TIDMTHR
RNS Number : 1454B
Thor Energy PLC
31 May 2023
31 May 2023
Thor Energy Plc
("Thor" or the "Company")
High-Resolution Airborne Magnetic & Radiometric Surveys
Commence
Wedding Bell and Vanadium King Uranium Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce the commencement of detailed
airborne magnetic and radiometric surveys over the Company's 100%
owned uranium and vanadium projects - Wedding Bell, Radium Mountain
and Vanadium King, situated within the Uravan Mineral Belt in
Colorado and Utah, USA (Figure 1).
Project Highlights:
-- The aeromagnetic and radiometric data will advance
exploration over untested areas within the three projects and
identify any potential extensions to known mineralisation. The work
is expected to continue to produce results over the next six
weeks.
-- Drill permitting process has commenced for follow-up drilling
from the successful 2022 Program, at Rim Rock, Groundhog and
Section 23, Wedding Bell Project.
-- This is the first airborne survey since the late 1970s over
the region and the first ever high-resolution survey conducted over
Thor's project areas.
Photo 1: Helicopter-borne Magnetic and Radiometric Survey
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"We are pleased to announce the commencement of these
high-resolution aeromagnetic and radiometric surveys, across all
three of Thor's 100% owned uranium and vanadium projects. The data
set will expedite our exploration programs, with any significant
anomalies to be "ground checked" and prioritised for drill
testing.
"Drill permitting is underway for our next round of drilling at
Wedding Bell, following up on our 2022 drilling results."
Magnetic and Radiometric Survey:
The helicopter-borne high-resolution aeromagnetic and
radiometric surveys will cover all three projects, with a detailed
line spacing of 50m and a flight height of 30m, for a total of 986
line kilometres. The surveys will be oriented north-south at the
Wedding Bell Project and east-west at Vanadium King Project.
Radiometric surveys map out the natural spatial distribution of
the three radioactive elements (potassium (K), thorium (Th) and
uranium (U)) in the earth's crust. It assists with highlighting
uranium anomalies in untested areas and potential extensions to
known mineralisation associated with the historic workings at both
the Wedding Bell and Radium Mountain projects. The aeromagnetic
data will assist by defining key controlling basinal structures
that may define higher-grade areas.
The surveys are being flown by Precision GeoSurveys Inc, a
Canadian company that is experienced in flying surveys in this
area.
Next Steps:
1. Full processing of the survey results is estimated to take
around 6 weeks for delivery, followed by ground truthing of any
anomalies identified, followed by drill testing.
2. Drilling approvals have commenced for follow-up drilling to
the 2022 program at Section 23, Rim Rock, and Groundhog prospect at
the Wedding Bell Project.
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt.
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 and Tel: +44 (0) 207
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
Bessie Elliot 3004 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 $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
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