REG - Thor Energy PLC - Airborne Magnetic & Radiometric Surveys Commence

Thor EnergyAnnouncement

31/05/2023 07:00

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RNS Number : 1454B  Thor Energy PLC  31 May 2023

 

31 May 2023

Thor Energy Plc

 

("Thor" or the "Company")

 

High-Resolution Airborne Magnetic & Radiometric Surveys Commence

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 commencement of detailed airborne 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 (Figure 1).

 

Project Highlights:

§ The aeromagnetic and radiometric data will advance exploration over untested areas within the three projects and identify any potential extensions to known mineralisation. The work is expected to continue to produce results over the next six weeks.
§ Drill permitting process has commenced for follow-up drilling from the successful 2022 Program, at Rim Rock, Groundhog and Section 23, Wedding Bell Project.

§ This is the first airborne survey since the late 1970s over the region and
the first ever high-resolution survey conducted over Thor's project areas.

 

Photo 1: Helicopter-borne Magnetic and Radiometric Survey

 

Nicole Galloway Warland, Managing Director of Thor Energy, commented:

 

"We are pleased to announce the commencement of these high-resolution
aeromagnetic and radiometric surveys, across all three of Thor's 100% owned
uranium and vanadium projects.  The data set will expedite our exploration
programs, with any significant anomalies to be "ground checked" and
prioritised for drill testing.

 

"Drill permitting is underway for our next round of drilling at Wedding Bell,
following up on our 2022 drilling results."

 

Magnetic and Radiometric Survey:

 

The helicopter-borne high-resolution aeromagnetic and radiometric surveys will
cover all three projects, with a detailed line spacing of 50m and a flight
height of 30m, for a total of 986 line kilometres. The surveys will be
oriented north-south at the Wedding Bell Project and east-west at Vanadium
King Project.

 

Radiometric surveys map out the natural spatial distribution of the three
radioactive elements (potassium (K), thorium (Th) and uranium (U)) in the
earth's crust. It assists with highlighting 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.  The
aeromagnetic data will assist by defining key controlling basinal structures
that may define higher-grade areas.

 

The surveys are being flown by Precision GeoSurveys Inc, a Canadian company
that is experienced in flying surveys in this area.

 

Next Steps:

1.   Full processing of the survey results is estimated to take around 6
weeks for delivery, followed by ground truthing of any anomalies identified,
followed by drill testing.

2.   Drilling approvals have commenced for follow-up drilling to the 2022
program at Section 23, Rim Rock, and Groundhog prospect at the Wedding Bell
Project.

 

 

Figure 1: 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 1935

 Ray Ridge, CFO / Company Secretary                       Tel: +61 (8) 7324 1935
 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 207 220 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 / Bessie Elliot    Tel: +44 (0) 20 3004 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 (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
Estimate¹.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.²³

Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, 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.⁵
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
(http://www.thormining.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
(http://www.thormining.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
(http://www.thormining.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
(https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)

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