TIDMTHR
RNS Number : 5960R
Thor Energy PLC
01 March 2023
2 March 2023
Thor Energy Plc
("Thor" or the "Company")
Innovative Geophysics Commences at Alford West Copper-Gold
Project, South Australia
The directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF)
are pleased to announce the commencement of an advanced geophysical
technique at the Alford West Project, South Australia, by 30% owned
EnviroCopper Limited ("ECL").
Highlights:
-- An Ambient Noise Tomography ("ANT") survey is underway at the
Alford West copper-gold Project using ExoSphere by Fleet Space.
-- Lightweight battery-powered sensors measure naturally
occurring seismic vibrations to detect variations in density of the
underlying rock units. Subsequent drilling can then be focused on
areas with low-density contrast which have been shown to host
oxidised copper mineralisation amenable to potential In-Situ Copper
Recovery ("ISCR").
-- The use of the ExoSphere technology has the potential to
significantly improve exploration efficiency in both time and cost,
and lead to improved drill targeting. This will result in fewer
drillholes, lower environmental impact and reduced time on the
land.
-- This innovative geophysical survey technique is partially
funded (up to A$30,000) by the South Australian government
Accelerated Discovery Grant awarded to ECL.
-- Survey results are anticipated in late March 2023.
Photo Plate 1: Deploying sensors (Geodes) at Alford West, note
the minimum surface disturbance.
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"We are pleased to announce the commencement of this low-impact
ANT geophysics survey over the Alford West copper-gold Project.
"This survey aims to create detailed subsurface maps which will
assist targeting areas of potential oxide copper mineralisation
within the Alford Copper Belt, hence reducing and focusing further
drilling programs.
"The use of the ExoSphere technology has enabled us to be more
efficient in our exploration and we will start to see those
benefits come to fruition in the upcoming months."
Figure 1: Alford West Project (ECL) Location Map (Left) and
Tenement Map (right) with Thor's Alford East Project.
Geophysics Survey
The ExoSphere program by Fleet Space consists of laying an array
of 40 lightweight, battery powered surface sensors called Geodes
(Photo 1) over a paddock of 0.45km(2) to measure naturally
occurring environmental seismic vibrations in the ground (caused by
ocean waves, weather and traffic) in real time over a 10-day
period. The Geodes collect and deliver information in near
real-time to Fleet Space's satellite network.
The survey will compare and integrate the subsurface ANT results
with information that has been historically gathered by traditional
air core and diamond drilling methods. This will result in focusing
drilling in areas with potential for oxide copper-gold
mineralisation. To date, all copper-oxide copper mineralisation
discovered on the Yorke Peninsula has been associated with rocks
that are significantly less dense than the surrounding fresh
units.
ECL anticipate survey results in late March 2023.
Accelerated Discovery Initiative ("ADI")
The ANT survey is partially funded (up to A$30,000) by the South
Australian Government Accelerated Discovery Grant, received by ECL
in 2022.
The ADI aims to encourage innovation and collaboration to
advance exploration activities in South Australia. It provides a
government contribution towards exploration activities, through
supporting the potential discovery of new mineral and groundwater
resources, while delivering a number of other economic and social
benefits to the State.
About EnviroCopper Limited ("ECL")
Thor holds a 30% interest in ECL, which is a public, unlisted
company, with In-Situ Recovery Copper projects at Kapunda and
Alford West , South Australia (Figure 1). ECL manage the Alford
West Project in a Joint Venture with the tenement holder Andromeda
to earn up to a 75% interest in the mineral rights over metals
recoverable via ISCR. (ASX/AIM THR announcement 11 November
2020).
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 AMED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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 / Megan
Liddell
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 km2 of
exploration licences with highly encouraging early-stage gold and
nickel results in the Pilbara region of Western Australia, with
follow up drilling planned for 2022.
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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