REG - Thor Energy PLC - High Grade Uranium and Vanadium Assays Results
29/02/2024 07:15
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RNS Number : 9363E Thor Energy PLC 29 February 2024
29 February 2024
Thor Energy PLC
("Thor" or the "Company")
High Grade Uranium and Vanadium Assays
Wedding Bell and Radium Mountain Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide an update on the uranium and vanadium assay results from
the recently completed reverse circulation ("RC") drilling program on the
Company's 100% owned Wedding Bell and Radium Mountain Projects, located in the
uranium-vanadium mining district of the Uravan Mineral Belt, southwest
Colorado, USA (Figure 1).
Highlights:
§ Assays return up to 3,0348 ppm (3.0%) V(2)O(5) vanadium pentoxide, with
uranium assay grades up to 6,250ppm (0.63%) U(3)O(8), consistent with the
high-grade downhole gamma uranium results (ASX/AIM: 4 December 2023) (Figure
5).
§ Significant uranium and vanadium assay results include:
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
Including, 1.8m @ 2999ppm (0.3%) U(3)O(8) and 14912ppm
(1.5%) V2O5 from 82m.
23WBR011: 6.1m @ 563ppm (0.06%)
U(3)O(8) and 9100ppm (0.9%) V(2)O(5) from 74.7m
Including, 1.5m @ 1624ppm (0.16%) U(3)O(8) and 19637ppm
(2.0%) V(2)O(5) from 76.2m.
23WBR016: 3m @ 636ppm (0.06%)
U(3)O(8) and 4677ppm (0.5%) V(2)O(5) from 67.0m
Including, 1.5m @ 1044ppm (0.1%) U(3)O(8) and 4677ppm
(0.5%) V(2)O(5) from 67.0m.
23WBR019: 1.2m @ 1112ppm
(0.11%) U(3)O(8) and 3744ppm (0.4%) V(2)O(5) from 90.8m,
§ Vanadium mineralisation forms broad zones adjacent to the uranium
mineralisation, with an average vanadium-to-uranium ratio of 10:1, which is
typical of the Uravan Mineral Belt.
§ Preparations have commenced for 2024 resource drilling (infill and
extension) at Rim Rock and Groundhog mine areas, with additional prospects
also to be assessed for drilling including Edna May and Babe Ruth/Diana Mine
areas (Figure 2).
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"The high-grade uranium (up to 0.6%) and vanadium (1.8%) assay results confirm
the high-grade nature of the Saltwash style sandstone uranium systems, within
the prolific Uravan Mineral Belt. The assay results also confirm the presence
of wide intervals of high-grade uranium mineralisation within a halo of
vanadium mineralisation.
"Whilst these 100% owned projects are uranium assets, the 10:1
vanadium-to-uranium confirms the rich vanadium endowment.
"This drilling program stepped out from the 2022 drill program, with drilling
around the Groundhog and Rim Rock mines confirming mineralisation remains open
along strike from historic workings.
"Preparations are now underway for a larger RC program and diamond drilling at
Groundhog and Rim Rock prospects, chasing high-grade mineralisation along
strike, as well as infill drilling for Resource definition."
Figure 1: USA Uranium and Vanadium Project Location Map within the Uravan
Mineral Belt
Figure 2: Drillhole location plan, Wedding Bell and Radium Mountain Projects,
Colorado
Upcoming News Flow:
§ Detailed mineralisation and geological interpretations combining the 2022
and 2023 drilling results
§ 2024 RC and diamond resource drilling (infill and extension) at Rim Rock
and Groundhog mine areas
§ RC Prospect drilling
§ Maiden drilling at Vanadium King, Utah
Wedding Bell and Radium Mountain Project, Colorado:
The chemical assay results relate to the recently completed RC drill program
at the Wedding Bell Project, comprised 23 shallow drillholes, totalling 2,737m
(ASX/AIM: 4 December 2023) (Figure 2).
