TIDMTHR
RNS Number : 1998L
Thor Energy PLC
04 September 2023
4 September 2023
Thor Energy Plc
("Thor" or the "Company")
Fleet Space Technologies Collaboration
Alford East Copper-REE Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) are pleased to announce a collaboration
with Fleet Space Technologies ("Fleet") to undertake Ambient Noise
Tomography ("ANT") surveys to advance Thor ' s understanding of the
Alford East Copper-REE Project, South Australia.
Highlights:
-- Thor and Fleet Space Technologies to collaborate on the
Alford East Project to accelerate mineral exploration,
incorporating Fleet's EXOSPHERE BY FLEET(R) technology.
-- EXOSPHERE BY FLEET(R) scans the ground using the advanced ANT
seismic tomography technique, where highly transportable 'Geode'
devices listen to faint background vibrations from natural and
man-made sources. The Data is then processed rapidly and
transmitted through Fleets constellation of low earth orbit
satellites, recently launched by SpaceX. This technology will be
used in surveys over the Alford East Project to successfully
delineate the low velocity, weathered 'troughs' that host the oxide
copper-REE mineralisation with the Alford Copper Belt (Figure
1-3).
-- Fleet will integrate ANT results with Thor's 3D geological
model by using Artificial Intelligence ("AI") and Machine Learning
("ML") to generate a new model for drill targeting higher-grade
oxide copper-gold mineralisation.
-- The results from the surveys will play a pivotal role in
shaping decisions and refining the targeting strategy for upcoming
drilling campaigns. These future drilling efforts will be
concentrated on regions characterised by low seismic velocity,
known for hosting oxidised copper-gold mineralisation conducive to
the possibility of In-Situ Recovery ("ISR").
-- An investment fund associated with Fleet Space will make a
direct equity investment of $250,000 in Thor via a share
subscription at $0.04 per Share. The Shares are expected to be
issued by 8 September 2023. The Shares will be subject to voluntary
escrow for 12 months. Refer Appendix 3B lodged 1 September
2023.
Figure 1: ANT 3D model showing the deeply weathered "trough"
structure, host to oxide copper-gold mineralisation in the Alford
Copper Belt at Alford West (ASX/AIM: 17 April 2023).
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"Thor is delighted to have formed a collaborative partnership
with Fleet Space Technologies to accelerate mineral exploration at
our Alford East Copper-REE Project.
"EXOSPHERE BY FLEET (R) is a low environmental impact method of
exploring undercover and at depth, which through our 30% equity in
EnviroCopper ("ECL") have successfully completed a similar project
at Alford West Project, located to the south.
"Fleet Space will integrate the data from the ANT surveys with
Thor's 3D geological model.
"As a junior explorer, securing Fleet Space's support bridges
the divide between space technology and mineral exploration, and
stands as a resounding endorsement of confidence in Thor's Alford
East Copper-REE Project. This collaboration will empower us to
accelerate our exploration efforts significantly.
"The collaboration with Fleet Space Technologies is underpinned
by an equity investment in Thor of $250,000 by an investment fund
associated with Fleet Space Technologies. This funding will be
focussed on drill testing the identified targets."
Federico Tata - Nardini, Chief Financial Officer, Financial
Strategy & Investment Officer of Fleet SpaceTechnologies,
commented:
"In a groundbreaking collaboration, Thor and Fleet Space are set
to redefine mineral exploration through the innovative integration
of space technology.
"This partnership marks the convergence of advanced
technologies. Fleet's cutting-edge space technology will merge
seamlessly with Thor's expertise in mineral exploration. The Alford
East Project will act as the catalyst for this transformative
journey, ushering in a fresh era defined by heightened efficiency
and unparalleled precision. This will unlock a realm of
opportunities for highly targeted drilling campaigns and expedited
exploration endeavours.
"As a testament to the symbiotic nature of this collaboration,
an investment fund associated with Fleet Space is also making a
direct equity investment in Thor through a strategic share
subscription. This not only underscores the faith in the
partnership's potential but also solidifies the commitment to
jointly accelerate mineral exploration."
Figure 2: Alford East Location Map showing the lateral extent of
the Alford Copper Belt (left), and the Alford East Mineral Resource
Domains showing the area for initial ANT Surveys (right)
Collaboration
Thor and Fleet have formed a collaborative partnership to
accelerate mineral exploration at Alford East Project, as Thor aims
to increase the mineral resource and progress the assessment of the
In Situ Recovery process. Fleet will acquire equity interest in
Thor via a share subscription agreement.
As part of the collaboration, ANT surveys using EXOSPHERE BY
FLEET (R) are to be completed initially over the northern portion
of the Alford East project (Figure 2). This technology is a
particularly low-impact form of exploration and uses natural
environmental vibrations in the ground, caused by ocean waves,
weather or traffic, to analyse the earth's composition down to
approximately 2000m depth.
This technology uses compact, battery-powered smart sensors
called Geodes to collect raw data (Figure 3). It can pre-process
and deliver data directly via Fleet's satellite connectivity. This
technology means faster collection of data, fewer drill holes,
hence a much lower environmental impact.
The Fleet team will integrate the subsurface ANT results with
Thor's existing 3D geological model, which was generated from all
available geophysics data sets, surface geochemistry and all
available drillhole data. Modelling of the combined information
using Artificial Intelligence ("AI") and Machine Learning ("ML")
will result in a revised 3D model delineating structural and
potential lithological controls on the mineralisation within the
Alford Copper belt and identifying drill targets with potential for
higher-grade oxide copper-gold mineralisation.
