THR Thor Energy Plc

29 February 2024

Thor Energy PLC

("Thor" or the "Company")

High Grade Uranium and Vanadium Assays

Wedding Bell and Radium Mountain Projects, USA

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an update on the uranium and vanadium assay results from the recently completed reverse circulation ("RC") drilling program 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:

§ Assays return up to 3,0348 ppm (3.0%) V₂O₅ vanadium pentoxide, with uranium assay grades up to 6,250ppm (0.63%) U₃O₈, consistent with the high-grade downhole gamma uranium results (ASX/AIM: 4 December 2023) (Figure 5).

§ Significant uranium and vanadium assay results include:

23WBR020:                         4.9m @ 1199ppm (0.12%) U₃O₈ and 6306ppm (0.63%) V₂O₅ from 82m,

Including,            0.6m @ 6250ppm (0.63%) U₃O₈ and 30348ppm (3.0%) V₂O₅ from 82.6m

Including,            1.8m @ 2999ppm (0.3%) U₃O₈ and 14912ppm (1.5%) V2O5 from 82m.

23WBR011:                         6.1m @ 563ppm (0.06%) U₃O₈ and 9100ppm (0.9%) V₂O₅ from 74.7m

Including,            1.5m @ 1624ppm (0.16%) U₃O₈ and 19637ppm (2.0%) V₂O₅ from 76.2m.

23WBR016:                         3m @ 636ppm (0.06%) U₃O₈ and 4677ppm (0.5%) V₂O₅ from 67.0m

Including,            1.5m @ 1044ppm (0.1%) U₃O₈ and 4677ppm (0.5%) V₂O₅ from 67.0m.

23WBR019:                         1.2m @ 1112ppm (0.11%) U₃O₈ and 3744ppm (0.4%) V₂O₅ from 90.8m,

§ Vanadium mineralisation forms broad zones adjacent to the uranium mineralisation, with an average vanadium-to-uranium ratio of 10:1, which is typical of the Uravan Mineral Belt.

§ Preparations have commenced for 2024 resource drilling (infill and extension) at Rim Rock and Groundhog mine areas, with additional prospects also to be assessed for drilling including Edna May and Babe Ruth/Diana Mine areas (Figure 2).

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

"The high-grade uranium (up to 0.6%) and vanadium (1.8%) assay results confirm the high-grade nature of the Saltwash style sandstone uranium systems, within the prolific Uravan Mineral Belt. The assay results also confirm the presence of wide intervals of high-grade uranium mineralisation within a halo of vanadium mineralisation.

"Whilst these 100% owned projects are uranium assets, the 10:1 vanadium-to-uranium confirms the rich vanadium endowment.

"This drilling program stepped out from the 2022 drill program, with drilling around the Groundhog and Rim Rock mines confirming mineralisation remains open along strike from historic workings.

"Preparations are now underway for a larger RC program and diamond drilling at Groundhog and Rim Rock prospects, chasing high-grade mineralisation along strike, as well as infill drilling for Resource definition."

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

Upcoming News Flow:

§ Detailed mineralisation and geological interpretations combining the 2022 and 2023 drilling results

§ 2024 RC and diamond resource drilling (infill and extension) at Rim Rock and Groundhog mine areas

§ RC Prospect drilling

§ Maiden drilling at Vanadium King, Utah

 Wedding Bell and Radium Mountain Project, Colorado:

The chemical assay results relate to the recently completed RC drill program at the Wedding Bell Project, comprised 23 shallow drillholes, totalling 2,737m (ASX/AIM: 4 December 2023) (Figure 2).

The program successfully identified shallow (maximum depth is 125m at Section 23 and above 100m at Rim Rock and Groundhog), uranium and vanadium mineralisation in all holes; drilled at Section 23, Rim Rock Mine and Groundhog Mine (Figure 2, Table A and B). Uranium mineralisation is hosted within reduced sandstones close to the oxidation/reduction contact (redox front) within the Salt Wash Sandstone (Figure 3 and Photo 2) of the Jurassic Morrison Formation (Figure 1 and Figure 5). The Salt Wash Sandstone comprises four distinct massive, laterally continuous, ledge-forming sandstone layers (locally called "rims"), interbedded by thin siltstone and clay layers. This is the primary lithology for historic uranium and vanadium production in the Uravan Mineral Belt. 

The vanadium mineralisation forms extensive broader zones or haloes, adjacent to the uranium mineralisation. The vanadium-to-uranium ratio averages roughly 10:1, which is typical of the Uravan Mineral Belt. The exploration focus is on defining uranium mineralisation, with vanadium as a secondary endowment.

