TIDMTHR
RNS Number : 4528K
Thor Mining PLC
21 December 2022
21 December 2022
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Thor Mining PLC
("Thor" or the "Company")
Uranium Drilling Results
Wedding Bell and Radium Mountain, USA
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide uranium drilling results from the
recently completed drilling program at the Company's 100%-owned
Wedding Bell and Radium Mountain Projects, Colorado, USA.
Project highlights:
-- Initial drilling confirms the high uranium prospectivity of
the Wedding Bell and Radium Mountain Projects (Figure 1).
-- Key intersections include (eU(3) O(8) denotes that the
uranium grade has been determined by downhole gamma logging):
Groundhog
-- 2.1m @ 0.036% eU(3) O(8) from 85m (22WBRA012A), including
0.3m @ 0.14% eU(3) O(8)
-- 1.2m @ 0.034% eU(3) O(8) from 78m (22WBRA013), including
0.5m @ 0.5% eU(3) O(8)
Rim Rock
-- 0.3m @ 0.072% eU(3) O(8) from 59.7m (22WBRA014)
Section 23
-- 0.5m @ 0.051% eU(3) O(8) from 102.6m (22WBRA002)
-- 0.6m @ 0.021% eU(3) O(8) from 92.4 m (22WBRA011), and
-- 0.5m @ 0.03% eU(3) O(8) from 100m
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Photo 1 : Downhole gamma logging by Jet West
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"As the first company to access and drill test this highly
prospective area, the intersection of uranium bearing reduced
sandstones at the newly tested Section 23 prospect is exciting to
see, as is the continuity of high-grades along strike of historic
workings at both at Rim Rock and Groundhog.
We look forward to updating shareholders further on these
promising USA assets."
Next Steps
The following activities are planned:
1. Detailed interpretation and modelling
2. Laboratory analysis - physical samples collected over the
mineralised zones sent for laboratory analysis - testing for both
uranium and vanadium plus multi-element
3. Continue to review all historic data associated with the
Projects including Vanadium King Project, Utah
4. Plan drilling including follow-up at Wedding Bell and Radium Mountain
5. Commence planning and approvals for 2023 drilling programs
Wedding Bell and Radium Mountain, Colorado Drilling Program
Thor's initial drilling program comprising 15 shallow rotary air
drillholes, confirms 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 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 (Table A and B and
Figure 2).
Section 23 (Figure 2) in the southeast corner of the Wedding
Bell claim blocks represents the only large area in the Project
with interpreted continuity of the uranium prospective Salt Wash
sandstone unit precluded from historic prospecting, drilling and
mine production. A small fence line of d rillholes (22WBRA01-
22WBRA0011) confirms uranium mineralisation within the lower
sandstone units of the Salt Wash Sandstone (Figure 3, Figure 4 and
Figure 5).
The Groundhog Mine area (Figure 2) consists of the upper and
lower historic mine workings (Photo 2). The upper workings are in
the lower unit of the Brushy Basin Shales whilst the more extensive
lower workings are in the Salt Wash Sandstone (Figure 2 and Figure
4). Two drillholes (22WBRA12 and 22WBRA013) tested and confirmed
lateral continuation of mineralisation to the south, with the
intersection of reduced sandstones hosting uranium mineralisation
in the first and second sandstone rims.
The Rim Rock Mine area (Figure 2) represents a vanadium rich
target. The two drill holes (22WBRA014 and 22WBRA015) are designed
to straddle the east-southeast projection of the Rim Rock Mine, the
opening of which is located immediately to the west. The Rim Rock
Mine was the largest historic uranium-vanadium producer in the
project area.
Vanadium layers, such as this one targeted at Rim Rock, are
generally relatively low in uranium content (by the standards of
historical uranium mining in the Uravan District), were usually
ignored by the miners, with the focus on high-grade uranium zones
only. The intersection in 22WBRA014 ( 0.3m @ 0.072% eU(3) O(8) from
59.7m) confirms the uranium mineralisation, as we await physical
samples for vanadium analysis.