The program successfully identified shallow (maximum depth is 125m at Section
23 and above 100m at Rim Rock and Groundhog), uranium and vanadium
mineralisation in all holes; drilled at Section 23, Rim Rock Mine and
Groundhog Mine (Figure 2, Table A and B). Uranium mineralisation is hosted
within reduced sandstones close to the oxidation/reduction contact (redox
front) within the Salt Wash Sandstone (Figure 3 and Photo 2) of the Jurassic
Morrison Formation (Figure 1 and Figure 5). The Salt Wash Sandstone comprises
four distinct massive, laterally continuous, ledge-forming sandstone layers
(locally called "rims"), interbedded by thin siltstone and clay layers. This
is the primary lithology for historic uranium and vanadium production in the
Uravan Mineral Belt.
The vanadium mineralisation forms extensive broader zones or haloes, adjacent
to the uranium mineralisation. The vanadium-to-uranium ratio averages roughly
10:1, which is typical of the Uravan Mineral Belt. The exploration focus is on
defining uranium mineralisation, with vanadium as a secondary endowment.
Copper (Cu), base metals (Pb, Zn), Molybdenum (Mo) and Selenium (Se) are
path-finder elements associated with the uranium and vanadium mineralisation
and can be used to determine the direction of the roll front of the uranium
mineralising system (Figure 3, Figure 4, and Photo 2). Copper values are up to
0.82% Cu and silver reported up to 55ppm Ag.
Chemical assays reported:
23WBRA015: 0.61m @ 190ppm U(3)O(8), 3963ppm V(2)O(5), 55.2g/t Ag and 8260ppm
Cu from 58.83m
Groundhog Mine area drilling, comprising seven drillholes was designed to test
areas along strike of historic mine workings predominately in the second and
third sandstone rim (above 100m depth). 23WBRA020 returned the highest uranium
and vanadium intercepts of 0.91m @ 0.69% eU(3)O(8) uranium (downhole gamma)
and 0.6m @ 0.62% U(3)O(8) uranium (assay) and 1.8% V(2)O(5) vanadium within a
grey reduced sandstone (Figure 2 and 6). Further work is required to correlate
these results with historic mine working levels and the 2022 drilling.
Chemical assays reported:
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
Including, 1.8m @ 2999ppm (0.3%) U(3)O(8) and 14912ppm
(1.5%) V2O5 from 82m
Drilling at Rim Rock Mine area (seven drillholes) has identified high-grade
zones of up to 0.32% eU(3)O(8) uranium and up to 1.8% V(2)O(5) vanadium
adjacent to, as well as along strike from the historic workings (Figure 3 and
7). Uranium and vanadium mineralisation appears to be concentrated in the
third sandstone rim of the Salt Wash Sandstone, approximately 60m below
surface. Further work is required to correlate these results with historic
mine workings and the 2022 drilling, to delineate mineral resources.
Chemical assays reported:
23WBR011: 6.1m @ 563ppm (0.06%)
U(3)O(8) and 9100ppm (0.9%) V(2)O(5) from 74.7m,
Including, 1.5m @ 1624ppm (0.16%) U(3)O(8) and 19637ppm
(2.0%) V(2)O(5) from 76.2m
Section 23 is an underexplored area with no historic workings. The drilling
(nine drillholes) was designed to test stratigraphic extensions to
mineralisation in the Salt Wash Sandstone, targeting the uranium
mineralisation identified from the first pass drilling program in 2022, as
well as testing a portion of the airborne radiometric anomalies (Figure 8).
The initial data review of the drilling has identified uranium mineralisation
in all four sandstone rims within the Salt Wash Sandstone Member, increasing
the potential for multiple mineralised zones in this area. Pathfinder
geochemistry in 23WBRA009 and 23WBRA005 indicates roll front fluid pathway,
which identifies the uranium mineralisation potential in the southwest.
Photo 1: Uranium-Vanadium roll front in Salt Wash Sandstone at Sunday Complex
Mine, Uravan Mineral Belt Photo taken by Nicole Galloway Warland, with
permission to use from Western Uranium and Vanadium LLC
Figure 5: 23WBRA020 showing consistency of downhole gamma uranium readings
next to assay results for uranium and vanadium with geology.
Uranium Outlook
Favourable long-term fundamentals continue to drive the uranium spot price up
(Figure 2). Key drivers include:
§ Nuclear Energy: Sentiment around reliable baseload clean nuclear energy has
increased, with 24 countries pledging to triple nuclear capacity by 2050.
