REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
28/04/2023 07:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230428:nRSb7495Xa&default-theme=true
RNS Number : 7495X Thor Energy PLC 28 April 2023
28 April 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
January to March 2023
Highlights Outlook for June Quarter 2023
URANIUM
Wedding Bell & Radium Mountain, Colorado, USA
· Positive vanadium results up to 0.27% V(2)O(5) and uranium assay results, · Airborne magnetics & radiometrics survey over all three project
validate downhole gamma readings and confirm broader vanadium mineralisation. areas.
Vanadium King, Utah, USA · Drilling permitting.
· Site visit to assess geology and drilling access.
· Drilling preparations.
GOLD/COPPER
Ragged Range, Pilbara region, WA Australia
· Target generation through interpretation of historic geophysical and · Mapping and sampling across tenure and field check of airborne EM anomalies
geochemical data in conjunction with recent drill data. for nickel.
COPPER/REE*
Alford East, SA, Australia
· A REE review has revealed shallow, wide zones of highly enriched REE's in · Priority drill programme design is underway in conjunction with detailed
kaolin altered, copper rich oxide zones of IOCG style mineralisation. geochemical reviews of the historic drilling, along with further studies on
the nature of the REE mineralisation encountered to date.
· 21AED005:
· Continue ISR** assessment and development of the project.
36.7m @ 1568ppm (0.16%) TREO and 1.2% Cu from 6.3m, including,
11.8m @ 2095ppm (0.21%) TREO from 10m
· Hydrometallurgical column testing to determine copper and gold recoveries.
Kapunda, SA, Australia
(via 30% equity holding in EnviroCopper Ltd)
· Final approvals for lixiviate stage of Push Pull test underway. · Copper-gold recoveries from lixiviant trials.
Alford West, SA, Australia
· Ambient Noise Tomography (ANT) survey using Exosphere by Fleet®
successfully delineates the weathered "trough" like structures that host oxide
copper-gold mineralisation within the Alford Copper Belt. · The subsurface ANT results will be integrated with historical drilling
data to generate a new drilling program, targeting higher-grade oxide
copper-gold mineralisation.
*REE - Rare Earth Estimate
**ISR - In-Situ Recovery
Nicole Galloway Warland, Managing Director, Thor Energy Plc, commented:
"We are excited with the progress made during the March Quarterly 2023. The
beginning of the year was a big step change as we evolved to become Thor
Energy Plc. Whilst we will be progressing our gold and copper projects in
Australia, our philosophy will be to focus on the 'green energy' economy with
our uranium and vanadium projects in both Utah and Colorado in the United
States of America.
"We were delighted to receive the vanadium assay results for the selection of
physical samples sent for analysis. The assay results at the Wedding Bell and
Radium Mountain project confirmed the uranium mineralisation determined by
downhole gamma and highlight broader enriched vanadium halos 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. A close-spaced airborne radiometric and
magnetics survey will occur at all three projects in the United States once we
believe the conditions are suitably dry to progress. We anticipate this will
happen in the upcoming weeks.
"We were pleased to announce earlier this week the Rare Earth Element
discovery at our Alford East project, with a review indicating that eight out
of the nine 2021 diamond drill holes have shallow, wide zones of highly
enriched REE results within copper-rich oxides zones of IOCG style
mineralisation. When compared to peers, these results compare very favourably
in terms of depth, thickness, and grade.
"We recently announced our ANT survey at the Alford West project was extremely
successful in subsurface mapping. The use of the ExoSphere by Fleet® enabled
the survey to be more efficient in exploration, minimising the environmental
impact and improving drill targeting. We believe the subsurface ANT results
will be integrated with historical drilling data to generate a new drilling
program that can target higher-grade oxide copper-gold and REE mineralisation.
"We look forward to updating the market as the subsurface maps are further
refined with drill targets."
Photo 1: Mapping at Vanadium King Project, Utah
URANIUM AND VANADIUM PROJECTS (USA)
Thor holds a 100% interest in two US companies with mineral claims in Colorado
and Utah, USA. The claims host uranium and vanadium mineralisation in an
area known as the Uravan Mineral Belt, which has a history of high-grade
uranium and vanadium production.
Within an economical transport distance is the only uranium and vanadium
processing facility in the region (Energy Fuels White Mesa Mill), which
enables a low-hurdle processing option for any production from these projects.
