TIDMTHR
RNS Number : 7495X
Thor Energy PLC
28 April 2023
28 April 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
January to March 2023
Highlights Outlook for June Quarter 2023
URANIUM
Wedding Bell & Radium Mountain,
Colorado, USA * Airborne magnetics & radiometrics survey over all
* Positive vanadium results up to 0.27% V(2) O(5) and three project areas.
uranium assay results, validate downhole gamma
readings and confirm broader vanadium mineralisation.
* Drilling permitting.
Vanadium King, Utah, USA
* Site visit to assess geology and drilling access.
* Drilling preparations.
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GOLD/COPPER
Ragged Range, Pilbara region,
WA Australia * Mapping and sampling across tenure and field check of
* Target generation through interpretation of historic airborne EM anomalies for nickel.
geophysical and geochemical data in conjunction with
recent drill data.
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COPPER/REE*
Alford East, SA, Australia
* A REE review has revealed shallow, wide zones of * Priority drill programme design is underway in
highly enriched REE's in kaolin altered, copper rich conjunction with detailed geochemical reviews of the
oxide zones of IOCG style mineralisation. historic drilling, along with further studies on the
nature of the REE mineralisation encountered to date.
* 21AED005:
* Continue ISR** assessment and development of the
project.
36.7m @ 1568ppm (0.16%) TREO
and 1.2% Cu from 6.3m, i ncluding,
11.8m @ 2095ppm (0.21%) TREO
from 10m
* Hydrometallurgical column testing to determine copper
and gold recoveries.
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Kapunda, SA, Australia
(via 30% equity holding in EnviroCopper
Ltd) * Copper-gold recoveries from lixiviant trials.
* Final approvals for lixiviate stage of Push Pull test
underway.
Alford West, SA, Australia * The subsurface ANT results will be integrated with
* Ambient Noise Tomography (ANT) survey using Exosphere historical drilling data to generate a new drilling
by Fleet(R) successfully delineates the weathered program, targeting higher-grade oxide copper-gold
"trough" like structures that host oxide copper-gold mineralisation.
mineralisation within the Alford Copper Belt.
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* REE - Rare Earth Estimate
**ISR - In-Situ Recovery
Nicole Galloway Warland, Managing Director, Thor Energy Plc,
commented:
"We are excited with the progress made during the March
Quarterly 2023. The beginning of the year was a big step change as
we evolved to become Thor Energy Plc. Whilst we will be progressing
our gold and copper projects in Australia, our philosophy will be
to focus on the 'green energy' economy with our uranium and
vanadium projects in both Utah and Colorado in the United States of
America.
"We were delighted to receive the vanadium assay results for the
selection of physical samples sent for analysis. The assay results
at the Wedding Bell and Radium Mountain project confirmed the
uranium mineralisation determined by downhole gamma and highlight
broader enriched vanadium halos 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. A close-spaced
airborne radiometric and magnetics survey will occur at all three
projects in the United States once we believe the conditions are
suitably dry to progress. We anticipate this will happen in the
upcoming weeks.
"We were pleased to announce earlier this week the Rare Earth
Element discovery at our Alford East project, with a review
indicating that eight out of the nine 2021 diamond drill holes have
shallow, wide zones of highly enriched REE results within
copper-rich oxides zones of IOCG style mineralisation. When
compared to peers, these results compare very favourably in terms
of depth, thickness, and grade.
"We recently announced our ANT survey at the Alford West project
was extremely successful in subsurface mapping. The use of the
ExoSphere by Fleet(R) enabled the survey to be more efficient in
exploration, minimising the environmental impact and improving
drill targeting. We believe the subsurface ANT results will be
integrated with historical drilling data to generate a new drilling
program that can target higher-grade oxide copper-gold and REE
mineralisation.
"We look forward to updating the market as the subsurface maps
are further refined with drill targets."
Photo 1 : Mapping at Vanadium King Project, Utah
URANIUM AND VANADIUM PROJECTS (USA)
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 an economical transport
distance is the only uranium
and vanadium processing facility
in the region (Energy Fuels
White Mesa Mill), which enables
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: Uranvan Mineral Belt showing
project locations and nearby White
Mesa processing plant
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, as well as multi-element geochemical analysis. 67
physical samples were collected and sent to either the ALS
laboratory or the Hazen laboratory (Table A and Figure 2-4). The
ALS laboratory would not receive samples above 0.3 millisieverts,
hence the addition of Hazen Laboratory for 22WBR012 samples.
Assay results validate downhole gamma readings for uranium and
confirm broader enriched vanadium mineralisation (ASX/AIM: 24 April
2023).
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
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). 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 the 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 highlights the positive correlation with the gamma
readings and the physical samples (Figure 2).