Copper (Cu), base metals (Pb, Zn), Molybdenum (Mo) and Selenium (Se) are path-finder elements associated with the uranium and vanadium mineralisation and can be used to determine the direction of the roll front of the uranium mineralising system (Figure 3, Figure 4, and Photo 2). Copper values are up to 0.82% Cu and silver reported up to 55ppm Ag.

Chemical assays reported:

23WBRA015:  0.61m @ 190ppm U₃O₈, 3963ppm V₂O₅, 55.2g/t Ag and 8260ppm Cu from 58.83m

Groundhog Mine area drilling, comprising seven drillholes was designed to test areas along strike of historic mine workings predominately in the second and third sandstone rim (above 100m depth). 23WBRA020 returned the highest uranium and vanadium intercepts of 0.91m @ 0.69% eU₃O₈ uranium (downhole gamma) and 0.6m @ 0.62% U₃O₈ uranium (assay) and 1.8% V₂O₅ vanadium within a grey reduced sandstone (Figure 2 and 6). Further work is required to correlate these results with historic mine working levels and the 2022 drilling.

Chemical assays reported:

23WBR020:                         4.9m @ 1199ppm (0.12%) U₃O₈ and 6306ppm (0.63%) V₂O₅ from 82m,

Including,            0.6m @ 6250ppm (0.63%) U₃O₈ and 30348ppm (3.0%) V₂O₅ from 82.6m

Including,            1.8m @ 2999ppm (0.3%) U₃O₈ and 14912ppm (1.5%) V2O5 from 82m

Drilling at Rim Rock Mine area (seven drillholes) has identified high-grade zones of up to 0.32% eU₃O₈ uranium and up to 1.8% V₂O₅ vanadium adjacent to, as well as along strike from the historic workings (Figure 3 and 7). Uranium and vanadium mineralisation appears to be concentrated in the third sandstone rim of the Salt Wash Sandstone, approximately 60m below surface. Further work is required to correlate these results with historic mine workings and the 2022 drilling, to delineate mineral resources.

Chemical assays reported:

23WBR011:                         6.1m @ 563ppm (0.06%) U₃O₈ and 9100ppm (0.9%) V₂O₅ from 74.7m,

Including,            1.5m @ 1624ppm (0.16%) U₃O₈ and 19637ppm (2.0%) V₂O₅ from 76.2m

Section 23 is an underexplored area with no historic workings. The drilling (nine drillholes) was designed to test stratigraphic extensions to mineralisation in the Salt Wash Sandstone, targeting the uranium mineralisation identified from the first pass drilling program in 2022, as well as testing a portion of the airborne radiometric anomalies (Figure 8). The initial data review of the drilling has identified uranium mineralisation in all four sandstone rims within the Salt Wash Sandstone Member, increasing the potential for multiple mineralised zones in this area. Pathfinder geochemistry in 23WBRA009 and 23WBRA005 indicates roll front fluid pathway, which identifies the uranium mineralisation potential in the southwest. 

Photo 1: Uranium-Vanadium roll front in Salt Wash Sandstone at Sunday Complex Mine, Uravan Mineral Belt Photo taken by Nicole Galloway Warland, with permission to use from Western Uranium and Vanadium LLC

Figure 5: 23WBRA020 showing consistency of downhole gamma uranium readings next to assay results for uranium and vanadium with geology.

​Uranium Outlook

Favourable long-term fundamentals continue to drive the uranium spot price up (Figure 2). Key drivers include:

§ Nuclear Energy: Sentiment around reliable baseload clean nuclear energy has increased, with 24 countries pledging to triple nuclear capacity by 2050.

§ Geopolitical instability and national supply security: Russian invasion of Ukraine, Niger Coup d'état and Kazakhstan production uncertainty reiterate the significance of national supply security.

§ Supply-demand deficit: Utilities are expected to self-sanction and refrain from signing contracts, with Russian entities accompanied by government legislation, current supply below reactor demands, with uncertainty around production forecasts (Figure 3).

Figure 9: Uranium Spot Price.  Source: https://tradingeconomics.com/commodity/uranium

Figure 10: Supply-Demand Deficit. Source: https://www.cameco.com/invest/markets/supply-demand

Table A: Uranium and vanadium Intercepts above 100ppm U₃O₈

*Minor rounding errors from feet to metre conversion

Table B: Drill Collar Details (WGS84 Zone 12)

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

For further information, please contact:

Competent Person Statement

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 Estimate¹.

Thor also holds a 26.3% interest in Australian copper development company EnviroCopper Limited (ECL), 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.²³ Alligator Energy recently invested A$0.9M for a 7.8% interest in ECL with the rights to gain a 50.1% interest by investing a further A$10.1m over four years.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, 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. ⁵ 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 km² 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

1.1Section 2: Reporting of Exploration Results