REG - Thor Energy PLC - Uranium Exploration Update

Thor EnergyAnnouncement

24/09/2024 07:00

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RNS Number : 2781F  Thor Energy PLC  24 September 2024

24 September 2024

Thor Energy PLC

 

("Thor" or the "Company")

 

Uranium Exploration Update: Drill Preparations Underway

Wedding Bell and Radium Mountain Projects, USA

 

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide a drilling update 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.

Highlights:

§ On-ground drill site preparations are now underway for our 2024 drilling
programs at Rim Rock and Groundhog mine areas, with drilling scheduled to
commence in early October (Figure 1).

§ The reverse circulation program includes infill and extension holes
following up on Thor's successful 2022 and 2023 program, with the objective of
completing a JORC mineral resource estimation.

§ At Groundhog, infill drilling will be centred around high-grade uranium and
vanadium mineralisation intercepted in 23WBRA020 (ASX/AIM: 29 February 2024
(https://www.londonstockexchange.com/news-article/THR/high-grade-uranium-and-vanadium-assays-results/16354166)
), with extension holes up to 300m to the north and east (Figure 2).

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

§ At Rim Rock, infill drilling will be centred around 23WBRA011, 23WBRA012
and 23WBRA016 (ASX/AIM: 29 February 2024
(https://www.londonstockexchange.com/news-article/THR/high-grade-uranium-and-vanadium-assays-results/16354166)
), with exension drilling toward the open areas to the east and south (Figure
3).

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

§ Drill contractor Envirotech Drilling LLC and downhole logging contractor
Jet West Geophysical Services LLC have both been secured/contracted.

Photo 1: Site preparation at Groundhog Prospect

 

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

 

"With all approvals in place as announced in August, Thor is delighted to
commence on ground drill site preparations for our upcoming infill and
extension drill program. This highlights the Company's direction in focusing
on our main priority in the Thor portfolio, our uranium and vanadium prospects
at the Wedding Bell and Radium Mountain Projects.

 

"We look forward to updating the market when drilling commences."

 

Figure 1: Wedding Bell and Radium Mountain Projects, Colorado

 

Figure 2: Drill collars at Groundhog Mine showing 2024 proposed collars in
blue

 

Figure 3: Drill collars at Rim Rock mine area showing 2024 proposed collars in
blue

Figure 4: Uranium and Vanadium Project Location Map within the Uravan Mineral
Belt

 

 

The Board of Thor Energy Plc has approved this announcement and authorised its
release.

 

For further information, please contact:

 Thor Energy PLC
 Nicole Galloway Warland, Managing Director                 Tel: +61 (8) 7324 1935

 Ray Ridge, CFO / Company Secretary                         Tel: +61 (8) 7324 1935
 Zeus Capital Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0) 203 829 5000
 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
 Dom Barretto / 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.

About Thor Energy Plc

The Company is predominantly focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has several highly
prospective projects that give shareholders exposure to uranium, vanadium,
copper, tungsten, lithium, nickel and gold, located in the favourable mining
jurisdictions of 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 region of Colorado and
Utah, 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
Estimate.

Thor also holds a 26.3% interest in a private Australian copper development
company EnviroCopper Limited (ECL), which Kapunda copper mine and the Alford
West copper project, both situated in South Australia, and both considered
amenable to recovery by way of ISR. 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 75% interest (with Investigator Resources 25%) of the advanced
Molyhil tungsten project, including measured, indicated and inferred
resources, in the Northern Territory of Australia, which was awarded Major
Project Status by the Northern Territory government in July 2020.

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.

For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at https://thorenergyplc.com/
(https://thorenergyplc.com/) .

 

The Company notes that for the relevant market announcements noted above, that
it is not aware of any new information or data that materially affects this
information and that all material assumptions and technical parameters
underpinning any estimates continue to apply and have not materially changed.

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