TIDMTHR
RNS Number : 6240J
Thor Energy PLC
17 August 2023
17 August 2023
Thor Energy Plc
("Thor" or the "Company")
Uranium Drilling Approvals Granted
Wedding Bell and Radium Mountain Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce that all approvals have been granted
for drilling at 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
(See Figure 1).
Project Highlights:
-- All approvals and permits have been granted to commence
follow-up drilling from the successful 2022 Program: Rim Rock,
Groundhog and Section 23, at Wedding Bell and Radium Mountain
projects.
-- The proposed 4000m program is designed to further advance the
uranium and vanadium projects, with drilling along strike of the
mineralisation at Rim Rock and Groundhog, targeting airborne
uranium anomalies, and to continue assessing the underexplored
Section 23 area, where drilling in 2022 confirmed the uranium and
vanadium prospectivity of the area.
-- Drilling Contractor Boart Longyear is secured, with drilling
to start in September.
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"Thor is delighted to now have all approvals in place to
commence our proposed upcoming drilling program at our priority
uranium and vanadium prospects, at the Wedding Bell and Radium
Mountain projects. We are excited as the news aligns with our green
energy strategy.
"It has been a great effort by the Thor team and the supportive
local communities, enabling us to now move forward with final drill
site preparations, ready for the drill rig in September."
"In the meantime, Thor is on the ground actively following up on
our identified uranium anomalies from the recently completed
magnetic and radiometric surveys. Each anomaly is being mapped,
sampled, and ranked for potential drill testing.
"We look forward to updating the market when drilling
commences."
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt.
Further Updates:
-- Field assessment is underway over the airborne uranium
anomalies, identified from the recently completed radiometric
surveys at all three project areas, with the anomalies to be ranked
for potential drill testing (Figure 2 and 3).
-- 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.
-- Permitting has commenced for maiden drilling at Vanadium King
Project, Utah (Figure 3).
Next Steps:
-- Drilling is scheduled for September 2023.
-- Drill site preparations to commence in readiness for
drilling.
Wedding Bell and Radium Mountain Project, Colorado:
The Federal (BLM), Colorado (DRMS) and San Miguel County
drilling approvals enable Thor to commence drilling at Wedding Bell
and Radium Mountain uranium and vanadium projects in Colorado.
The proposed program is designed to follow up on the successful
2022 program, (ASX/AIM: 24 April 2023), targeting the uranium and
vanadium host Salt Wash Sandstone of the Morrison Formation.
At Rim Rock, drilling is designed to vector in on potential
high-grade pods not previously mined, based on the review of
georeferenced historic workings and drill holes.
At Groundhog, drilling will test potential mine extensions
defined from previous drilling and historic mining of high-grade
lenses. In addition, the radiometric survey highlighted uranium
anomalies to the south of Groundhog, which will be tested as part
of the drilling program (Figure 2). Groundhog has mineralisation
within both the Brushy Basin shales and the underlying Salt Wash
Sandstones; hence drill holes will be extended through the two
geological units.
The drilling at Section 23 will continue to test the uranium
mineralisation identified from the first pass drilling program in
2022, as well as testing a portion of the radiometric anomalies
(Figure 2).
The 4000m drill program comprises approximately 25 RC (reverse
circulation) drillholes, to an average depth of 120m, where each
hole will be downhole gamma logged, with samples assessed using a
spectrometer for uranium and pXRF for vanadium. The zones with
indications of anomalies will be sent to Australian Laboratory
Services (ALS) in Canada for analysis.
Figure 2: 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 drill targets circled.
Figure 3: Vanadium King Project showing the radiometric image
(uranium(2) divided by thorium) overlaid by structural
interpretation from magnetics data - priority trends circled.
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
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
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