TIDMTHR
RNS Number : 3966H
Thor Energy PLC
27 July 2023
27 July 2023
Thor Energy Plc
("Thor" or the "Company")
Uranium Targets Identified
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 positive results from the
recently completed heliborne 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.
Project Highlights:
-- Several strong uranium anomalies delineated; these are along
strike of historic workings, as well as over previously untested
areas (Figure 1).
-- Ground truthing is now underway over the uranium anomalies,
which are being prioritised and ranked.
-- The priority anomalies identified at Section 23 Prospect, and
along strike of the Groundhog historic workings, will both be
drill-tested as part of the proposed upcoming drilling program
(Figure 1).
-- Federal (BLM) and Colorado (DRMS) drill permits received, now
awaiting San Miguel County approval to commence follow-up drilling
from the successful 2022 Program, at Rim Rock, Groundhog and
Section 23, Wedding Bell Project.
Figure 1: Wedding Bell radiometric image (U(2) /Th ratio) draped
over Digital Elevation Model (DEM) showing uranium anomalies in
red, green and light blue with priority targets circled.
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"Thor is very excited by the results from the recently completed
high-resolution heliborne magnetic and radiometric surveys. Several
strong uranium anomalies were identified and are located along
strike of the historic workings (such as Groundhog at Wedding Bell
Project) which may represent extensions to the mineralisation,
whilst several new untested areas of interest have also been
highlighted. One of these anomalies is our Section 23 prospect
(Figure 1).
"At the Wedding Bell and Radium Mountain projects, there is a
positive correlation between the first pass structural
interpretation of the magnetic data and the historic workings. This
could indicate increased porosity or fluid conducts within the
sediments, which allowed the uranium and vanadium mineralisation to
precipitate out. As a result, key structural features and
radiometric anomalies will be further investigated, including
ground truthing and priority ranking.
"Positive progress is being made with the proposed 2023 drilling
program permits at the Wedding Bell project, with approval received
from the Federal Bureau of Land Management (BLM) and the Colorado
Division of Reclamation and Mining Safety (DRMS). The final step in
the approval process is with the San Miguel Board of County
Commissioners Meeting scheduled in mid-August. "
Photo 1: Helicopter-borne Magnetic and Radiometric Survey over
the Wedding Bell Project
Magnetic and Radiometric Survey:
The helicopter-borne high-resolution aeromagnetic and
radiometric surveys completed in June 2023, covered all three
projects, with a detailed line spacing of 50m and a nominal flight
height of 30m, for a total of 986 line kilometres. The surveys were
oriented north-south for all survey areas.
Radiometrics is a powerful first pass exploration tool for
identifying uranium anomalies and this was the first time a close
spaced survey has been flown in the region. The objective of flying
the radiometric surveys was to map out the natural spatial
distribution of the three radioactive elements (potassium (K),
thorium (Th) and uranium (U)) in the earth's crust, over the
project areas to assist with delineating any 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.
Different ratio grids are used to interpret the radiometric data
with uranium squared divided by thorium (U(2) /Th) predominately
used as an indicator of anomalous uranium, with the uranium
anomalies displayed in energy order from red, green to light blue
(Figure 1 to 3). The aeromagnetic data will assist by defining key
secondary structures controlling fluid flow.
The surveys were flown by Precision GeoSurveys Inc, a Canadian
company that is experienced in flying surveys in this area, with
the geophysical data processing and filtering generated by
consultant geophysicist Kim Frankcombe, ExploreGeo Pty Ltd.
Wedding Bell and Radium Mountain Project, Colorado:
The radiometric surveys conducted at the Wedding Bell and Radium
Mountain projects have delineated several high order uranium
anomalies. These are along strike of historic workings, as well as
over previously untested areas (Figure 1). The old mine workings
are very distinct in the radiometric uranium channel (red anomalies
as shown in Figure 1 and 2) due to ore and/or waste dumps being in
close vicinity to the workings. Pre 1950's, the focus in the area
was on mining the yellow uranium-vanadate secondary carnotite
mineralisation, not the high grade primary uraninite and coffinite
mineralisation. Thus, Thor is systematically reviewing the old
workings (establishing if primary ore or only secondary was mined)
and digitising available historic mine plans.
