlation with
the gamma readings and the physical samples.
Photo Plate 2: Rim Rock workings showing uranium and vanadium
mineralisation (uraninite) dark grey material, with oxidised
tyuyamunite and carnotite (yellowish green material) within reduced
grey-green sandstones.
Figure 3: Stratigraphic section showing the uranium and vanadium
mineralised zone for 22WBR012 and 22WBR012A- Groundhog Prospect
Figure 4: Drillhole Location Plan
Figure 5 : Section 23 Drillhole Location plan
Table A: Significant Uranium and Vanadium Assay Results (above 500ppm V(2) O(8) )
Prospect Hole ID From To (m) Interval Gamma Assay Assay Laboratory
(m) (m) eU(3) U(3) V(2)
O(8) ppm O(8) O(5)
ppm ppm
Section
23 22WBRA010A 123.4 125.0 3.0 20 1134 ALS
------------ ------ ------- --------- ---------- ------ ------ -----------
123.4 125.0 1.5 27 1733 ALS
------------------------ ------ ------- --------- ---------- ------ ------ -----------
Section
23 22WBRA011 82.3 83.8 1.5 68 1026 ALS
------------ ------ ------- --------- ---------- ------ ------ -----------
Including 0.6 210
------------------------ ------ ------- --------- ---------- ------ ------ -----------
and 100.6 102.1 1.5 106 559 ALS
------------------------ ------ ------- --------- ---------- ------ ------ -----------
including 98.5 99 0.5 300
------------------------ ------ ------- --------- ---------- ------ ------ -----------
Groundhog 22WBRA012 83.8 86.9 3 NP 519 1640 Hazen
------------ ------ ------- --------- ---------- ------ ------ -----------
85.3 86.9 1.5 330 1839 Hazen
------------------------ ------ ------- --------- ---------- ------ ------ -----------
Groundhog 22WBRA012A 83.8 85.3 1.5 601 2660 ALS
------------ ------ ------- --------- ---------- ------ ------ -----------
Including 82.8 83.3 0.3 1430
------------------------ ------ ------- --------- ---------- ------ ------ -----------
83 85.2 2.1 236
------------------------ ------ ------- --------- ---------- ------ ------ -----------
Groundhog 22WBRA013 79.2 80.8 1.5 248 700 ALS
------------ ------ ------- --------- ---------- ------ ------ -----------
1.2 340
------------------------ ------ ------- --------- ---------- ------ ------ -----------
Rim Rock 22WBRA014 59.4 61 1.5 192 1776 ALS
------------ ------ ------- --------- ---------- ------ ------ -----------
Including 59.7 60 0.3 720
------------------------ ------ ------- --------- ---------- ------ ------ -----------
Notes:
-- NP = Not Probed due to hole collapsing
-- Depths converted from feet to meters - minor rounding
errors.