Details of the projects may be found on the Thor website via this link:
https://thorenergyplc.com/projects/uranium-vanadium-projects-usa/
Figure 1: Uranvan Mineral Belt showing project locations and nearby White
Mesa processing plant
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 )). 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, as well as multi-element
geochemical analysis. 67 physical samples were collected and sent to either
the ALS laboratory or the Hazen laboratory (Table A and Figure 2-4). The ALS
laboratory would not receive samples above 0.3 millisieverts, hence the
addition of Hazen Laboratory for 22WBR012 samples.
Assay results validate downhole gamma readings for uranium and confirm broader
enriched vanadium mineralisation (ASX/AIM: 24 April 2023).
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
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). 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 the 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 highlights the positive correlation with the gamma readings and the physical samples (Figure 2).
Next Steps
The following activities are underway for Q2 2023:
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 2: Stratigraphic section showing the uranium and vanadium mineralised
zone for 22WBR012 and 22WBR012A- Groundhog Prospect
Figure 3: Drillhole Location Map at Wedding Bell and Radium Mountain projects,
showing Section 23, Rim Rock and Groundhog prospects.
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.
RAGGED RANGE PROJECT (WA)
Although the main path of Tropical Cyclone Ilsa missed the Ragged Range
Project, Thor's safety protocol was to evacuate the field crew from the
area. With heavy rain, key rivers remained high, restricting access for a
few weeks. Thor is liaising closely with landowners to monitor conditions
prior to recommencing fieldwork.
During the quarter, detailed geological interpretation of historic geochemical
and geophysical data in conjunction with recent drilling generated several
gold and nickel targets that needed on-ground assessment.
The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia (Figure 4) is 100% owned by Thor - E46/1190, E46/1262,
E46/1355, E46/1340 and E46/1393 Figure 4.
Since the acquisition, Thor has conducted several programs of stream sediment
and soil sampling to delineate drill targets. Thor has also flown an airborne
magnetics survey over the tenement area to better define the structural
features of the area.
Details of the projects may be found on the Thor website via this link:
https://thorenergyplc.com/projects/ragged-range-project/
(https://thorenergyplc.com/projects/ragged-range-project/)
Figure 4: Ragged Range Project Location map (left) and Tenement Map (right)
showing priority targets.
Next Steps
The following activities at Ragged Range are anticipated over the coming
weeks:
1. Review historic data in conjunction with the recent Kelly's drilling
data.
2. Planning IP survey over Kelly's Copper-gold project to refine future
drill targeting.
3. Continue regional exploration, including reconnaissance sampling over
ground in the northern portion of tenure for prospective
lithium-caesium-tantalum enriched (LCT) pegmatites.
COPPER/REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes of Inferred
copper resources in SA, via its 80% farm-in interest in Alford East
copper-gold Project and its 30% equity interest in EnviroCopper Ltd (Kapunda
and Alford West) - Figure 5.
Each of these projects are considered by the Thor directors to have
significant growth potential, and each are being advanced towards development
via low-cost, environmentally friendly In-Situ Recovery (ISR) techniques.
Figure 5: Alford West Project (ECL) Location Map (Left) and Tenement Map
(right) with Thor's Alford East Project.
ALFORD EAST COPPER-GOLD PROJECT
Rare Earth Element Drill Results
A review of the Alford East Project geochemical data, in particular, the drilling results from Thor's 2021 maiden drilling program (ASX/AIM: 22 February 2022), highlighted shallow high-grade REE results associated with the oxide copper-gold mineralisation (Figure 5- 9) (ASX/AIM: 26 April 2023).
Significant REE drill intercepts (>500ppm TREO(( 2 ))) include:
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu
from 6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.2% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m,
including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17%) TREO and 0.26% Cu from
30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from
91.4m
o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and
0.1% Cu from 81m,
including 1.7m @ 3139ppm (0.31%) TRE0 from 84.3m
o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from
42.8m,
including 1.4m @ 2274ppm (0.23%) TREO from 35m
o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m
including 1.0m @ 2213ppm (0.22%) TREO from 19m
These wide zones of enriched REE occur in kaolin altered, oxide zones of
IOCG-style mineralisation (Figure 6-9).
