TIDMTHR
RNS Number : 0307A
Thor Energy PLC
18 January 2024
18 January 2024
Thor Energy PLC
("Thor" or the "Company")
Uranium Update
Wedding Bell and Radium Mountain 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 Projects,
located in the uranium-vanadium mining district of the Uravan
Mineral Belt, southwest Colorado, USA (Figure 1).
Highlights:
-- RC drilling completed in late 2023 intersected high-grade
uranium reported from downhole gamma logging, up to 6,885ppm
(0.69%) eU(3) O(8) (23WBRA020) (ASX/AIM: 4 December 2023).
-- Uranium and vanadium assay results pending; samples are
currently at Australian Laboratory Services, Canada, with results
anticipated in February.
-- Further geological and mineralisation interpretations to
follow combining 2022 and 2023 drill results.
-- Preparations have commenced for 2024 resource drilling
(infill and extension) at Rim Rock and Groundhog mine areas.
-- Additional prospects also to be assessed for drilling include
Edna May and Babe Ruth/Diana Mine areas (Figure 2).
-- Uranium spot price broke US$100/lb for the first time since
2007, with strong favourable fundamentals.
Photo 1: RC drill samples packed for transport to Australian
Laboratory Services, Canada
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"Based on the promising consistency along strike of shallow
high-grade uranium results from the drilling program, Thor has
commenced preparation and permits for Mineral Resource drilling at
Rimrock and Groundhog mine areas, this will include infill and
extension RC as well as diamond drilling.
"We are pleased to see the uranium spot price breaking
USD$100/lb, marking a 16-year high for the commodity. Forecasts
predict continued growth in 2024 based on favourable fundamentals
due to current supply shortages, major producers such as Cameco and
Kazatomprom indicating they are unable to increase supply in the
short term, geopolitical tensions (Niger coup d'état and Russian
invasion of Ukraine), and 24 nations pledging to triple nuclear
power capacity by 2050 (COP28).
"The US government recently announced that it plans to invest up
to $500 million in enhancing domestic capacity to process uranium
into nuclear fuel. We are encouraged by this inward investment as
it will only further benefit the developments of our US projects,
making Thor strategically poised to capitalise on the global shift
towards green nuclear energy.
"Based on the success of Thor's drilling programs and the wider
positive sentiment around uranium, Thor's team is also now
reviewing additional prospects within the Project area for drilling
evaluation."
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt
Figure 2: Drillhole location plan, Wedding Bell and Radium
Mountain Projects, Colorado
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 1935
Ray Ridge, CFO & Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 207 220 1666
Antonio Bossi / Darshan Patel / Isaac Hooper
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Bessie Elliot Tel: +44 (0) 20 3004 9512
The information in this report that relates to Geological
interpretation and 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
X 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 in Colorado and Utah, USA with historical high-grade uranium
and vanadium drilling and production results.
At Alford East in South Australia, Thor has earnt 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 A$8m 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)
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.
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
1.1 Section 1 Sampling Techniques and Data
Sampling -- Nature and quality of sampling (eg Reverse circulation
techniques cut channels, random chips, or specific drill samples were collected
specialised industry standard measurement off the cyclone at 5ft
tools appropriate to the minerals under (1.5m) intervals and
investigation, such as down hole gamma split to 3kg (with 2ft
sondes, or handheld XRF instruments, etc). samples collected through
These examples should not be taken as mineralised zones.
limiting the broad meaning of sampling. An pXRF (Olympus Vanta
-- Include reference to measures taken Series C) and spectrometer
to ensure sample representivity and the (Mt. Sopris SC-132 )
appropriate calibration of any measurement reading was taken for
tools or systems used. each sample.
-- Aspects of the determination of mineralisation All the holes were electric-logged
that are Material to the Public Report. (e-logged), on a call-out
-- In cases where 'industry standard' basis, by Jet West of
work has been done this would be relatively Farmington, New Mexico.
simple (eg 'reverse circulation drilling Jet West followed industry
was used to obtain 1 m samples from which standards for probing
3 kg was pulverised to produce a 30 g holes on uranium properties.
charge for fire assay'). In other cases They calibrate their
more explanation may be required, such gamma probes at the
as where there is coarse gold that has Department of Energy
inherent sampling problems. Unusual commodities test pits located in
or mineralisation types (eg submarine Grants, New Mexico.
nodules) may warrant disclosure of detailed Logs run were natural
information. gamma, single point
resistivity (SPR), self-potential
(SP), deep and medium
induction 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 10
ft (3.05m)/minute. On
first-pass runs gamma
readings were taken
every 0.3 ft (10cm),
and for reruns, every
0.1 ft (3.0cm).