-- 5-foot samples collected off rig (5ft 1.52m)
Table B: Wedding Bell & Radium Mountain Drill Collar
Information (WGS84 UTM Zone 12)
Prospect Hole ID Easting Northing Elevation Azimuth Dip Hole Hole
(m) Depth Depth
(ft) (m)
Section
23 22WBRA001/1A 690751 4222786 2039 360 -90 440 134
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA002 690911 4222704 2044 360 -90 440 134
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA003 690610 4223569 2028 360 -90 490 149
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA004 690673 4223489 2035 360 -90 300 91
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA005 690714 4223371 2036 360 -90 295 90
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA006 690661 4223245 2028 360 -90 300 91
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA007 690612 4223134 2027 360 -90 300 91
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA008 690624 4223044 2031 360 -90 320 98
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA009 690681 4222963 2033 360 -90 360 110
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA010 690733 4222869 2008 360 -90 190 58
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA010A 690729 4222867 2029 360 -90 450 137
-------------- -------- --------- ---------- -------- ---- ------- -------
Section
23 22WBRA011 690893 4222794 2036 360 -90 470 143
-------------- -------- --------- ---------- -------- ---- ------- -------
Groundhog 22WBRA012 688090 4224002 2080 360 -90 455 139
-------------- -------- --------- ---------- -------- ---- ------- -------
Groundhog 22WBRA012A 688089 4224000 2079 360 -90 320 98
-------------- -------- --------- ---------- -------- ---- ------- -------
Groundhog 22WBRA013 687955 4223999 2080 360 -90 380 116
-------------- -------- --------- ---------- -------- ---- ------- -------
Rim Rock 22WBRA014 687973 4225652 2017 360 -90 325 99
-------------- -------- --------- ---------- -------- ---- ------- -------
Rim Rock 22WBRA015 687997 4225795 2012 360 -90 505 154
-------------- -------- --------- ---------- -------- ---- ------- -------
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,
copper 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 $A8m 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 JORC Code, 2012 Edition - Table 1
Section 1: Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques Rotary air drill samples
* Nature and quality of sampling (eg cut channels, were collected off
random chips, or specific specialised industry the cyclone at 5ft
standard measurement tools appropriate to the (1.5m) intervals and
minerals under investigation, such as down hole gamma split to 3kg
sondes, or handheld XRF instruments, etc). These An pXRF (Olympus Vanta
examples should not be taken as limiting the broad Series C) and scintillometer
meaning of sampling. (Mt. Sopris SC-132
) reading was taken
for each sample.
* Include reference to measures taken to ensure sample All the holes were
representivity and the appropriate calibration of any electric-logged (e-logged),
measurement tools or systems used. on a call-out basis,
by Jet West of Farmington,
New Mexico. Jet West
* Aspects of the determination of mineralisation that followed industry standards
are Material to the Public Report. for probing holes on
uranium properties.
They calibrate their
* In cases where 'industry standard' work has been done gamma probes at the
this would be relatively simple (eg 'reverse Department of Energy
circulation drilling was used to obtain 1 m samples test pits located in
from which 3 kg was pulverised to produce a 30 g Grants, New Mexico.
charge for fire assay'). In other cases more Logs run were natural
explanation may be required, such as where there is gamma, single point
coarse gold that has inherent sampling problems. resistivity (SPR),
Unusual commodities or mineralisation types (eg self-potential (SP),
submarine nodules) may warrant disclosure of detailed deep and medium induction
information. resistivity (DIR and
MIR), and selected
holes had directional
surveys done. First-pass
logging speeds were
35 ft (10.7m)/minute
and for gamma reruns,
logging rates were
15 ft (4.6m)/minute.
On first-pass runs
gamma readings were
taken every 0.3 ft
(10cm), and for reruns,
every 0.1 ft (3.0cm).
In zones of visual
interest with anomalous
scintillometer values
67 samples from holes
22WBR02210-14 were
sent for analysis.
------------------------------------------------------------- --------------------------------
Drilling techniques Modified rotary air
* Drill type (eg core, reverse circulation, open-hole rig (4.5inches).
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard All vertical holes
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
------------------------------------------------------------- --------------------------------
Drill sample Sample recovery was
recovery * Method of recording and assessing core and chip good with no variation
sample recoveries and results assessed. within mineralised
zones. Each drill cutting
pile size is logged
* Measures taken to maximise sample recovery and ensure and any deviation from
representative nature of the samples. expected was raised
with the driller, and
if undersize, to check
* Whether a relationship exists between sample recovery for blockages.
and grade and whether sample bias may have occurred No sample biases expected,
due to preferential loss/gain of fine/coarse and no relationship
material. is known to exist between
sample recovery and
grade.
------------------------------------------------------------- --------------------------------
Logging All chip samples are
* Whether core and chip samples have been geologically qualitatively geologically
and geotechnically logged to a level of detail to logged (lithology,
support appropriate Mineral Resource estimation, structure, alteration,
mining studies and metallurgical studies. veining, mineralisation
(based on scintillometer
cps for each interval),
* Whether logging is qualitative or quantitative in weathering, colour
nature. Core (or costean, channel, etc) photography. and other features).