Next Steps
The following activities are underway for Q2 2023:
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 2: Stratigraphic section showing the uranium and vanadium
mineralised zone for 22WBR012 and 22WBR012A- Groundhog Prospect
Figure 3: Drillhole Location Map at Wedding Bell and Radium
Mountain projects, showing Section 23, Rim Rock and Groundhog
prospects.
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.
RAGGED RANGE PROJECT (WA)
Although the main path of Tropical Cyclone Ilsa missed the
Ragged Range Project, Thor's safety protocol was to evacuate the
field crew from the area. With heavy rain, key rivers remained
high, restricting access for a few weeks. Thor is liaising closely
with landowners to monitor conditions prior to recommencing
fieldwork.
During the quarter, detailed geological interpretation of
historic geochemical and geophysical data in conjunction with
recent drilling generated several gold and nickel targets that
needed on-ground assessment.
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 the 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.
Next Steps
The following activities at Ragged Range are anticipated over
the coming weeks:
1. Review historic data in conjunction with the recent Kelly's drilling data.
2. Planning IP survey over Kelly's Copper-gold project to refine future drill targeting.
3. Continue regional exploration, including reconnaissance
sampling over ground in the northern portion of tenure for
prospective lithium-caesium-tantalum enriched (LCT) pegmatites.
COPPER/REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes
of Inferred copper resources in SA, via its 80% farm-in interest in
Alford East copper-gold Project and its 30% equity interest in
EnviroCopper Ltd (Kapunda and Alford West) - Figure 5.
Each of these projects are considered by the Thor directors to
have significant growth potential, and each are being advanced
towards development via low-cost, environmentally friendly In-Situ
Recovery (ISR) techniques.
Figure 5: Alford West Project (ECL) Location Map (Left) and
Tenement Map (right) with Thor's Alford East Project.
ALFORD EAST COPPER-GOLD PROJECT
Rare Earth Element Drill Results
A review of the Alford East Project geochemical data, in
particular, the drilling results from Thor's 2021 maiden drilling
program (ASX/AIM: 22 February 2022), highlighted shallow high-grade
REE results associated with the oxide copper-gold mineralisation
(Figure 5- 9) (ASX/AIM: 26 April 2023).
Significant REE drill intercepts (>500ppm TREO ([2]) )
include:
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from 6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.2% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m,
including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17%) TREO and 0.26% Cu from 30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m
o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and 0.1% Cu from 81m,
including 1 .7m @ 3139ppm (0.31%) TRE0 from 84.3m
o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from 42.8m ,
including 1.4m @ 2274ppm (0.23%) TREO from 35m
o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m
including 1.0m @ 2213ppm (0.22%) TREO from 19m
These wide zones of enriched REE occur in kaolin altered, oxide
zones of IOCG-style mineralisation (Figure 6-9).
Three drill hole cross-sections (Figure 3 - 5) illustrate the
REE mineralisation with the copper intercepts within the Mineral
Resource Estimate (MRE) AE-5 area (Figure 6), where Thor in 2021
drilled 9 HQ diamond drillholes whilst targeting oxide copper
mineralisation. The proximity to the key structure on the eastern
side of the sections suggests the REE mineralisation is
structurally controlled and associated with significant metasomatic
alteration and deep weathering or kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE
mineralisation, a highly valuable REE deposit class, often
characterised by favourable low-cost metallurgical recovery
compared with many other types of REE deposits.
This zone of oxide mineralisation lies in the Alford Copper
Belt, which in this area, is a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within unweathered metamorphic units, on the edge of the Tickera
Granite (Figure 1), Gawler Craton, SA. A recently completed Ambient
Noise Tomography (ANT) survey over the adjacent Alford West project
successfully delineated the boundaries of the structures in that
area (ASX/AIM: 17 April 2023) (Figure 5).
Figure 6: Alford East Inferred Minerals Resource Domains (left)
and 2021 Drill Collar Map (right)
Figure 7: Cross Section 6256360mN showing REE (TREO) intercepts
with copper mineralisation.
Figure 8: Cross Section 6256440mN showing REE (TREO) intercepts
with copper mineralisation.
Figure 9: Cross Section 6256600mN showing REE (TREO) intercepts
with copper mineralisation.
Next Steps:
Continue to review the geochemical REE data, with selected
samples submitted to the Bureau Veritas laboratory for analysis,
for a supplementary REE package; along with mineralogy and
preliminary metallurgical work to determine the potential ionic
nature of the REE.
Hydrogeology water characterisation sampling is continuing on a
quarterly basis, to develop baseline data for In-Situ Recovery
("ISR") assessment and development approvals (Photo Plate 3).
