REG - Thor Energy PLC - Alford West Project Survey Results
17/04/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230417:nRSQ3405Wa&default-theme=true
RNS Number : 3405W Thor Energy PLC 17 April 2023
17 April 2023
Thor Energy Plc
("Thor" or the "Company")
Geophysics Delineates Structures that host Copper-Gold Mineralisation
Alford West Copper-Gold Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR,
OTCQB: THORF) are pleased to announce the results from the Ambient Noise
Tomography ("ANT") survey at the Alford West Project, South Australia, by 30%
owned EnviroCopper Limited ("ECL").
Highlights:
§ ANT survey using Exosphere by Fleet® successfully delineates the weathered "trough" like structures that host oxide copper-gold mineralisation within the Alford Copper Belt (Figure 1 - 4).
§ The subsurface ANT results will be integrated with historical drilling data to generate a new drilling program, targeting higher-grade oxide copper-gold mineralisation.
§ Future drilling will be focused on areas with low-density contrast which have been shown to host oxidised copper mineralisation, amenable to potential In-Situ Copper Recovery ("ISCR").
§ The geophysical survey was partially funded (up to A$30,000) by the South Australian Government Accelerated Discovery Grant ("ADI") awarded to ECL.
Figure 1: 3D model showing the deeply weathered "trough" structure, host to
oxide copper-gold mineralisation in the Alford Copper Belt.
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"This low-impact ANT survey was extremely successful in subsurface mapping, in
particular delineating the weathered "trough" structures which host the oxide
copper-gold mineralisation within the Alford Copper Belt; with further
processing and modelling, it will potentially highlight the higher-grade
mineralised zones within these structures.
"The use of the ExoSphere by Fleet ® has enabled ECL to be more efficient in
exploration, minimising the environmental impact and improving drilling
targeting.
"We look forward to updating the market as the subsurface maps are further
refined with drill targets."
Figure 2: Alford West Project (ECL) Location Map (Left) and Tenement Map
(right) with Thor's Alford East Project.
Geophysics Survey
As part of its South Australian Government Accelerated Discovery Initiative
grant, ECL carried out an ANT survey over a portion of the Alford West project
using ExoSphere by Fleet® (Figure 1). This technology is a particularly
low-impact form of exploration and uses environmental vibrations in the
ground, caused by ocean waves, weather or traffic, to analyse the earth's
make-up down to 2000m depth.
The technology uses compact, battery-powered smart sensors called Geodes
collecting raw data. It can pre-process that data and deliver it directly
via Fleet's satellite connectivity. This technology means fewer drill holes,
much lower environmental impact and less time on the land, which fits with
ECL's corporate objectives of minimising the impact of recovering metals
necessary to aid the green energy transition.
The survey delineated the deep weathered "trough" like structures in the survey area, that host the oxide copper-gold mineralisation within the Alford Copper Belt (Figure 2- 4). With further processing and modelling, it may be possible to highlight mineralised zones within these structures.
The subsurface ANT results will be integrated with information that has been historically gathered by traditional air core and diamond drilling. This will result in drill targets with potential for higher-grade oxide copper-gold mineralisation.
The speed and minimal impact of this technique compared with traditional
drilling mean that exploration impacts for landowners are kept to an absolute
minimum. ECL is currently combining the ANT data with other forms of
low-impact, remotely sensed data to further improve the definition of these
mineralised zones.
The ExoSphere program by Fleet Space Technologies consisted of laying an array of 40 lightweight, battery-powered surface sensors called Geodes over a paddock of 0.45km² to measure naturally occurring environmental seismic vibrations in the ground (caused by ocean waves, weather and traffic) in real-time over a 10-day period (Photo Plate 1). The Geodes collect and deliver information in near real-time to Fleet Space's satellite network.
Figure 3: Historic drillhole at Wombat Prospect highlighting the deeply
weathered "trough" structure hosting the oxide copper-gold mineralisation.
Source: http://saemc.com.au/archive/2017/17drown.pdf
(http://saemc.com.au/archive/2017/17drown.pdf)
Photo Plate 1: Deploying sensors (Geodes) at Alford West, note the minimum
surface disturbance.
Accelerated Discovery Initiative ("ADI")
The ANT survey is partially funded (up to A$30,000) by the South Australian Government Accelerated Discovery Grant (ADI) geophysics grant, received by ECL in 2022.
The ADI aims to encourage innovation and collaboration to advance exploration activities in South Australia. It provides a government contribution towards exploration activities by supporting the potential discovery of new mineral and groundwater resources, while delivering a number of other economic and social benefits to the State.
About EnviroCopper Limited ("ECL")
Thor holds a 30% interest in ECL, which is a public, unlisted company, with
In-Situ Recovery Copper projects at Kapunda
(https://www.envirocopper.com.au/kapunda-isr-project) and Alford West
(https://www.envirocopper.com.au/alford-west-project) , South Australia
(Figure 1). ECL manage the Alford West Project in a Joint Venture with the
tenement holder Andromeda to earn up to a 75% interest in the mineral rights
over metals recoverable via ISCR. (ASX/AIM announcement: 11 November 2020).