============================================================
Drilling -- Drill type (eg core, reverse circulation, Track mounted reverse
techniques open-hole hammer, rotary air blast, auger, circulation rig (5.5inches).
Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth All vertical holes
of diamond tails, face-sampling bit or
other type, whether core is oriented and
if so, by what method, etc).
================= ============================================================ ===================================
Drill sample -- Method of recording and assessing core Sample recovery was
recovery and chip sample recoveries and results good with no variation
assessed. within mineralised zones.
-- Measures taken to maximise sample recovery Each drill cutting pile
and ensure representative nature of the size is logged and any
samples. deviation from expected
-- Whether a relationship exists between was raised with the
sample recovery and grade and whether driller, and if undersize,
sample bias may have occurred due to preferential to check for blockages.
loss/gain of fine/coarse material. No sample biases expected,
and no relationship
is known to exist between
sample recovery and
grade.
================= ============================================================ ===================================
Logging -- Whether core and chip samples have All chip samples are
been geologically and geotechnically logged qualitatively geologically
to a level of detail to support appropriate logged (lithology, structure,
Mineral Resource estimation, mining studies alteration, mineralisation
and metallurgical studies. (based on scintillometer
-- Whether logging is qualitative or quantitative cps for each interval),
in nature. Core (or costean, channel, weathering, colour and
etc) photography. other features).
-- The total length and percentage of No mineral resource
the relevant intersections logged. estimation, mining studies
or metallurgical 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 -- If core, whether cut or sawn and whether Samples were collected
techniques quarter, half or all core taken. as described in the
and sample -- If non-core, whether riffled, tube above sampling technique
preparation sampled, rotary split, etc and whether section.
sampled wet or dry.
* For all sample types, the nature, quality and No assays reported.
appropriateness of the sample preparation technique. Physical samples yet
to assayed.
All holes e-logged by
* Quality control procedures adopted for all Jet West
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.
================= ============================================================ ===================================
Quality No Assays Reported
of assay * The nature, quality and appropriateness of the All the holes were electric-logged
data and assaying and laboratory procedures used and whether (e-logged), probes are
laboratory the technique is considered partial or total. calibrated at the Department
tests of Energy test pits
located in Grants, New
-- For geophysical tools, spectrometers, Mexico. Logs run were
handheld XRF instruments, etc, the parameters natural gamma, single
used in determining the analysis including point resistivity (SPR),
instrument make and model, reading times, self-potential (SP),
calibrations factors applied and their deep and medium induction
derivation, etc. resistivity (DIR and
-- Nature of quality control procedures MIR), and selected holes
adopted (eg standards, blanks, duplicates, had directional surveys
external laboratory checks) and whether done. First-pass logging
acceptable levels of accuracy (ie lack speeds were 35 ft (10.7m)/minute
of bias) and precision have been established. 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
on every drill sample
interval, 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.
================= ============================================================ ===================================
Verification All significant intersections
of sampling * The verification of significant intersections by have been verified by
and assaying either independent or alternative company personnel. 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 including geological
entry procedures, data verification, data logging, sample information,
storage (physical and electronic) protocols. collar and survey information.
* Discuss any adjustment to assay data. All data is digitally
recorded in the company's
electronic database,
managed by external
database company utilising
Datashed5 software.
================= ============================================================ ===================================
Location Drill collars were surveyed
of data * Accuracy and quality of surveys used to locate drill using a handheld Garmin
points holes (collar and down-hole surveys), trenches, mine 64 GPS with an accuracy
workings and other locations used in Mineral Resource of +/-3m. Grid system
estimation. is WGS84 UTM zone 12.