No mineral resource
estimation, mining
* The total length and percentage of the relevant studies or metallurgical
intersections logged. studies have been conducted
at this stage, but
samples have been logged
in sufficient detail
to use for this function.
During the logging
process representative
samples are stored
in chip trays for future
reference. The RC chip
trays are photographed
and electronically
stored.
------------------------------------------------------------- --------------------------------
Sub- sampling All holes e-logged
techniques and * If core, whether cut or sawn and whether quarter, by Jet West
sample preparation half or all core taken. Samples were collected
as described in the
above sampling technique
* If non-core, whether riffled, tube sampled, rotary section.
split, etc and whether sampled wet or dry. Sampling is carried
out using standard
protocols and QAQC
For all sample types, the nature, procedures as per industry
quality and appropriateness of practice.
the sample preparation technique. Field QAQC procedures
* Quality control procedures adopted for all for drilling involved
sub-sampling stages to maximise representivity of the use of a certified
samples. standard, blank and
field duplicate sample
submitted These are
* Measures taken to ensure that the sampling is routinely checked against
representative of the in situ material collected, originals.
including for instance results for field 64 samples (including
duplicate/second-half sampling. QAQC samples) were
sent to ALS Laboratories,
Reno, Nevada U.S.A.
* Whether sample sizes are appropriate to the grain Sample preparation
size of the material being sampled. includes sorting, drying,
followed by pulverising
(PUL32).
3 Samples went to Hazen
Research laboratory
(including QAQC), Golden
Colorado U.S.A. Sample
preparation included
sorting, drying, followed
by pulverising.
------------------------------------------------------------- --------------------------------
Quality of assay All the holes were
data and laboratory * The nature, quality and appropriateness of the electric-logged (e-logged),
tests assaying and laboratory procedures used and whether probes are calibrated
the technique is considered partial or total. at the Department of
Energy test pits located
in Grants, New Mexico.
* For geophysical tools, spectrometers, handheld XRF Logs run were natural
instruments, etc, the parameters used in determining gamma, single point
the analysis including instrument make and model, resistivity (SPR),
reading times, calibrations factors applied and their self-potential (SP),
derivation, etc. deep and medium induction
resistivity (DIR and
MIR), and selected
* Nature of quality control procedures adopted (eg holes had directional
standards, blanks, duplicates, external laboratory surveys done. First-pass
checks) and whether acceptable levels of accuracy (ie logging speeds were
lack of bias) and precision have been established. 35 ft (10.7m)/minute
and for gamma reruns,
logging rates were
15 ft (4.6m)/minute.
On first-pass runs
gamma readings were
taken every 0.3 ft
(10cm), and for reruns,
every 0.1 ft (3.0cm).
Handheld pXRF readings
readings are taken
on -2mm sieved samples
1.52m, using an Olympus
vanta Series C with
a 40 second reading
time.
Instrument is calibrated
at start of each day,
along with QAQC of
1 standard and 1 blank.
External instrument
calibration completed
annually.
64 samples (plus QAQC
samples) were sent
to ALS Laboratory in
Reno, NV USA 48 element
four acid digest ICP-MS
(ME-MS61).
3 samples (plus QAQC
samples) sent to Hazen
Laboratory in Colorado,
USA uranium plus 32
element four acid ICP-MS
------------------------------------------------------------- --------------------------------
Verification All significant intersections
of sampling and * The verification of significant intersections by have been verified
assaying either independent or alternative company personnel. by an onsite geologist.
There are no twinned
drillholes.
* The use of twinned holes. All drilling data is
collected in a series
of templates in excel
* Documentation of primary data, data entry procedures, including geological
data verification, data storage (physical and logging, sample information,
electronic) protocols. collar and survey information.
All data is digitally
recorded in the company's
* Discuss any adjustment to assay data. electronic database,
managed by external
database company utilising
Datashed5 software.