§ Geopolitical instability and national supply security: Russian invasion of
Ukraine, Niger Coup d'état and Kazakhstan production uncertainty reiterate
the significance of national supply security.
§ Supply-demand deficit: Utilities are expected to self-sanction and refrain
from signing contracts, with Russian entities accompanied by government
legislation, current supply below reactor demands, with uncertainty around
production forecasts (Figure 3).
Figure 9: Uranium Spot Price. Source:
https://tradingeconomics.com/commodity/uranium
(https://tradingeconomics.com/commodity/uranium)
Figure 10: Supply-Demand Deficit. Source:
https://www.cameco.com/invest/markets/supply-demand
Table A: Uranium and vanadium Intercepts above 100ppm U(3)O(8)
Prospect Drill Hole Depth from Depth To m Interval m U(3)O(8) ppm V(2)0(5) ppm
Section 23 23WBRA001 No Significant intercepts
Section 23 23WBRA002 101 102.11 1.52 118 712
Section 23 23WBRA003 99 99.67 0.61 60 666
Section 23 23WBRA004 101 102.41 1.22 176 1550
Section 23 including 101.19 101.80 0.61 248 2169
Section 23 23WBRA005 101.19 101.80 0.61 565 1350
Section 23 23WBRA006 121.92 125.27 3.35 79 1513
Section 23 23WBRA007 121.92 123.44 1.52 69 843
Section 23 and 124.05 124.66 0.61 94 766
Section 23 23WBRA008 No significant intercepts
Section 23 23WBRA009 123.44 126.49 3 303 2371
Rim Rock 23WBRA0010 51.82 54.86 3 163 1148
Rim Rock including 53.34 54.86 1.5 212 1316
Rim Rock 23WBRA0011 73.15 80.77 7.6 463 7404
Rim Rock including 74.68 80.77 6.1 563 9100
Rim Rock including 76.20 77.72 1.5 1621 19637
Rim Rock 23WBRA0012 62.48 65.84 3.4 514 454
Rim Rock including 62.48 64.01 1.5 952 98
Rim Rock and 65.23 65.84 0.6 100 2392
Rim Rock 23WBRA0013 60.96 62.48 1.5 745 1392
Rim Rock and 65.23 66.45 1.2 241 1861
Rim Rock 23WBRA0014 56.39 59.74 3.4 250 1801
Rim Rock including 58.52 59.13 0.6 522 5124
Rim Rock 23WBRA0015 57.61 59.44 1.8 218 3371
Rim Rock 23WBRA0016 67.06 70.1 3.0 636 4677
Rim Rock including 67.06 68.58 1.5 1044 7141
Groundhog 23WBRA0017 88.39 91.44 3.0 154 586
Groundhog 23WBRA0018 89.61 90.22 0.6 1179 8426
Groundhog and 90.83 91.44 0.6 38 3071
Groundhog 23WBRA0019 90.83 92.05 1.2 1112 3744
Groundhog 23WBRA0020 81.99 86.87 4.9 1199 6306
Groundhog including 81.99 83.82 1.8 2999 1,4912
Groundhog including 82.60 83.21 0.6 6250 3,0348
Groundhog 23WBRA0021 80.77 82.60 1.2 90 503
Groundhog 23WBRA0022 82.30 88.39 6.1 280 3866
Groundhog including 83.82 86.87 3.0 466 5945
Groundhog 23WBRA0023 Not sampled
*Minor rounding errors from feet to metre conversion
Table B: Drill Collar Details (WGS84 Zone 12)
Prospect Hole ID Easting Northing Elevation (m) Azimuth Dip Hole Depth (m)
Section 23 23WBRA001 690892 4222825 2043 360 -90 148
Section 23 23WBRA002 690924 4222795 2044 360 -90 142
Section 23 23WBRA003 690862 4222796 2043 360 -90 142
Section 23 23WBRA004 690893 4222765 2046 360 -90 145
Section 23 23WBRA005 690883 4222717 2048 360 -90 142
Section 23 23WBRA006 690759 4222867 2039 360 -90 142
Section 23 23WBRA007 690728 4222837 2042 360 -90 142
Section 23 23WBRA008 690751 4222815 2042 360 -90 142
Section 23 23WBRA009 690826 4222762 2043 360 -90 142
Rim Rock 23WBRA010 687970 4225686 2022 360 -90 57
Rim Rock 23WBRA011 688010 4225566 2038 360 -90 99
Rim Rock 23WBRA012 687957 4225545 2030 360 -90 94
Rim Rock 23WBRA013 687976 4225613 2030 360 -90 99
Rim Rock 23WBRA014 688000 4225656 2026 360 -90 99
Rim Rock 23WBRA015 687939 4225656 2022 360 -90 99
Rim Rock 23WBRA016 687937 4225413 2040 360 -90 148
Groundhog 23WBRA017 688089 4224022 2098 360 -90 104
Groundhog 23WBRA018 688051 4224007 2100 360 -90 104
Groundhog 23WBRA019 688047 4224017 2102 360 -90 105
Groundhog 23WBRA020 688093 4223969 2092 360 -90 105
Groundhog 23WBRA021 688123 4223999 2092 360 -90 99
Groundhog 23WBRA022 688218 4224064 2089 360 -90 105
Groundhog 23WBRA023 688435 4224036 2091 360 -90 136
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 / Isaac Hooper
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 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.
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 X