All holes were vertical
Topographic control
* Specification of the grid system used. 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 to
-- Whether the data spacing and distribution assess areas of potential.
is sufficient to establish the degree Such areas of potential
of geological and grade continuity appropriate may be further assessed
for the Mineral Resource and Ore Reserve by more detailed work.
estimation procedure(s) and classifications
applied.
* Whether sample compositing has been applied.
================= ============================================================ ===================================
Orientation Orientational bias is
of data * Whether the orientation of sampling achieves unbiased not applicable to the
in relation sampling of possible structures and the extent to drilling at this stage
to geological which this is known, considering the deposit type. but samples and drill
structure lines were orientated
approximately perpendicular
-- If the relationship between the drilling to the assumed strike
orientation and the orientation of key of mineralisation. The
mineralised structures is considered to vertical holes were
have introduced a sampling bias, this oriented approximately
should be assessed and reported if material. perpendicular to the
very gently NE dipping
stratabound mineralization.
================= ============================================================ ===================================
Sample Samples are kept in
security * The measures taken to ensure sample security. a secure facility.
Sample Security levels
are considered appropriate
for RC Drilling.
================= ============================================================ ===================================
Audits None undertaken. Thor's
or reviews * The results of any audits or reviews of sampling sampling procedure conforms
techniques and data. to industry standard
practice and each assay
program is reviewed
internally for any discrepancies.
================= ============================================================ ===================================
1.1 Section 2 Reporting of Exploration Results
Mineral Mineral rights are held
tenement * Type, reference name/number, location and ownership by the U.S. Government,
and land including agreements or material issues with third who transfers those
tenure status parties such as joint ventures, partnerships, rights to holders of
overriding royalties, native title interests, valid mining claims
historical sites, wilderness or national park and located on open ground
environmental settings. through the General
Mining Law of 1872,
as amended by other
-- The security of the tenure held at Federal, State and County
the time of reporting along with any regulations. Claim holders,
known impediments to obtaining a licence with a few exceptions
to operate in the area. 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.
If 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 archiving
parties parties. 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. Anecdotal 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 USGS
* Deposit type, geological setting and style of Bulletin 1693 (Cox,
mineralisation. D.P., and Singer, D.
A., eds., 1986), the
Deposit Model for the
project is Sandstone
Uranium - Tabular subtype.
======================= ============================================================== =============================
Drill hole Tables, plans and sections
Information * A summary of all information material to the summarising significant
understanding of the exploration results including a drill results are included
tabulation of the following information for all in the report
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 aggregation Gamma data was aggregated
methods * In reporting Exploration Results, weighting averaging to determine equivalent
techniques, maximum and/or minimum grade truncations uranium oxide grades
(eg cutting of high grades) and cut-off grades are (% eU3O8), thicknesses
usually Material and should be stated. and base of mineralization.
Uranium grades and
thicknesses
-- Where aggregate intercepts incorporate were based on the "Uravan
short lengths of high-grade results and Method", originally
longer lengths of low-grade results, devised by the AEC,
the procedure used for such aggregation which is a manual graphic
should be stated and some typical examples method based on the
of such aggregations should be shown shape of the gamma curve
in detail. on an e-log. It consists
* assumptions used for any reporting of metal of, for a single peak,
equivalent determining the cps
for the peak, and using
one-half that value
* The values should be clearly stated. 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 but
widths and reporting of Exploration Results. is not definitively
intercept known at this stage.
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 Appropriate maps and
* Appropriate maps and sections (with scales) and sections are included
tabulations of intercepts should be included for any 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 All results have been
reporting * Where comprehensive reporting of all Exploration 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 material
exploration * Other exploration data, if meaningful and material, information has been
data should be reported including (but not limited to): omitted from this release.
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 The drill results suggest
work * The nature and scale of planned further work (eg that several areas of
tests for lateral extensions or depth extensions or potentially economic
large-scale step- out drilling). mineralization could
be investigated in greater
detail. A couple of
-- Diagrams clearly highlighting the these areas have had
areas of possible extensions, including historic mining in the
the main geological interpretations and vicinity. Maps of where
future drilling areas, provided this they mined are scarce,
information is not commercially sensitive. so any delineation work
needs to be cognisant
of that mining
======================= ============================================================== =============================
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