Share Subscription
Thor will issue 6,250,000 ordinary shares in Thor ("Ordinary
Shares") at A$0.04 (for a total value of A$250,000) to Fleet. This
is deemed the value of the ANT surveys only, with Fleet through the
collaborative partnership, processing and modelling all available
geological data, to generate a new 3D geological and mineralisation
model, and assist Thor with drill targeting and the acceleration of
exploration activities at Alford East Project.
Application will be made for admission of the 6,250,000 new
Ordinary Shares to trading on AIM ("Admission"), with Admission
expected to occur on around 8 September 2023.
Following Admission, the Company will have 245,541,284 Ordinary
Shares in issue. Shareholders in the Company may use this figure as
the denominator for the calculation, by which they would determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
The new Ordinary Shares will be subject to a lock-in agreement
and can't be sold by Fleet for a period of 12 months.
Next Steps
1. Commence ANT Surveys with the deployment of Exosphere geodes
(Figure 3) (Scheduled for mid-September)
2. Modelling of ANT results incorporating Thor's 3D model and
using AI to extrapolate controlling structures along the Alford
Copper Belt (October)
3. Target generation from the final 3D Model (November)
4. Drill preparations and Drilling (February)
Figure 3: Exosphere used by Fleet Space (R) for ANT surveying.
Alford East Project Background
The Alford East Copper-Ree Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (Figure 2) (ASX/AIM: 20 November 2020).
The Alford East Project covers the northern extension of the
Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford
Copper Belt is a semi-coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite (Figure
2), Gawler Craton, SA.
Thor completed an inferred Mineral Resource Estimate (MRE) by
utilising historic drill hole information.
Table C - (ASX/AIM: 27 January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
-- 71, 500oz of contained gold
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
Table C: Alford East Mineral Resource Estimate as of 22 January
2021- Figure 2 ( (ASX/AIM: 27 January 2021) .
Domain Tonnes (Mt) Cu % Au g/t Contained Contained Au
Cu (t) (oz)
AE_1 24.6 0.12 0.021 30,000 16,000
------------ ----- ------- ---------- -------------
AE_2 6.8 0.13 0.004 9,000 1,000
------------ ----- ------- ---------- -------------
AE_3 34.9 0.09 0.022 33,000 25,000
------------ ----- ------- ---------- -------------
AE_4 8.0 0.11 0.016 8,000 4,000
------------ ----- ------- ---------- -------------
AE_5 11.0 0.22 0.030 24,000 11,000
------------ ----- ------- ---------- -------------
AE-8 (NP) 31.3 0.19 0.008 61,000 8,000
------------ ----- ------- ---------- -------------
AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000
------------ ----- ------- ---------- -------------
AE-6 (LW_W) 1.3 0.13 0.011 2,000 500
------------ ----- ------- ---------- -------------
Total 125.6 0.14 0.018 177,000 71,500
------------ ----- ------- ---------- -------------
Note: MRE reported on oxide material only, at a cut-off grade of
0.05% copper which is consistent with the assumed In-Situ Recovery
technique.
REE results were reported from the 2021 diamond drilling
program, with significant drill intercepts (>500ppm TREO ([1]) )
including (THR: ASX/AIM 26 April 2023):
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from 6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.2% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m,
Including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17% ) TREO and 0.26% Cu from 30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m
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 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 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 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 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. 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
About Fleet Space Technologies
Fleet Space Technologies, a leading Australian space company
with a mission to connect Earth, Moon, and Mars, is revolutionising
the mineral exploration, defence, and space exploration sectors
through its groundbreaking products and connectivity solutions.
Headquartered at a state-of-the-art facility in Adelaide, South
Australia, Fleet has rapidly grown to over 100 employees and boasts
a global presence, including a team in the US and offices in
Canada, Luxembourg, and Chile.
Fleet created EXOSPHERE BY FLEET (R) , a solution for the
mineral exploration industry providing lightning fast, 3D mapping
of underground structures and providing increased accuracy in
drilling targets. This cutting-edge technology is helping the world
transition to clean-air mobility technologies by creating a faster,
more sustainable and less expensive route to finding critical
mineral deposits. EXOSPHERE BY FLEET (R) is an end-to-end service
offered to mineral exploration customers to decrease the time it
takes to find a deposit. Fleet's sensors, the Geodes, are deployed
in a survey area and leverage real-time passive seismic methods to
'scan' the subsurface. This is enabled through non-invasive Ambient
Noise Tomography (ANT) which listens to seismic waves present on
Earth. The data is rapidly processed and transmitted through
Fleet's low power satellite network to create a 3D model of the
area in near real time.
Since launching EXOSPHERE, Fleet Space has signed contracts with
over 30 clients around the world including players such as Rio
Tinto, Barrick Gold and Core Lithium. Fleet has conducted more than
150 ANT surveys on different commodity types and completed
deployments in 5 continents. EXOSPHERE BY FLEET (R) is contributing
to solve the pressing global priority to decarbonise mobility and
find more than $13trillion USD worth of minerals required for the
energy transition to help meet global net zero priorities.
Contact:
Media Relations
Fleet Space Technologies
media@fleet.space
+61 411 591 665
[1] TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) +
Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) +
Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
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