There are also a few distinct 'red' uranium anomalies not
associated with historic workings, which may represent new areas to
test as a possible extension to know mineralisation, such as the
anomalies to the southeast of Groundhog (Figure 1). More subtle
green and light blue anomalies, for example, around Section 23 (no
previous mining), may have a lower radiometric uranium order due to
sedimentary cover. However, they are equally valid anomalies,
warranting a follow-up (Figure 1). Both priority uranium anomalies
will be drill-tested as part of the proposed upcoming drilling
program (Figure 1).
At first pass, the structural interpretation of the magnetic
data shows a strong correlation between the historic workings and
key structures (Figure 2), with the dominant orientation
north-easterly (Figure 2). This could indicate increased porosity
or fluid conduits within the sediments, which allowed the uranium
and vanadium mineralisation to precipitate out. The known uranium
and vanadium mineralisation in the Uravan Mineral Belt is
noticeably elongated parallel to local sedimentary structures,
major palaeochannels, or axes of greater permeability. As a result,
key structural features along these trends and radiometric
anomalies will be further investigated, including ground truthing
(mapping and geochemical sampling) and priority ranking.
Figure 2: Wedding Bell radiometric image (U(2) /Th ratio) draped
over DEM showing structural interpretation from magnetics data
relative to priority uranium anomalies in red, green and light
blue.
Vanadium King Project, Utah:
The Vanadium King Project, within the Thompson uranium district
of Utah is a greenfield exploration project with no historic
workings (Figure 4). The project area is predominantly covered by
Cretaceous Mancos Shales (Figure 1), with the targeted prospective
uranium and vanadium lithologies (Brushy Basin and Salt Wash
Sandstone, Morrison Formation) at approximately 100m below the
surface (based on historic oil wells drilled in the project area
(Figure 3). The principal objective of the heliborne magnetics was
to delineate faults or key structures that may control underlying
potential uranium mineralisation, with any associated radiometric
anomalies representing leakage from a discrete uranium source under
cover (Figure 3). The interpretation is preliminary and ongoing at
this stage, and will be reviewed in conjunction with ground
truthing.
Next Steps:
-- Ground truthing is now underway over the uranium anomalies at
all three project areas, with the anomalies to be ranked for
potential drill testing.
-- The priority uranium anomalies identified at Section 23 where
there has been no previous mining, and the anomalies along strike
of Groundhog will both be drill-tested as part of the proposed
upcoming drilling program.
-- Federal (BLM) and Colorado (DRMS) drill permits received, and
now awaiting final approval from San Miguel County in order to
commence follow-up drilling from the successful 2022 Program, at
Rim Rock, Groundhog and Section 23, Wedding Bell Project (Figure
4).
-- Permitting has commenced for maiden drilling at Vanadium King
Project, Utah (Figure 4).
Figure 3: Vanadium King Project showing radiometric image
(uranium(2) divided by thorium) overlaid by structural
interpretation from magnetics data.
Figure 4: 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 Geophysical
Exploration Results is based on information compiled by Kim
Frankcombe, a Competent Person who is a Member of The Australian
Institute of Geoscientists. Mr Frankcombe is employed as a
Consultant to the Company through geophysical consultancy. Mr
Frankcombe has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity being undertaken 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'. Mr
Frankcombe consents to the inclusion in the report of the matters
based on his information and the form and context in which it
appears.
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
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
1 JORC Code, 2012 Edition - Table 1
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Aeromagnetic and radiometric
techniques * Nature and quality of sampling (eg cut channels, data were acquired by
random chips, or specific specialised industry Precision Geosurveys
standard measurement tools appropriate to the using an Airbus A350
minerals under investigation, such as down hole gamma helicopter fitted with
sondes, or handheld XRF instruments, etc). These a stinger.
examples should not be taken as limiting the broad The survey was conducted
meaning of sampling. over Thor's three projects
- Vanadium King in Utah,
and Wedding Bell and
* Include reference to measures taken to ensure sample Radium Mountain in Colorado.