------------------------------------------------------------- --------------------------------
Location of Drill collars were
data points * Accuracy and quality of surveys used to locate drill surveyed using a handheld
holes (collar and down-hole surveys), trenches, mine Garmin 64 GPS with
workings and other locations used in Mineral Resource an accuracy of +/-3m.
estimation. Grid system is WGS84
UTM zone 12. All holes
were vertical
* Specification of the grid system used. Topographic control
using the GPS is suitable
for early- stage exploration.
* Quality and adequacy of topographic control.
------------------------------------------------------------- --------------------------------
Data spacing Data spacing for preliminary
and distribution * Data spacing for reporting of Exploration Results. exploration work is
deemed sufficient on
a first-pass basis
* Whether the data spacing and distribution is to assess areas of
sufficient to establish the degree of geological and potential. Such areas
grade continuity appropriate for the Mineral Resource of potential may be
and Ore Reserve estimation procedure(s) and further assessed by
classifications applied. more detailed work.
* Whether sample compositing has been applied.
------------------------------------------------------------- --------------------------------
Orientation Orientational bias
of data in relation * Whether the orientation of sampling achieves unbiased is not applicable to
to geological sampling of possible structures and the extent to the drilling at this
structure which this is known, considering the deposit type. stage but samples and
drill lines were orientated
approximately perpendicular
* If the relationship between the drilling orientation to the assumed strike
and the orientation of key mineralised structures is of mineralisation.
considered to have introduced a sampling bias, this The vertical holes
should be assessed and reported if material. were oriented approximately
perpendicular to the
very gently NE dipping
stratabound mineralization.
------------------------------------------------------------- --------------------------------
Sample security Samples are kept in
* The measures taken to ensure sample security. a secure facility.
Sample Security levels
are considered appropriate
for RC Drilling.
------------------------------------------------------------- --------------------------------
Audits or reviews None undertaken. Thor's
* The results of any audits or reviews of sampling sampling procedure
techniques and data. conforms to industry
standard practice and
each assay program
is reviewed internally
for any discrepancies.
3 samples are being
cross lab analysed
as part of review.
------------------------------------------------------------- --------------------------------
Section 2: Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement Mineral rights are
and land tenure * Type, reference name/number, location and ownership held by the U.S.
status including agreements or material issues with third Government, who
parties such as joint ventures, partnerships, transfers
overriding royalties, native title interests, those rights to holders
historical sites, wilderness or national park and of valid mining claims
environmental settings. located on open ground
through the General
Mining Law of 1872,
* The security of the tenure held at the time of as amended by other
reporting along with any known impediments to Federal, State and
obtaining a licence to operate in the area. County regulations.
Claim holders, with
a few exceptions
that don't apply
to this project,
must make annual
payments to the
government
to maintain their
rights. Holder of
valid claims can
transfer their rights
to others. Surface
ownership is also
by the U.S and managed
by the Bureau of
Land Management.
Thor's property position
consists of 199
unpatented
mining claims (approx.
1,663Ha), leased
from underlying owners.
As long as Thor meets
its' contractual
obligations and keeps
the claims in good
standing with the
US, then the security
of tenure should
be good.
Depending on the
location of the drill
holes, the license
to operate in the
area is a function
of permitting at
differing levels
of government (Local,
State and Federal).
The holes were in
two contiguous Counties
(San Miguel and
Montrose).
In addition to the
normally required
State and Federal
permitting, San Miguel
County imposes its'
own set of regulations.
Montrose County,
on the other hand,
is content to defer
to the State and
Federal governments.
To date, Thor has
met those permitting
requirements.
----------------------------------------------------------------- -------------------------
Exploration There are no systems
done by other * Acknowledgment and appraisal of exploration by other of consistent data
parties parties. archiving for mineral
exploration or
exploitation
done under the Mining
Law on Federal or
on other lands within
the State of Colorado.
Furthermore, with
some exceptions,
there was not, nor
is not, a requirement
that explorers provide
copies of their data
to governmental
agencies.
That data was retained
by private entities.
It now exists in
a piecemeal manner,
with the data having
been discarded,
abandoned
or available by vendors
that managed to acquire
and store some of
it over the years.