The uranium grades and thicknesses reported (Table B) are
determined by gamma downhole logging. Physical samples have been
collected within these mineralised zones for laboratory testing.
The analyses will test for uranium and vanadium, as well as
multi-element analysis. These results are anticipated in Q1
2023.
Douglas Exploration LLC is undertaking the drilling program,
with Jet West Geophysical Services completing the downhole gamma
probe work.
Full details on Thor's US uranium and vanadium projects may be
found on Thor's website
https://www.thormining.com/projects/us-uranium-and-vanadium .
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Figure 1: Location Map
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Figure 2: Geology and tenement map of Wedding Bell and Radium
Mountain projects, showing Section 23, Rim Rock and Groundhog
prospects.
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Figure 3: Section 23 Drill Collars
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Photo 4: Section 23 looking west towards Groundhog showing
stratigraphic horizons.
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
Photo 5: Simple Stratigraphy of the Uravan Mineral Belt showing
the prospective Morrison Formation.
Table A: Wedding Bell & Radium Mountain Drill Collar
Information (WGS84 UTM Zone 12)
Project Prospect Hole ID Easting Northing Elevation Azimuth Dip Hole Hole
(m) Depth Depth
(ft) (m)
Wedding Section
Bell 23 22WBRA001/1A 690751 4222786 2039 360 -90 440 134
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA002 690911 4222704 2044 360 -90 440 134
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA003 690610 4223569 2028 360 -90 490 149
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA004 690673 4223489 2035 360 -90 300 91
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA005 690714 4223371 2036 360 -90 295 90
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA006 690661 4223245 2028 360 -90 300 91
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA007 690612 4223134 2027 360 -90 300 91
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA008 690624 4223044 2031 360 -90 320 98
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA009 690681 4222963 2033 360 -90 360 110
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA010 690733 4222869 2008 360 -90 190 58
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA010A 690729 4222867 2029 360 -90 450 137
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding Section
Bell 23 22WBRA011 690893 4222794 2036 360 -90 470 143
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding
Bell Groundhog 22WBRA012 688090 4224002 2080 360 -90 455 139
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding
Bell Groundhog 22WBRA012A 688089 4224000 2079 360 -90 320 98
=========== ============== ======== ========= ========== ======== ==== ======= =======
Wedding
Bell Groundhog 22WBRA013 687955 4223999 2080 360 -90 380 116
=========== ============== ======== ========= ========== ======== ==== ======= =======
Radium
Mountain Rim Rock 22WBRA014 687973 4225652 2017 360 -90 325 99
=========== ============== ======== ========= ========== ======== ==== ======= =======
Radium
Mountain Rim Rock 22WBRA015 687997 4225795 2012 360 -90 505 154
=========== ============== ======== ========= ========== ======== ==== ======= =======
Table B: All significant uranium intersections from gamma
logging (eU(3) O(8) ) of the rotary air drilling program above 0.3m
minimum thickness, > 0.01% eU(3) O(8) (100ppm eU3O8) with no
internal dilution.