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 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/
(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/
(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)
(
)
1. 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or No new drilling or surface sampling in this release.
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · THR is reporting the results of an ambient noise tomography survey
instruments, etc). These examples should not be taken as limiting the broad conducted by EnviroCopper Ltd. And Fleet Space Technologies which commenced on
meaning of sampling. the 21 Feb 2023 and finished on the 24 Feb 2023
· Include reference to measures taken to ensure sample representivity · The Ambient Noise Tomography data was acquired using Fleet Space Technology
and the appropriate calibration of any measurement tools or systems used. Geodes.
· Aspects of the determination of mineralisation that are Material to · The Geode specifications are as follows:
the Public Report.
- 1-component (vertical) 2Hz geophones
· In cases where 'industry standard' work has been done this would be - Sensitivity: 260 V/m/s
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 - Sampling rate: 20Hz
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or - Recording mode: continuous
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. - Preamplifier gain: 32 (linear)
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, Not applicable - No drilling reported
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 recovery · Method of recording and assessing core and chip sample recoveries and Not applicable - No drilling reported
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 · Whether core and chip samples have been geologically and Not applicable - No drilling reported
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 techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Not applicable - No drilling reported
taken.
· 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.
Criteria JORC Code explanation Commentary
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and No drilling reported. EnviroCopper Ltd. and Fleet Space Technologies conducted
laboratory procedures used and whether the technique is considered partial or the ANT survey.
total.
· The ANT data was acquired using Fleet Space Technology Geodes
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and · The Geode specifications are as follows:
model, reading times, calibrations factors applied and their derivation, etc.
- 1-component (vertical) 2Hz geophones
· Nature of quality control procedures adopted (eg standards, blanks, - Sensitivity: 260 V/m/s
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. - Sampling rate: 20Hz
- Recording mode: continuous
- Preamplifier gain: 32 (linear)
Verification of sampling and assaying · The verification of significant intersections by either independent ANT - Data received is preliminary in nature and is being reviewed by Fleet
or alternative company personnel. Space Technologies.
· The use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar No drilling reported
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. § ANT - Data using a handheld GPS
· Specification of the grid system used. § GDA94 Zone 53.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. ANT line spacing is appropriate for exploration purposes
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of ANT grid covers the roughly East-West trending weathered zone.
possible structures and the extent to which this is known, considering the
deposit type.
· 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 security · The measures taken to ensure sample security. No sampling reported
Audits or reviews · The results of any audits or reviews of sampling techniques and data. None undertaken
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Exploration results are reported on EL 5984 in South Australia held 100% by
agreements or material issues with third parties such as joint ventures, Penninsula Resources Ltd. EnviroCopper Ltd is earning into a joint venture on
partnerships, overriding royalties, native title interests, historical sites, the Alford West Project. The tenement is secure under SA legislation and is in
wilderness or national park and environmental settings. good standing.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. Alford West is a mature exploration with considerable work undertaken over the
years by several groups including Red Metals, Western Mining and Adelaide
Resources. The area has been subject to considerable historic drilling
including RC, Diamond and Air Core drilling programs
Geology · Deposit type, geological setting and style of mineralisation. Primary deposits in the region are considered to be of Iron Oxide Copper Gold
(IOCG) affinity, related to the 1590Ma Hiltaba/GRV event. Cu-Au-Mo-Pb
mineralisation is structurally controlled and associated with significant
metasomatic alteration and deep weathering or kaolinisation of host rocks.
Drill hole Information · A summary of all information material to the understanding of the No drilling has been undertaken or reported
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
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 aggregate methods · In reporting Exploration Results, weighting averaging techniques, Only field observations have been reported. There has been no data
maximum and/or minimum grade truncations (eg cutting of high grades) and aggregation.
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.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated
Relationship between mineralisaton widths and intercept lengths · These relationships are particularly important in the reporting of No drilling has been undertaken or reported
Exploration Results.
· 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 and sections (with scales) and tabulations of See body of report
intercepts should be included for any 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 · Where comprehensive reporting of all Exploration Results is not ANT data is reported for Alford West.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be All data have been reported
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral It is anticipated that the weathered zone identified from the ANT survey will
extensions or depth extensions or large-scale step- out drilling). be drill tested to evaluate hydrogeological parameters.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLIFMTTMTTBBJJRecent news on Thor Energy
See all newsREG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
AnnouncementREG - Thor Energy PLC - Completion of Stage 1 Earn-In Commitment - Molyhil
AnnouncementREG - Thor Energy PLC - 3D Model Shows Alford East Copper Mineralisation
AnnouncementREG - Thor Energy PLC - Half-year Report
AnnouncementREG - Thor Energy PLC - High Grade Uranium and Vanadium Assays Results
Announcement