Thor's properties
have bountiful surface
evidence of historic
drill exploration,
and in some cases,
mining exploitation,
which appears to
be mostly from the
1950's through the
early 1970's. There
are several mines
located in the western
portion of the property.
Unpublished reports
list these mines
as producing, in
aggregate, over 700,000
lbs (318,181 kg)
of uranium. To the
author's knowledge,
very little of the
historic drilling
or mining data is
available to Thor,
and certainly not
enough to help guide
an exploration program.
Antecdotal evidence
suggests that some
of the work on the
property was done
by Union Carbide
(now defunct), the
largest company that
worked in the Uravan
Mineral Belt.
----------------------------------------------------------------- -------------------------
Geology According to the
* Deposit type, geological setting and style of USGS Bulletin 1693
mineralisation. (Cox, D.P., and Singer,
D. A., eds., 1986),
the Deposit Model
for the project is
Sandstone Uranium
- Tabular subtype.
----------------------------------------------------------------- -------------------------
Drill hole Tables, plans and
Information * A summary of all information material to the sections summarising
understanding of the exploration results including a significant drill
tabulation of the following information for all results are included
Material drill holes: in the report
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 aggregation Gamma data was
methods * In reporting Exploration Results, weighting averaging aggregated
techniques, maximum and/or minimum grade truncations to determine equivalent
(eg cutting of high grades) and cut-off grades are uranium oxide grades
usually Material and should be stated. (%eU3O8), thicknesses
and base of
mineralization.
* Where aggregate intercepts incorporate short lengths Uranium grades and
of high-grade results and longer lengths of low-grade thicknesses were
results, the procedure used for such aggregation based on the "Uravan
should be stated and some typical examples of such Method", originally
aggregations should be shown in detail. devised by the AEC,
which is a manual
graphic method based
* The assumptions used for any reporting of metal on the shape of the
equivalent values should be clearly stated gamma curve on an
e-log. It consists
of, for a single
peak, determining
the cps for the peak,
and using one-half
that value to determine
the upper mineralization
boundary. Successive
cps picks on 0.5
ft (15.2cm) intervals
are taken until the
last interval drops
below the one-half
peak value. This
is the lower
mineralization
boundary. These boundary
values, plus the
intervening 0.5 ft
(15.2cm) interval
values, are used,
in conjunction with
parameters such as
hole diameter, whether
or not the hole is
dry or water-filled,
if the hole is probed
in an open or cased
or through drill
steel, gamma detector
dead time and tool
specific K factors,
to arrive at a grade
in %eU3O8, thickness
and the base of
mineralization,
of each peak. Slight
modifications to
the method are made
if more than one
peak occurs close
together.
----------------------------------------------------------------- -------------------------
Relationship All results are assumed
between mineralisation * These relationships are particularly important in the to be true width
widths and intercept reporting of Exploration Results. but is not definitively
lengths known at this stage.
* 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 Appropriate maps
* Appropriate maps and sections (with scales) and and sections are
tabulations of intercepts should be included for any included in the report.
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 reporting All results have
* Where comprehensive reporting of all Exploration been reported
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 substantive No meaningful or
exploration * Other exploration data, if meaningful and material, material information
data should be reported including (but not limited to): has been omitted
geological observations; geophysical survey results; from this release.
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 work The drill results
* The nature and scale of planned further work (eg suggest that several
tests for lateral extensions or depth extensions or areas of potentially
large-scale step- out drilling). economic mineralization
could be investigated
in greater detail.
* Diagrams clearly highlighting the areas of possible A couple of these
extensions, including the main geological areas have had historic
interpretations and future drilling areas, provided mining in the vicinity.
this information is not commercially sensitive. Maps of where they
mined are scarce,
so any delineation
work needs to be
cognisant of that
mining
----------------------------------------------------------------- -------------------------
[1] W. Chenoweth., The Uranium-Vanadium Deposits of the Uravan
Mineral Belt and Adjacent Areas, Colorado and Utah. New Mexico
Geological Society Handbook, 32 Field Conference 1981
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