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 in Colorado and Utah,
USA with historical high-grade uranium and vanadium drilling and production
results.
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
Estimate¹.
Thor also holds a 26.3% interest in Australian copper development company
EnviroCopper Limited (ECL), 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 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 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 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.
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)
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.
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)
1 JORC Code, 2012 Edition - Table 1
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Reverse circulation drill samples were collected off the cyclone at 5ft (1.5m)
specific specialised industry standard measurement tools appropriate to the intervals and split to 3kg (with 2ft samples collected through mineralised
minerals under investigation, such as down hole gamma sondes, or handheld XRF zones.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. An pXRF (Olympus Vanta Series C) and spectrometer (Mt. Sopris SC-132 )
reading was taken for each sample.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. All the holes were electric-logged (e-logged), on a call-out basis, by Jet
West of Farmington, New Mexico. Jet West followed industry standards for
· Aspects of the determination of mineralisation that are Material to probing holes on uranium properties. They calibrate their gamma probes at
the Public Report. the Department of Energy test pits located in Grants, New Mexico. Logs run
were natural gamma, single point resistivity (SPR), self-potential (SP),
· In cases where 'industry standard' work has been done this would be deep and medium induction resistivity (DIR and MIR), and selected holes had
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m directional surveys done. First-pass logging speeds were 35 ft
samples from which 3 kg was pulverised to produce a 30 g charge for fire (10.7m)/minute and for gamma reruns, logging rates were 10 ft
assay'). In other cases more explanation may be required, such as where there (3.05m)/minute. On first-pass runs gamma readings were taken every 0.3 ft
is coarse gold that has inherent sampling problems. Unusual commodities or (10cm), and for reruns, every 0.1 ft (3.0cm).
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. Anomalous samples were sent to ALS Canada for analysis -4 acid multi element
ICP-MS +Uranium (ME-MS61U)
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Track mounted reverse circulation rig (5.5inches).
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).
All vertical holes
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Sample recovery was good with no variation within mineralised zones. Each
results assessed. drill cutting pile size is logged and any deviation from expected was raised
with the driller, and if undersize, to check for blockages.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. No sample biases expected, and no relationship is known to exist between
sample recovery and grade.
· 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 All chip samples are qualitatively geologically logged (lithology, structure,
geotechnically logged to a level of detail to support appropriate Mineral alteration, mineralisation (based on scintillometer cps for each interval),
Resource estimation, mining studies and metallurgical studies. weathering, colour and other features).
· Whether logging is qualitative or quantitative in nature. Core (or No mineral resource estimation, mining studies or metallurgical studies have
costean, channel, etc) photography. been conducted at this stage, but samples have been logged in sufficient
detail to use for this function.
· The total length and percentage of the relevant intersections logged.
During the logging process representative samples are stored in chip trays for
future reference. The RC chip trays are photographed and electronically
stored.