Three drill hole cross-sections (Figure 3 - 5) illustrate the REE
mineralisation with the copper intercepts within the Mineral Resource Estimate
(MRE) AE-5 area (Figure 6), where Thor in 2021 drilled 9 HQ diamond drillholes
whilst targeting oxide copper mineralisation. The proximity to the key
structure on the eastern side of the sections suggests the REE mineralisation
is structurally controlled and associated with significant metasomatic
alteration and deep weathering or kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE mineralisation, a
highly valuable REE deposit class, often characterised by favourable low-cost
metallurgical recovery compared with many other types of REE deposits.
This zone of oxide mineralisation lies in the Alford Copper Belt, which in
this area, is a structurally controlled, north-south corridor consisting of
deeply kaolinised and oxidised troughs within unweathered metamorphic units,
on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA. A recently
completed Ambient Noise Tomography (ANT) survey over the adjacent Alford West
project successfully delineated the boundaries of the structures in that area
(ASX/AIM: 17 April 2023) (Figure 5).
Figure 6: Alford East Inferred Minerals Resource Domains (left) and 2021 Drill
Collar Map (right)
Figure 7: Cross Section 6256360mN showing REE (TREO) intercepts with copper
mineralisation.
Figure 8: Cross Section 6256440mN showing REE (TREO) intercepts with copper
mineralisation.
Figure 9: Cross Section 6256600mN showing REE (TREO) intercepts with copper
mineralisation.
Next Steps:
Continue to review the geochemical REE data, with selected samples submitted
to the Bureau Veritas laboratory for analysis, for a supplementary REE
package; along with mineralogy and preliminary metallurgical work to determine
the potential ionic nature of the REE.
Hydrogeology water characterisation sampling is continuing on a quarterly
basis, to develop baseline data for In-Situ Recovery ("ISR") assessment and
development approvals (Photo Plate 3).
Thor have engaged Drasloka® to undertake 6 diagnostic column leach (DLT)
tests to determine copper and gold recoveries using a glycine lixiviant.
Results from these studies are anticipated in late Q4 2023.
Background
The Alford East Copper-Gold Project is located on EL6529, where Thor is
earning up to 80% interest from unlisted Australian explorer Spencer Metals
Pty Ltd, covering portions of EL6255 and EL6529 (THR:ASX - 20 November 2020).
The Project covers the northern extension of the Alford Copper Belt, located
on the Yorke Peninsula, SA (Figure 5). The Alford Copper Belt is a semi
coherent zone of copper-gold oxide mineralisation, within a structurally
controlled, north-south corridor consisting of deeply kaolinised and oxidised
troughs within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA.
Utilising historic drill hole information, Thor completed an inferred Mineral
Resource Estimate (MRE), (THR:ASX - 26 January 2021), consisting of:
§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
§ 71, 500oz of contained gold
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/)
Photo Plate 3: Ground water testing at Alford East
KAPUNDA and ALFORD WEST COPPER PROJECTS
Thor holds a 30% equity interest in private Australian company, EnviroCopper
Limited ("ECL"). In turn, ECL has entered into an agreement to earn, in two
stages, up to 75% of the rights over metals which may be recovered via In-Situ
Recovery ("ISR") contained in the Kapunda deposit from Australian listed
company, Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to 75%
of the Alford West copper project comprising the northern portion of
exploration licence EL5984 held by Andromeda Metals Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be found on the
EnviroCopper website:
www.envirocopper.com.au (http://www.envirocopper.com.au/)
KAPUNDA
EnviroCopper Ltd ("EnviroCopper" or "ECL"), has completed the installation of
test well arrays and has commenced in-situ recovery trials ("ISR"), including
tracer and push-pull test work (Figure 7). These tests are the final
hydrometallurgical assessments before ECL commences Site Environmental
Lixiviant Trials (SELT).
The purpose of lixiviant trials, or 'push-pull tests', is to assess the
solubility of copper mineralisation, and therefore copper recovery, using a
specially designed solution called a lixiviant under in-situ conditions. The
trial is to be undertaken in two stages. The first stage involves injecting
and extracting a tracer solution (Sodium Bromide - NaBr) from the same well to
demonstrate hydraulic connectivity between the observation and environmental
monitor well network. This is followed by injecting and extracting lixiviant
from the same well to test copper solubility from the mineralisation.
Key outcomes anticipated from lixiviant trials:
1. Hydraulic connectivity between wells
2. Copper solubility and recovery
3. Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT).
