REG - Thor Energy PLC - Positive Vanadium Assay Results
24/04/2023 07:15
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RNS Number : 1426X Thor Energy PLC 24 April 2023
24 April 2023
Thor Energy Plc
("Thor" or the "Company")
Positive Vanadium Assay Results (Exploration Update)
Wedding Bell and Radium Mountain Uranium Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide an exploration update on the Company's 100% owned Wedding
Bell and Radium Mountain uranium and vanadium projects in the Uravan Mineral
Belt, Colorado, USA.
Project Highlights:
§ Assay results validate downhole gamma readings for uranium and confirm broader vanadium mineralisation.
§ Vanadium assay results include:
1.5m @ 2660ppm (0.27%) V(2)O(5) from 83.8m (22WB012A) - Groundhog
1.5m @ 1776ppm (0.18%) V(2)O(5) from 59.4m (22WB014) - Rim Rock
3.0m @ 1640ppm (0.16%) V(2)O(5) from 83.8m (22WB012) - Groundhog
1.5m @ 1026ppm (0.10%) V(2)O(5) from 83.8m (22WB011) - Section 23
§ Close-spaced airborne magnetics and radiometric survey to commence over all three projects, once the ground conditions are suitably dry.
§ Drill permitting has commenced for follow up drilling at both Wedding Bell and Radium Mountain.
Photo 1: 22WBRA012 - Uranium and vanadium mineralisation within reduced
(green) sandstone
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"We are pleased to receive these very encouraging vanadium assay results for
the selection of physical samples sent for analysis. The assay results
confirm the uranium mineralisation determined by downhole gamma and highlight
broader enriched vanadium haloes of up to 0.27% vanadium. These
vanadium-rich halos are typical of this style of 'Salt Wash' sandstone-hosted
uranium mineralisation.
"Drill permitting is underway for our next round of drilling at Wedding Bell,
and initial drilling at Vanadium King, Utah, following the airborne
geophysical survey. A close-spaced airborne radiometric and magnetics survey
is planned over all three projects area once the conditions are suitably dry
given there is still a small amount of snow and water at present on the
ground."
Next Steps:
The following activities are underway:
1. Detailed interpretation and modelling (combining new data with historic
records).
2. Continue to retrieve and review all historic data associated with the
projects, including the Vanadium King Project.
3. Fly airborne magnetic and radiometric surveys over all three projects -
pending suitable dry ground conditions.
4. Planned drilling, including follow-up at Wedding Bell and Radium
Mountain.
5. Commenced approvals for 2023 drilling programs.
Figure 1: USA Uranium and Vanadium Project Location Map within the Uravan
Mineral Belt.
Wedding Bell and Radium Mountain, Colorado Drilling Program:
Thor's initial drilling program, which was completed in November 2022
comprised of 15 shallow rotary air drillholes, confirming uranium
mineralisation along strike of historical workings at Rim Rock and Groundhog
Prospects, and within the newly tested Section 23 prospect (Figure 2). These
priority prospects lie within the Company's 100% owned Wedding Bell and Radium
Mountain Projects, located in the historic uranium-vanadium mining district
within the Uravan mineral belt, southwest Colorado, USA (Figure 1).
Uranium mineralisation determined by gamma downhole logging (conducted by Jet
West), was intersected at all three prospects, confirming the prospectivity of
the Projects by increasing and enhancing the uranium lateral continuity across
the Projects within the Salt Wash Member of the Morrison Formation (ASX/AIM:
21 December 2022).
"Saltwash type" sandstone-hosted uranium deposits, of the Uravan Mineral Belt
(Figure 1) are considered unique amongst the sandstone-hosted type of
deposits, as the amount of vanadium generally exceeds uranium. Based on
historic production figures, vanadium exceeds uranium at an average ratio of
5:1 in the Wedding Bell/Groundhog Project area 1 (#_ftn1) . Uranium occurs
primarily as uraninite and coffinite with oxidised tyuyamunite and carnotite,
while vanadium is mostly found in the mineral montroseite and vanadium-rich
alumino-silicates - tyuyamunite and carnotite.
For drillholes 22WBR010 to 22WBR014, where there are zones of visual interest
(reduced grey/green sandstone), with anomalous scintillometer values, physical
samples were collected for uranium and vanadium assay, as well as
multi-element analysis. Sixty-Seven (67) physical samples were collected and
sent to either the ALS laboratory or the Hazen laboratory (Table A and B and
Figure 2-4). The ALS laboratory would not receive samples above 0.3
millisieverts (mSv - background radiation dose), hence the addition of Hazen
Laboratory for 22WBR012 samples. Thor is currently also doing some cross-lab
sample analysis as part of our QAQC process.