Sub- sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Samples were collected as described in the above sampling technique section.
taken.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. All holes e-logged by Jet West.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
Based on elogging gamma results a selection of samples were sent to ALS Canada
· Quality control procedures adopted for all sub-sampling stages to for analysis
maximise representivity of samples.
Samples were collected as described in the above sampling technique section.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field Sampling is carried out using standard protocols and QAQC procedures as per
duplicate/second-half sampling. industry practice.
· Whether sample sizes are appropriate to the grain size of the Field QAQC procedures for drilling involved the use of a certified standard,
material being sampled. blank and field duplicate sample submitted These are routinely checked against
originals.
X samples (including QAQC samples) were sent to ALS Laboratories, Vancouver.
Sample preparation includes sorting, drying, followed by pulverising (PUL32).
Sample preparation included sorting, drying, followed by pulverising.
Analysis was 4 acid multi element ICP-MS +Uranium (ME-MS61U)
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and All the holes were electric-logged (e-logged), probes are calibrated at the
laboratory procedures used and whether the technique is considered partial or Department of Energy test pits located in Grants, New Mexico. Logs run were
total. natural gamma, single point resistivity (SPR), self-potential (SP), deep and
medium induction resistivity (DIR and MIR), and selected holes had directional
· For geophysical tools, spectrometers, handheld XRF instruments, etc, surveys done. First-pass logging speeds were 35 ft (10.7m)/minute and for
the parameters used in determining the analysis including instrument make and gamma reruns, logging rates were 15 ft (4.6m)/minute. On first-pass runs
model, reading times, calibrations factors applied and their derivation, etc. gamma readings were taken every 0.3 ft (10cm), and for reruns, every 0.1 ft
(3.0cm).
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of Handheld pXRF readings
accuracy (ie lack of bias) and precision have been established.
readings are taken on -2mm sieved samples on every drill sample interval,
using an Olympus Vanta Series C with a 40 second reading time.
Instrument is calibrated at start of each day, along with QAQC of 1 standard
and 1 blank. External instrument calibration completed annually.
64 samples (plus QAQC samples) were sent to ALS Laboratory Vancouver, Canada
for 48 element four acid digest ICP-MS (ME-MS61U).
Verification of sampling and assaying · The verification of significant intersections by either independent All significant intersections have been verified by an onsite geologist.
or alternative company personnel.
There are no twinned drillholes.
· The use of twinned holes.
All drilling data is collected in a series of templates in excel including
· Documentation of primary data, data entry procedures, data geological logging, sample information, collar and survey information.
verification, data storage (physical and electronic) protocols.
All data is digitally recorded in the company's electronic database, managed
· Discuss any adjustment to assay data. by external database company utilising Datashed5 software.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Drill collars were surveyed using a handheld Garmin 64 GPS with an accuracy of
and down-hole surveys), trenches, mine workings and other locations used in +/-3m. Grid system is WGS84 UTM zone 12. All holes were vertical
Mineral Resource estimation.
Topographic control using the GPS is suitable for early- stage exploration.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Data spacing for preliminary exploration work is deemed sufficient on a
first-pass basis to assess areas of potential. Such areas of potential may
· Whether the data spacing and distribution is sufficient to establish be further assessed by more detailed work.
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 Orientational bias is not applicable to the drilling at this stage but samples
possible structures and the extent to which this is known, considering the and drill lines were orientated approximately perpendicular to the assumed
deposit type. strike of mineralisation. The vertical holes were oriented approximately
perpendicular to the very gently (-4degree) NE dipping stratabound
· If the relationship between the drilling orientation and the mineralization.
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. Samples are kept in a secure facility.
Sample Security levels are considered appropriate for RC Drilling.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. None undertaken. Thor's sampling procedure conforms to industry standard
practice and each assay program is reviewed internally for any discrepancies.
1.1Section 2: Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Mineral rights are held by the U.S. Government, who transfers those rights to
agreements or material issues with third parties such as joint ventures, holders of valid mining claims located on open ground through the General
partnerships, overriding royalties, native title interests, historical sites, Mining Law of 1872, as amended by other Federal, State and County
wilderness or national park and environmental settings. regulations. Claim holders, with a few exceptions that don't apply to this
project, must make annual payments to the government to maintain their
· The security of the tenure held at the time of reporting along with rights. Holder of valid claims can transfer their rights to others.
any known impediments to obtaining a licence to operate in the area. Surface ownership is also by the U.S. and managed by the Bureau of Land
Management.
