RCS - Thor Energy PLC - Uranium Drilling Commences at Wedding Bell Project

Thor EnergyAnnouncement

05/11/2024 07:00

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RNS Number : 8710K  Thor Energy PLC  05 November 2024

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5 November 2024

Thor Energy plc

("Thor" or the "Company")

Uranium Drilling Commences

Wedding Bell and Radium Mountain Projects, USA

 

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to announce that drilling has commenced at Groundhog Prospect, on the
Company's 100% owned Wedding Bell Project, located in the uranium-vanadium
mining district of the Uravan Mineral Belt, southwest Colorado, USA.

Highlights:

§ Reverse Circulation ("RC") drilling commences at Groundhog prospect.

§ At Groundhog, infill drilling will be centred around high-grade uranium and
vanadium mineralisation intercepted in 23WBRA020 (ASX/AIM: 29 February 2024
(https://www.londonstockexchange.com/news-article/THR/high-grade-uranium-and-vanadium-assays-results/16354166)
), with extension holes up to 300m to the north and east (Figure 1).

23WBR020:            4.9m @ 1199ppm (0.12%) U(3)O(8) and 6306ppm
(0.63%) V(2)O(5) from 82m,

Including,       0.6m @ 6250ppm (0.63%) U(3)O(8) and 30348ppm (3.0%)
V(2)O(5) from 82.6m

§ Drilling is estimated to take approximately four weeks to complete, with
downhole gamma results released to the market as they become available.

 

Photo 1: Envirotech drill rig at Groundhog Prospect

 

Alastair Clayton - Executive Chairman, Thor Energy Plc, commented:

"We are pleased to report drilling has now commenced at our Wedding Bell
Project, with the RC drill programme commencing at our Groundhog Mine
Prospect. The program is anticipated to last four weeks, with downhole gamma
results released to the market as they become available."

 

 

 

Figure 1: Drill collars at the Groundhog Mine Prospect showing 2024 proposed
collars in blue

 

Figure 2: 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.

 

Thor Energy PLC

Alastair Clayton, Executive Chairman

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

 

SI Capital Limited (Joint Broker)

Nick Emerson

Tel: +44 (0) 1483 413 500

 

Yellow Jersey (Financial PR)

Dom Barretto / Shivantha Thambirajah / Bessie Elliot

thor@yellowjerseypr.com (mailto:thor@yellowjerseypr.com)

Tel: +44 (0) 20 3004 9512

 

Competent Person Statement

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.

 

About Thor Energy Plc

The Company is focused on uranium, energy metals and recently Hydrogen and
Helium that are crucial in the shift to a 'green' energy economy. Thor has
several highly prospective projects that give shareholders exposure to
uranium, vanadium, copper, tungsten, lithium, nickel and gold, located in the
favourable mining jurisdictions of 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 region of Colorado and
Utah, with historical high-grade uranium and vanadium drilling and production
results.

Thor has signed a binding agreement to hold an 80% interest in Go Exploration
Pty Limited, an Australian early mover company in the exploration of naturally
occurring hydrogen and helium resources in South Australia.

At Alford East in South Australia, Thor has earnt 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.

Thor also holds a 26.3% interest in a private Australian copper development
company EnviroCopper Limited (ECL), which Kapunda copper mine and the Alford
West copper project, both situated in South Australia, and both considered
amenable to recovery by way of ISR. Alligator Energy recently invested A$0.9M
for a 7.8% interest in ECL with the rights to gain a 50.1% interest by
investing a further A$10.1m over four years.

Thor holds 75% interest (with Investigator Resources 25%) 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 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.

For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at https://thorenergyplc.com/
(https://thorenergyplc.com/) .

 

The Company notes that for the relevant market announcements noted above, it
is not aware of any new information or data that materially affects this
information and that all material assumptions and technical parameters
underpinning any estimates continue to apply and have not materially changed.

 

 

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