representivity and the appropriate calibration of any
measurement tools or systems used.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
==============================================================
Drilling No drilling was undertaken
techniques * Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
================== ============================================================== ===============================
Drill sample No drilling was undertaken
recovery * Method of recording and assessing core and chip
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
================== ============================================================== ===============================
Logging No Drilling undertaken
* Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
================== ============================================================== ===============================
Sub- sampling No drilling was undertaken
techniques * If core, whether cut or sawn and whether quarter,
and sample half or all core taken.
preparation
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* For all sample types, the nature, quality and
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 drilling was undertaken
of assay * The nature, quality and appropriateness of the
data and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
================== ============================================================== ===============================
Verification No drilling was undertaken.
of sampling * The verification of significant intersections by All data is digitally
and assaying either independent or alternative company personnel. recorded.
Data was collected by
Precision GeoSurvey
* The use of twinned holes. and then supplied and
reviewed by ExploreGeo
Pty Ltd
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
================== ============================================================== ===============================
Location Aeromagnetic survey
of data * Accuracy and quality of surveys used to locate drill control was maintained
points holes (collar and down-hole surveys), trenches, mine with a differential
workings and other locations used in Mineral Resource GPS and Laser Altimeter
estimation. providing sub-metre
resolution.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
================== ============================================================== ===============================
Data spacing Aeromagnetic data were
and distribution * Data spacing for reporting of Exploration Results. acquired at 20 Hz (approx
2m). Radiometric data
were acquired at 1 Hz
* Whether the data spacing and distribution is (approx 40m) by a helicopter
sufficient to establish the degree of geological and mounted system flying
grade continuity appropriate for the Mineral Resource at a nominal height
and Ore Reserve estimation procedure(s) and of 30m above ground,
classifications applied. using a line spacing
of 50m with 500m tie
lines.
* Whether sample compositing has been applied.
================== ============================================================== ===============================
Orientation Survey lines were flown
of data * Whether the orientation of sampling achieves unbiased north-south over relatively
in relation sampling of possible structures and the extent to flat lying strata overlying
to geological which this is known, considering the deposit type. deeper basement with
structure a general NW-SE trend.
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
================== ============================================================== ===============================
Sample No sampling reported
security * The measures taken to ensure sample security.
================== ============================================================== ===============================
Audits The aeromagnetic and
or reviews * The results of any audits or reviews of sampling radiometric data were
techniques and data. QC'd and the survey
supervised by ExploreGeo.
================== ============================================================== ===============================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
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
overriding royalties, native title interests, to holders of valid
historical sites, wilderness or national park and mining
environmental settings. claims located on open
ground through the
General
* The security of the tenure held at the time of Mining Law of 1872, as
reporting along with any known impediments to amended by other
obtaining a licence to operate in the area. Federal,
State and 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 (BLM).
Thor's Colorado property
position consists of 199
unpatented mining claims
(approx. 1,663Ha), and
in Utah 99 unpatented
mining claims 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.
Thor has met those
permitting
requirements.
==================================================================
Exploration There are no systems of
done by other * Acknowledgment and appraisal of exploration by other 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
understanding of the exploration results including a summarising significant
tabulation of the following information for all survey results are
Material drill holes: included
in the report.
o easting and northing of the drill No drill results
hole collar reported
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 No Data aggregation
methods * In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* assumptions used for any reporting of metal
equivalent
* The values should be clearly stated.
========================== ============================================================== ==========================
Relationship No Drill results
between mineralisation * These relationships are particularly important in the reported
widths and reporting of Exploration Results.
intercept 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 are
* Appropriate maps and sections (with scales) and 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 reporting All results have been
* 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
exploration * Other exploration data, if meaningful and material, material
data should be reported including (but not limited to): information has been
geological observations; geophysical survey results; omitted
geochemical survey results; bulk samples - size and from this release.
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
========================== ============================================================== ==========================
Further work Ground truthing of the
* The nature and scale of planned further work (eg geophysics anomalies
tests for lateral extensions or depth extensions or planned
large-scale step- out drilling). - mapping and
geochemical
sampling, followed by
* Diagrams clearly highlighting the areas of possible potential drill testing.
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
========================== ============================================================== ==========================
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