HoleID Hole Depth Hole Depth Thickness eU3O8 (%) Comments
(ft) Depth From (m)
(m) (m )
Hole extended from
22WBRA001/1A 440 134 77.7 0.5 0.023 190 to 440 ft (1A)
=========== ======= ====== ========== =========== =======================
22WBRA002 440 134 102.6 0.5 0.051
=========== ======= ====== ========== =========== =======================
22WBRA003 490 149 NSI
=========== ======= ================== =========== =======================
22WBRA004 300 91 NSI
=========== ======= ================== =========== =======================
22WBRA005 295 90 NSI
=========== ======= ================== =========== =======================
22WBRA006 300 91 NSI
=========== ======= ================== =========== =======================
22WBRA007 300 91 NSI
=========== ======= ================== =========== =======================
22WBRA008 320 98 NSI
=========== ======= ================== =========== =======================
22WBRA009 360 110 NSI
=========== ======= ================== =========== =======================
22WBRA010 190 58 Not Probed Poor ground conditions
=========== ======= ================== =========== =======================
010A is an approx
22WBRA010A 450 137 112.8 0.8 0.011 5 m offset of 010
=========== ======= ====== ========== =========== =======================
22WBRA011 470 143 82.4 0.6 0.021
=========== ======= ====== ========== =========== =======================
and 100 0.5 0.03
=========== ======= ====== ========== =========== =======================
22WBRA012 455 139 Not Probed Poor Ground conditions
=========== ======= ================== =========== =======================
012A is an approx
1.5 m offset of
22WBRA012A 320 98 85 2.1 0.036 012
=========== ======= ====== ========== =========== =======================
including 83 0.3 0.143
=========== ======= ====== ========== =========== =======================
Hole stopped short
due to poor ground
22WBRA013 380 116 78 1.2 0.034 conditions
=========== ======= ====== ========== =========== =======================
including 79 0.5 0.05
=========== ======= ====== ========== =========== =======================
22WBRA014 325 99 59.7 0.3 0.072
=========== ======= ====== ========== =========== =======================
22WBRA015 505 154 NSI
=========== ======= ================== =========== =======================
Note: eU3O8 denotes uranium grades determined by gamma downhole
logging.
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Mining 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 / Megan
Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson / Bessie Tel: +44 (0) 20 3004
Elliott 9512
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
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 copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(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% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
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.(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)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thormining.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
Criteria JORC Code explanation Commentary
Sampling Rotary air drill
techniques * Nature and quality of sampling (eg cut channels, samples were collected
random chips, or specific specialised industry off the cyclone at
standard measurement tools appropriate to the 5ft (1.5m) intervals
minerals under investigation, such as down hole gamma and split to 3kg
sondes, or handheld XRF instruments, etc). These An pXRF (Olympus
examples should not be taken as limiting the broad Vanta Series C) and
meaning of sampling. scintillometer (Mt.
Sopris SC-132 ) reading
was taken for each
* Include reference to measures taken to ensure sample sample.
representivity and the appropriate calibration of any All the holes were
measurement tools or systems used. electric-logged (e-logged),
on a call-out basis,
by Jet West of Farmington,
* Aspects of the determination of mineralisation that New Mexico. Jet West
are Material to the Public Report. followed industry
standards for probing
holes on uranium
* In cases where 'industry standard' work has been done properties. They
this would be relatively simple (eg 'reverse calibrate their gamma
circulation drilling was used to obtain 1 m samples probes at the Department
from which 3 kg was pulverised to produce a 30 g of Energy test pits
charge for fire assay'). In other cases more located in Grants,
explanation may be required, such as where there is New Mexico. Logs
coarse gold that has inherent sampling problems. run were natural
Unusual commodities or mineralisation types (eg gamma, single point
submarine nodules) may warrant disclosure of detailed resistivity (SPR),
information. 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
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).
==============================================================
Drilling Modified rotary air
techniques * 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
* Measures taken to maximise sample recovery and ensure is logged and any
representative nature of the samples. deviation from expected
was raised with the
driller, and if undersize,
* Whether a relationship exists between sample recovery to check for blockages.
and grade and whether sample bias may have occurred No sample biases
due to preferential loss/gain of fine/coarse expected, and no
material. relationship is known
to exist between
sample recovery and
grade.
================== ============================================================== ===============================
Logging All chip samples
* Whether core and chip samples have been geologically are qualitatively
and geotechnically logged to a level of detail to geologically logged
support appropriate Mineral Resource estimation, (lithology, structure,
mining studies and metallurgical studies. alteration, veining,
mineralisation (based
on scintillometer
* Whether logging is qualitative or quantitative in cps for each interval),
nature. Core (or costean, channel, etc) photography. weathering, colour
and other features).
No mineral resource
* The total length and percentage of the relevant estimation, mining
intersections logged. 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 Samples were collected
techniques * If core, whether cut or sawn and whether quarter, as described in eth
and sample half or all core taken. above sampling technique
preparation section.