Thor's property position consists of 199 unpatented mining claims (approx.
1,663Ha), leased from underlying owners.
If Thor meets its' contractual obligations and keeps the claims in good
standing with the US, then the security of tenure should be good.
Depending on the location of the drill holes, the license to operate in the
area is a function of permitting at differing levels of government (Local,
State and Federal). The holes were in two contiguous Counties (San Miguel
and Montrose). In addition to the normally required State and Federal
permitting, San Miguel County imposes its' own set of regulations. Montrose
County, on the other hand, is content to defer to the State and Federal
governments. To date, Thor has met those permitting requirements.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. There are no systems of consistent data archiving for mineral exploration or
exploitation done under the Mining Law on Federal or on other lands within the
State of Colorado. Furthermore, with some exceptions, there was not, nor is
not, a requirement that explorers provide copies of their data to governmental
agencies. That data was retained by private entities. It now exists in a
piecemeal manner, with the data having been discarded, abandoned or available
by vendors that managed to acquire and store some of it over the years.
Thor's properties have bountiful surface evidence of historic drill
exploration, and in some cases, mining exploitation, which appears to be
mostly from the 1950's through the early 1970's. There are several mines
located in the western portion of the property. Unpublished reports list
these mines as producing, in aggregate, over 700,000 lbs (318,181 kg) of
uranium. To the author's knowledge, very little of the historic drilling or
mining data is available to Thor, and certainly not enough to help guide an
exploration program. Anecdotal evidence suggests that some of the work on
the property was done by Union Carbide (now defunct), the largest company that
worked in the Uravan Mineral Belt.
Geology · Deposit type, geological setting and style of mineralisation. According to the USGS Bulletin 1693 (Cox, D.P., and Singer, D. A., eds.,
1986), the Deposit Model for the project is Sandstone Uranium - Tabular
subtype.
Drill hole Information · A summary of all information material to the understanding of the Tables, plans and sections summarising significant drill results are included
exploration results including a tabulation of the following information for in the report
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 aggregation methods · In reporting Exploration Results, weighting averaging techniques, Gamma data was aggregated to determine equivalent uranium oxide grades (%
maximum and/or minimum grade truncations (eg cutting of high grades) and eU3O8), thicknesses and base of mineralization. Uranium grades and thicknesses
cut-off grades are usually Material and should be stated. were based on the "Uravan Method", originally devised by the AEC, which is a
manual graphic method based on the shape of the gamma curve on an e-log. It
· Where aggregate intercepts incorporate short lengths of high-grade consists of, for a single peak, determining the cps for the peak, and using
results and longer lengths of low-grade results, the procedure used for such one-half that value to determine the upper mineralization boundary.
aggregation should be stated and some typical examples of such aggregations Successive cps picks on 0.5 ft (15.2cm) intervals are taken until the last
should be shown in detail. interval drops below the one-half peak value. This is the lower
mineralization boundary. These boundary values, plus the intervening 0.5 ft
· assumptions used for any reporting of metal equivalent (15.2cm) interval values, are used, in conjunction with parameters such as
hole diameter, whether or not the hole is dry or water-filled, if the hole is
· The values should be clearly stated. probed in an open or cased or through drill steel, gamma detector dead time
and tool specific K factors, to arrive at a grade in %eU3O8, thickness and the
base of mineralization, of each peak. Slight modifications to the method are
made if more than one peak occurs close together.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of All results are assumed to be true width but is not definitively known at this
Exploration Results. stage.
· 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 Appropriate maps and sections are included in the 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 All results have been reported
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 No meaningful or material information has been omitted from this release.
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 The drill results suggest that several areas of potentially economic
extensions or depth extensions or large-scale step- out drilling). mineralization could be investigated in greater detail. A couple of these
areas have had historic mining in the vicinity. Maps of where they mined are
· Diagrams clearly highlighting the areas of possible extensions, scarce, so any delineation work needs to be cognisant of that mining
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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