Figure 2: Wedding Bell and Radium Mountain Claims showing priority prospects
and historic workings.
Vanadium layers, such as the one targeted at Rim Rock, are generally
relatively low in uranium content (by the standards of historical uranium
mining in the Uravan District). They are usually ignored by the miners, with
the focus on high-grade uranium zones only (Photo 2). For instance, the
uranium intersection in 22WBRA014: 0.3m @ 720ppm (0.072%) eU(3)O(8) from
59.7m, correlated to a broader vanadium halo/zone of 1.5m @ 1776 ppm (0.18%)
V(2)O(5) from 59.4m.
Despite drillhole 22WBR012 collapsing prior to taking downhole gamma probe
readings, assay samples confirmed uranium and vanadium mineralisation that
correlates to the redrill of hole a few meters away, 22WBR012A.
§ 3.0m @ 519ppm U(3)O(8) and 1640ppm V(2)O(5) from 83.8m (22WBR012)
§ 1.5m @ 601ppm U(3)O(8) and 2660ppm V(2)O(5) from 83.8m (22WBR012A)
22WBR012A (figure 3) highlights the positive correlation with the gamma
readings and the physical samples.
Photo Plate 2: Rim Rock workings showing uranium and vanadium mineralisation
(uraninite) dark grey material, with oxidised tyuyamunite and carnotite
(yellowish green material) within reduced grey-green sandstones.
Figure 3: Stratigraphic section showing the uranium and vanadium mineralised
zone for 22WBR012 and 22WBR012A- Groundhog Prospect
Figure 4: Drillhole Location Plan
Figure 5: Section 23 Drillhole Location plan
Table A: Significant Uranium and Vanadium Assay Results (above 500ppm
V(2)O(8))
Prospect Hole ID From (m) To (m) Interval (m) Gamma Assay Assay Laboratory
eU(3)O(8) ppm U(3)O(8) ppm V(2)O(5) ppm
Section 23 22WBRA010A 123.4 125.0 3.0 20 1134 ALS
123.4 125.0 1.5 27 1733 ALS
Section 23 22WBRA011 82.3 83.8 1.5 68 1026 ALS
Including 0.6 210
and 100.6 102.1 1.5 106 559 ALS
including 98.5 99 0.5 300
Groundhog 22WBRA012 83.8 86.9 3 NP 519 1640 Hazen
85.3 86.9 1.5 330 1839 Hazen
Groundhog 22WBRA012A 83.8 85.3 1.5 601 2660 ALS
Including 82.8 83.3 0.3 1430
83 85.2 2.1 236
Groundhog 22WBRA013 79.2 80.8 1.5 248 700 ALS
1.2 340
Rim Rock 22WBRA014 59.4 61 1.5 192 1776 ALS
Including 59.7 60 0.3 720
Notes:
§ NP = Not Probed due to hole collapsing
§ Depths converted from feet to meters - minor rounding errors.
§ 5-foot samples collected off rig (5ft ~ 1.52m)
Table B: Wedding Bell & Radium Mountain Drill Collar Information (WGS84
UTM Zone 12)
Prospect Hole ID Easting Northing Elevation (m) Azimuth Dip Hole Depth (ft) Hole Depth (m)
Section 23 22WBRA001/1A 690751 4222786 2039 360 -90 440 134
Section 23 22WBRA002 690911 4222704 2044 360 -90 440 134
Section 23 22WBRA003 690610 4223569 2028 360 -90 490 149
Section 23 22WBRA004 690673 4223489 2035 360 -90 300 91
Section 23 22WBRA005 690714 4223371 2036 360 -90 295 90
Section 23 22WBRA006 690661 4223245 2028 360 -90 300 91
Section 23 22WBRA007 690612 4223134 2027 360 -90 300 91
Section 23 22WBRA008 690624 4223044 2031 360 -90 320 98
Section 23 22WBRA009 690681 4222963 2033 360 -90 360 110
Section 23 22WBRA010 690733 4222869 2008 360 -90 190 58
Section 23 22WBRA010A 690729 4222867 2029 360 -90 450 137
Section 23 22WBRA011 690893 4222794 2036 360 -90 470 143
Groundhog 22WBRA012 688090 4224002 2080 360 -90 455 139
Groundhog 22WBRA012A 688089 4224000 2079 360 -90 320 98
Groundhog 22WBRA013 687955 4223999 2080 360 -90 380 116
Rim Rock 22WBRA014 687973 4225652 2017 360 -90 325 99
Rim Rock 22WBRA015 687997 4225795 2012 360 -90 505 154
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 $A8m 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)
1 JORC Code, 2012 Edition - Table 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 Rotary air 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
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad An pXRF (Olympus Vanta Series C) and scintillometer (Mt. Sopris SC-132 )
meaning of sampling. reading was taken for each sample.