* If non-core, whether riffled, tube sampled, rotary No assays reported.
split, etc and whether sampled wet or dry. Physical samples
yet to assayed.
All holes e-logged
* For all sample types, the nature, quality and by Jet West
appropriateness of the sample preparation technique.
* Quality control procedures adopted for all
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
data and assaying and laboratory procedures used and whether electric-logged (e-logged),
laboratory the technique is considered partial or total. probes are calibrate
tests at the Department
of Energy test pits
* For geophysical tools, spectrometers, handheld XRF located in Grants,
instruments, etc, the parameters used in determining New Mexico. Logs
the analysis including instrument make and model, run were natural
reading times, calibrations factors applied and their gamma, single point
derivation, etc. resistivity (SPR),
self-potential (SP),
deep and medium induction
* Nature of quality control procedures adopted (eg resistivity (DIR
standards, blanks, duplicates, external laboratory and MIR), and selected
checks) and whether acceptable levels of accuracy (ie holes had directional
lack of bias) and precision have been established. 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).
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.
================== ============================================================== ===============================
Verification All significant intersections
of sampling * The verification of significant intersections by have been verified
and 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
* Documentation of primary data, data entry procedures, in excel including
data verification, data storage (physical and geological logging,
electronic) protocols. sample information,
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
of data * Accuracy and quality of surveys used to locate drill surveyed using a
points holes (collar and down-hole surveys), trenches, mine handheld Garmin 64
workings and other locations used in Mineral Resource GPS with an accuracy
estimation. of +/-3m. Grid system
is WGS84 UTM zone
12. All holes were
* Specification of the grid system used. vertical
Topographic control
using the GPS is
* Quality and adequacy of topographic control. suitable for early-
stage exploration.
================== ============================================================== ===============================
Data spacing Data spacing for
and distribution * Data spacing for reporting of Exploration Results. preliminary 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
and Ore Reserve estimation procedure(s) and be further assessed
classifications applied. by more detailed
work.
* Whether sample compositing has been applied.
================== ============================================================== ===============================
Orientation Orientational bias
of data * Whether the orientation of sampling achieves unbiased is not applicable
in relation sampling of possible structures and the extent to to the drilling at
to geological which this is known, considering the deposit type. this stage but samples
structure and drill lines were
orientated approximately
* If the relationship between the drilling orientation perpendicular to
and the orientation of key mineralised structures is the assumed strike
considered to have introduced a sampling bias, this of mineralisation.
should be assessed and reported if material. The vertical holes
were oriented approximately
perpendicular to
the very gently NE
dipping stratabound
mineralization.
================== ============================================================== ===============================
Sample Samples are kept
security * The measures taken to ensure sample security. in a secure facility.
Sample Security levels
are considered appropriate
for RC Drilling.
================== ============================================================== ===============================
Audits None undertaken.
or reviews * The results of any audits or reviews of sampling Thor's sampling procedure
techniques and data. conforms to industry
standard practice
and each assay program
is reviewed internally
for any discrepancies.
================== ============================================================== ===============================
1.1 Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral Mineral rights are
tenement * Type, reference name/number, location and ownership held by the U.S.
and land including agreements or material issues with third Government,
tenure status parties such as joint ventures, partnerships, who transfers those
overriding royalties, native title interests, 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 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
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 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 were based
* Where aggregate intercepts incorporate short lengths on the "Uravan Method",
of high-grade results and longer lengths of low-grade originally devised
results, the procedure used for such aggregation by the AEC, which
should be stated and some typical examples of such is a manual graphic
aggregations should be shown in detail. method based on the
shape of the gamma
curve on an e-log.
* assumptions used for any reporting of metal It consists of, for
equivalent a single peak, determining
the cps for the peak,
and using one-half
* The values should be clearly stated. 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 conjuction 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
geological observations; geophysical survey results; 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 The drill results
work * 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
======================== ============================================================== ============================
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END
DRLUAUBRUVUUURA
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