ALFORD WEST
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 2). 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 in real-time over a 10-day period (Photo Plate 1).
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.
Figure 10: 3D model showing the deeply weathered "trough" structure, host to
oxide copper-gold mineralisation in the Alford Copper Belt.
Figure 11: Historic drillhole at Wombat Prospect highlighting the deeply
weathered "trough" structure hosting the oxide copper-gold mineralisation with
up to 66m @ 1.04% Cu from 135m (WOMDD001).
Source: http://saemc.com.au/archive/2017/17drown.pdf
TUNGSTEN PROJECTS
MOLYHIL TUNGSTEN / MOLYBDENUM PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor Energy Figure 12: Molyhil Project Location map
Plc and is located 220km north-east of Alice Springs (320km by road) within
the prospective polymetallic province of the Proterozoic Eastern Arunta Block
in the Northern Territory (Figure 12).
The deposit consists of two adjacent outcropping iron-rich skarn bodies, the
northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to
a granite intrusion; both lodes contain scheelite (CaWO(4)) and molybdenite
(MoS(2)) mineralisation (Figure 12). Both the outlines of the lodes and the
banding within the lodes strike approximately north and dip steeply to the
east.
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 and the sale of Thor's interest in the Bonya tenement (EL29701)
(ASX/AIM: 24 November 2022).
A full background on the project is available on the Thor website:
https://thorenergyplc.com/projects/molyhil-tungsten-project/
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located approximately
30km to the northeast of Molyhil (Figure 13). Thor in a joint venture with
Arafura holds a 40% equity interest in the resources. Thor's interest in the
Bonya tenement EL29701 (copper and tungsten deposit) is planned to be divested
as part of the Farm-in and Funding agreement with Investigator Resources
Limited.
Figure 13: Molyhil Project location showing adjacent Bonya tenements.
CORPORATE, FINANCE, AND CASH MOVEMENTS
Following shareholder approval at a General Meeting held on 4 January 2023,
all participants in the placement in December 2022 received three options for
every four shares subscribed under the placement, with a total of 283,928,593
options being made available. A further 94,642,858 options were issued to
the lead broker regarding this placement based on one option for every four
shares issued under the placement. All options are ASX-listed (ASX: THROD),
which are exercisable at $0.009 (0.9 cents) and expire on 5 January 2025.
At the same General Meeting, shareholders also approved a change of company
name to Thor Energy Plc. This change of name was announced to the ASX on 18
January 2023 and became effective on the ASX on 23 January 2023. The name
change reflects the Company's exploration focus on its uranium and energy
metals projects in Australia and USA.
For the Quarter, the Company had total net cash outflows of $374,000,
comprising:
· Net cash outflows from Operating and Investing activities for the
quarter of $426,000 which included an inflow of $253,000 for the F22 Research
& Development Tax Incentive, and outflows of $262,000 directly related to
exploration activities.
· Cash outflows from financing activities for the quarter were $23,000,
related to capital raising costs and repayments of lease liabilities.
· Providing an ending cash balance of $2,316,000.
In addition, Thor continues to hold 23,118,920 shares of Power Metal Resources
plc (AIM:POW). The current market value of the shares is £215,000
(approximately $405,000) based on the closing price traded on the London Stock
Exchange on 27 April 2023.
Cashflows for the quarter include related party payments of $86,000 to
Directors, comprising the Managing Director's salary, and Non-Executive
Directors' fees.