· Include reference to measures taken to ensure sample representivity All the holes were electric-logged (e-logged), on a call-out basis, by Jet
and the appropriate calibration of any measurement tools or systems used. West of Farmington, New Mexico. Jet West followed industry standards for
probing holes on uranium properties. They calibrate their gamma probes at
· Aspects of the determination of mineralisation that are Material to the Department of Energy test pits located in Grants, New Mexico. Logs run
the Public Report. were natural gamma, single point resistivity (SPR), self-potential (SP),
deep and medium induction resistivity (DIR and MIR), and selected holes had
· In cases where 'industry standard' work has been done this would be directional surveys done. First-pass logging speeds were 35 ft
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m (10.7m)/minute and for gamma reruns, logging rates were 15 ft (4.6m)/minute.
samples from which 3 kg was pulverised to produce a 30 g charge for fire On first-pass runs gamma readings were taken every 0.3 ft (10cm), and for
assay'). In other cases more explanation may be required, such as where there reruns, every 0.1 ft (3.0cm).
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed In zones of visual interest with anomalous scintillometer values 67 samples
information. from holes 22WBR02210-14 were sent for analysis.
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary Modified rotary air rig (4.5inches).
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, veining, mineralisation (based on scintillometer cps for each
Resource estimation, mining studies and metallurgical studies. interval), 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 All holes e-logged by Jet West
taken.
Samples were collected as described in the above sampling technique section.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. Sampling is carried out using standard protocols and QAQC procedures as per
industry practice.
For all sample types, the nature, quality and appropriateness of the sample
preparation technique. Field QAQC procedures for drilling involved the use of a certified standard,
blank and field duplicate sample submitted These are routinely checked against
· Quality control procedures adopted for all sub-sampling stages to originals.
maximise representivity of samples.
64 samples (including QAQC samples) were sent to ALS Laboratories, Reno,
· Measures taken to ensure that the sampling is representative of the Nevada U.S.A. Sample preparation includes sorting, drying, followed by
in situ material collected, including for instance results for field pulverising (PUL32).
duplicate/second-half sampling.
3 Samples went to Hazen Research laboratory (including QAQC), Golden Colorado
· Whether sample sizes are appropriate to the grain size of the U.S.A. Sample preparation included sorting, drying, followed by pulverising.
material being sampled.
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 1.52m, 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 in Reno, NV USA 48
element four acid digest ICP-MS (ME-MS61).
3 samples (plus QAQC samples) sent to Hazen Laboratory in Colorado, USA
uranium plus 32 element four acid ICP-MS
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 NE dipping stratabound mineralization.
· 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. 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 None undertaken. Thor's sampling procedure conforms to industry standard
data. practice and each assay program is reviewed internally for any discrepancies.
3 samples are being cross lab analysed as part of review.
Section 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.
As long as 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. Antecdotal 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
cut-off grades are usually Material and should be stated. thicknesses 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
· Where aggregate intercepts incorporate short lengths of high-grade e-log. It consists of, for a single peak, determining the cps for the peak,
results and longer lengths of low-grade results, the procedure used for such and using one-half that value to determine the upper mineralization
aggregation should be stated and some typical examples of such aggregations boundary. Successive cps picks on 0.5 ft (15.2cm) intervals are taken until
should be shown in detail. the last interval drops below the one-half peak value. This is the lower
mineralization boundary. These boundary values, plus the intervening 0.5 ft
· The assumptions used for any reporting of metal equivalent values (15.2cm) interval values, are used, in conjunction with parameters such as
should be clearly stated hole diameter, whether or not the hole is dry or water-filled, if the hole is
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.
1 (#_ftnref1) W. Chenoweth., The Uranium-Vanadium Deposits of the Uravan
Mineral Belt and Adjacent Areas, Colorado and Utah. New Mexico Geological
Society Handbook, 32 Field Conference 1981
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