Thor have engaged Drasloka(R) to undertake 6 diagnostic column
leach (DLT) tests to determine copper and gold recoveries using a
glycine lixiviant. Results from these studies are anticipated in
late Q4 2023.
Background
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 - 20 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 - 26 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/
Photo Plate 3: Ground water testing at Alford East
KAPUNDA and ALFORD WEST COPPER PROJECTS
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).
ALFORD WEST
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 2).
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 in real-time over a 10-day period (Photo Plate 1).
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).
Figure 10: 3D model showing the deeply weathered "trough"
structure, host to oxide copper-gold mineralisation in the Alford
Copper Belt.
Figure 11: Historic drillhole at Wombat Prospect highlighting
the deeply weathered "trough" structure hosting the oxide
copper-gold mineralisation with up to 66m @ 1.04% Cu from 135m
(WOMDD001).
Source: http://saemc.com.au/archive/2017/17drown.pdf
TUNGSTEN PROJECTS
MOLYHIL TUNGSTEN / MOLYBDENUM PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper
deposit is 100% owned by Thor Energy Figure 12: Molyhil Project Location
Plc and is located 220km north-east map
of Alice Springs (320km by road) within
the prospective polymetallic province
of the Proterozoic Eastern Arunta
Block in the Northern Territory (Figure
12).
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 12). Both the outlines of
the lodes and the banding within the
lodes strike approximately north and
dip steeply to the east.
Thor executed a A$8m Farm-in and Funding
Agreement with Investigator Resources
Limited (ASX: IVR) to accelerate exploration
at the Molyhil Project on 24 November
2022 and the sale of Thor's interest
in the Bonya tenement (EL29701) (ASX/AIM:
24 November 2022).
A full background on the project is
available on the Thor website:
https://thorenergyplc.com/projects/molyhil-tungsten-project/
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located
approximately 30km to the northeast of Molyhil (Figure 13). Thor in
a joint venture with Arafura holds 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.
Figure 13 : Molyhil Project location showing adjacent Bonya
tenements.
CORPORATE, FINANCE, AND CASH MOVEMENTS
Following shareholder approval at a General Meeting held on 4
January 2023, all participants in the placement in December 2022
received three options for every four shares subscribed under the
placement, with a total of 283,928,593 options being made
available. A further 94,642,858 options were issued to the lead
broker regarding this placement based on one option for every four
shares issued under the placement. All options are ASX-listed (ASX:
THROD), which are exercisable at $0.009 (0.9 cents) and expire on 5
January 2025.
At the same General Meeting, 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 on 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 outflows of
$374,000, comprising:
-- Net cash outflows from Operating and Investing activities for
the quarter of $426,000 which included an inflow of $253,000 for
the F22 Research & Development Tax Incentive, and outflows of
$262,000 directly related to exploration activities.
-- Cash outflows from financing activities for the quarter were
$23,000, related to capital raising costs and repayments of lease
liabilities.
-- Providing an ending cash balance of $2,316,000.
In addition, Thor continues to hold 23,118,920 shares of Power
Metal Resources plc (AIM:POW). The current market value of the
shares is GBP215,000 (approximately $405,000) based on the closing
price traded on the London Stock Exchange on 27 April 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.
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 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in 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 24 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 March 2023 , 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 March 2023, the consolidated entity holds 100% interest in
the uranium and vanadium projects in USA 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 ENERGY PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
121 117 673 31 MARCH 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (9 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 (59) (111)
(e) administration and corporate
costs (352) (870)
1.3 Dividends received (see note
3)
1.4 Interest received
Interest and other costs of
1.5 finance paid (3) (3)
1.6 Income taxes paid
1.7 Government grants and tax
incentives
1.8 Other 4 110
---------------- -------------
Net cash from / (used in)
1.9 operating activities (410) (874)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (4) (11)
(d) exploration & evaluation (262) (2,544)
(e) equity accounted investments
(f) other non-current assets
(bonds) (3) (77)
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments - 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) 253 546
---------------- -------------
Net cash from / (used in)
2.6 investing activities (16) (1,426)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - 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 (12) (179)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) (11) (15)
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 (23) 2,456
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 2,690 2,069
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (410) (874)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (16) (1,426)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (23) 2,456
Effect of movement in exchange
4.5 rates on cash held 75 91
---------------- -------------
Cash and cash equivalents
4.6 at end of period 2,316 2,316
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 2,316 2,690
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) 2,316 2,690
----------------- ----------------------------------- ---------------- -----------------
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) (410)
8.2 (Payments for exploration & evaluation classified (262)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (672)
8.2)
8.4 Cash and cash equivalents at quarter end 2,316
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 2,316
8.5)
-------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 3.4
-------
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: ..30 April
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.
[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
[2] TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) +
Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) +
Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
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END
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