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 km(2) 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 $A8m 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)
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
TENEMENT SCHEDULE
At 31 March 2023, the consolidated entity holds an interest in the following
Australian tenements:
Project Tenement Area kms(2) Area ha. Holders Company Interest
Molyhil EL22349 228.10 Molyhil Mining Pty Ltd 100%
Molyhil EL31130 9.51 Molyhil Mining Pty Ltd 100%
Molyhil ML23825 95.92 Molyhil Mining Pty Ltd 100%
Molyhil ML24429 91.12 Molyhil Mining Pty Ltd 100%
Molyhil ML25721 56.2 Molyhil Mining Pty Ltd 100%
Molyhil AA29732 38.6 Molyhil Mining Pty Ltd 100%
Molyhil MLS77 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS78 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS79 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS80 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS81 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS82 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS83 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS84 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS85 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS86 8.05 Molyhil Mining Pty Ltd 100%
Bonya EL29701 204.5 Molyhil Mining Pty Ltd 40%
Bonya EL32167 74.54 Molyhil Mining Pty Ltd 40%
Panorama E46/1190 35.03 Pilbara Goldfields Pty Ltd 100%
Ragged Range E46/1262 57.3 Pilbara Goldfields Pty Ltd 100%
Corunna Downs E46/1340 48 Pilbara Goldfields Pty Ltd 100%
Bonney Downs E46/1355 38 Pilbara Goldfields Pty Ltd 100%
Hamersley Range E46/1393 11 Pilbara Goldfields Pty Ltd 100%
On 31 March 2023, the consolidated entity holds 100% interest in the uranium
and vanadium projects in USA States of Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company Interest
Vanadium King (Utah) UMC445103 to UMC445202 VK-001 to VK-100 100 blocks (2,066 acres) Cisco Minerals Inc 100%
Radium Mountain (Colorado) CMC292259 to CMC292357 Radium-001 to Radium-099 99 blocks (2,045 acres) Standard Minerals Inc 100%
Groundhog (Colorado) CMC292159 to CMC292258 Groundhog-001 to Groundhog-100 100 blocks (2,066 acres) Standard Minerals Inc 100%
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
THOR ENERGY PLC
ABN Quarter ended ("current quarter")
121 117 673 31 MARCH 2023
Consolidated statement of cash flows Current quarter Year to date (9 months)
$A'000
$A'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (59) (111)
(e) administration and corporate costs (352) (870)
1.3 Dividends received (see note 3)
1.4 Interest received
1.5 Interest and other costs of finance paid (3) (3)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other 4 110
1.9 Net cash from / (used in) operating activities (410) (874)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (4) (11)
(d) exploration & evaluation (262) (2,544)
(e) equity accounted investments
(f) other non-current assets (bonds) (3) (77)
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments - 660
(e) other non-current assets
2.3 Cash flows from loans to other entities
2.4 Dividends received (see note 3)
2.5 Other (Government grants) 253 546
2.6 Net cash from / (used in) investing activities (16) (1,426)
3. Cash flows from financing activities - 2,650
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt (12) (179)
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings (lease liability) (11) (15)
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance of a placement)
3.10 Net cash from / (used in) financing activities (23) 2,456
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,690 2,069
4.2 Net cash from / (used in) operating activities (item 1.9 above) (410) (874)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (16) (1,426)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (23) 2,456
4.5 Effect of movement in exchange rates on cash held 75 91
4.6 Cash and cash equivalents at end of period 2,316 2,316
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 2,316 2,690
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,316 2,690
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 86
in item 1
6.2 Aggregate amount of payments to related parties and their associates included
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
The amount at item 6.1 above represents fees paid to Non-Executive Directors,
and remuneration paid to the Managing Director.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities
7.2 Credit standby arrangements
7.3 Other (please specify)
7.4 Total financing facilities
7.5 Unused financing facilities available at quarter end
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (410)
8.2 (Payments for exploration & evaluation classified as investing activities) (262)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (672)
8.4 Cash and cash equivalents at quarter end (item 4.6) 2,316
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 2,316
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.4
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the
current level of net operating cash flows for the time being and, if not, why
not?
Answer:
8.8.2 Has the entity taken any steps, or does it propose to take
any steps, to raise further cash to fund its operations and, if so, what are
those steps and how likely does it believe that they will be successful?
Answer:
8.8.3 Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what basis?
Answer:
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: ..30 April
2023...........................................................
Authorised by: .....the
Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's activities
for the past quarter, how they have been financed and the effect this has had
on its cash position. An entity that wishes to disclose additional information
over and above the minimum required under the Listing Rules is encouraged to
do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as
cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If it has
been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as complying with
recommendation 4.2 of the ASX Corporate Governance Council's Corporate
Governance Principles and Recommendations, the board should have received a
declaration from its CEO and CFO that, in their opinion, the financial records
of the entity have been properly maintained, that this report complies with
the appropriate accounting standards and gives a true and fair view of the
cash flows of the entity, and that their opinion has been formed on the basis
of a sound system of risk management and internal control which is operating
effectively.
1 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
2 TREO = (Total Rare Earth Oxides) = (La(2)O(3) + CeO(2) + Pr(6)O(11) +
Nd(2)O(3) +Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) +
Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3))
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 MSCBXGDSUXDDGXRRecent 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