REG - Thor Energy PLC - Uranium Targets Identified
27/07/2023 07:15
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RNS Number : 3966H Thor Energy PLC 27 July 2023
27 July 2023
Thor Energy Plc
("Thor" or the "Company")
Uranium Targets Identified
Wedding Bell and Vanadium King Uranium Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to announce the positive results from the recently completed heliborne
magnetic and radiometric surveys over the Company's 100% owned uranium and
vanadium projects - Wedding Bell, Radium Mountain and Vanadium King, situated
within the Uravan Mineral Belt in Colorado and Utah, USA.
Project Highlights:
§ Several strong uranium anomalies delineated; these are along strike of historic workings, as well as over previously untested areas (Figure 1).
§ Ground truthing is now underway over the uranium anomalies, which are being prioritised and ranked.
§ The priority anomalies identified at Section 23 Prospect, and along strike
of the Groundhog historic workings, will both be drill-tested as part of the
proposed upcoming drilling program (Figure 1).
§ Federal (BLM) and Colorado (DRMS) drill permits received, now awaiting San Miguel County approval to commence follow-up drilling from the successful 2022 Program, at Rim Rock, Groundhog and Section 23, Wedding Bell Project.
Figure 1: Wedding Bell radiometric image (U(2)/Th ratio) draped over Digital
Elevation Model (DEM) showing uranium anomalies in red, green and light blue
with priority targets circled.
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"Thor is very excited by the results from the recently completed
high-resolution heliborne magnetic and radiometric surveys. Several strong
uranium anomalies were identified and are located along strike of the historic
workings (such as Groundhog at Wedding Bell Project) which may represent
extensions to the mineralisation, whilst several new untested areas of
interest have also been highlighted. One of these anomalies is our Section 23
prospect (Figure 1).
"At the Wedding Bell and Radium Mountain projects, there is a positive
correlation between the first pass structural interpretation of the magnetic
data and the historic workings. This could indicate increased porosity or
fluid conducts within the sediments, which allowed the uranium and vanadium
mineralisation to precipitate out. As a result, key structural features and
radiometric anomalies will be further investigated, including ground truthing
and priority ranking.
"Positive progress is being made with the proposed 2023 drilling program
permits at the Wedding Bell project, with approval received from the Federal
Bureau of Land Management (BLM) and the Colorado Division of Reclamation and
Mining Safety (DRMS). The final step in the approval process is with the San
Miguel Board of County Commissioners Meeting scheduled in mid-August."
Photo 1: Helicopter-borne Magnetic and Radiometric Survey over the Wedding
Bell Project
Magnetic and Radiometric Survey:
The helicopter-borne high-resolution aeromagnetic and radiometric surveys
completed in June 2023, covered all three projects, with a detailed line
spacing of 50m and a nominal flight height of 30m, for a total of 986 line
kilometres. The surveys were oriented north-south for all survey areas.
Radiometrics is a powerful first pass exploration tool for identifying uranium
anomalies and this was the first time a close spaced survey has been flown in
the region. The objective of flying the radiometric surveys was to map out
the natural spatial distribution of the three radioactive elements (potassium
(K), thorium (Th) and uranium (U)) in the earth's crust, over the project
areas to assist with delineating any uranium anomalies in untested areas, and
potential extensions to known mineralisation associated with the historic
workings at both the Wedding Bell and Radium Mountain projects.
Different ratio grids are used to interpret the radiometric data with uranium
squared divided by thorium (U(2)/Th) predominately used as an indicator of
anomalous uranium, with the uranium anomalies displayed in energy order from
red, green to light blue (Figure 1 to 3). The aeromagnetic data will assist by
defining key secondary structures controlling fluid flow.
The surveys were flown by Precision GeoSurveys Inc, a Canadian company that is
experienced in flying surveys in this area, with the geophysical data
processing and filtering generated by consultant geophysicist Kim Frankcombe,
ExploreGeo Pty Ltd.
Wedding Bell and Radium Mountain Project, Colorado:
The radiometric surveys conducted at the Wedding Bell and Radium Mountain
projects have delineated several high order uranium anomalies. These are along
strike of historic workings, as well as over previously untested areas (Figure
1). The old mine workings are very distinct in the radiometric uranium channel
(red anomalies as shown in Figure 1 and 2) due to ore and/or waste dumps being
in close vicinity to the workings. Pre 1950's, the focus in the area was on
mining the yellow uranium-vanadate secondary carnotite mineralisation, not the
high grade primary uraninite and coffinite mineralisation. Thus, Thor is
systematically reviewing the old workings (establishing if primary ore or only
secondary was mined) and digitising available historic mine plans.
There are also a few distinct 'red' uranium anomalies not associated with historic workings, which may represent new areas to test as a possible extension to know mineralisation, such as the anomalies to the southeast of Groundhog (Figure 1). More subtle green and light blue anomalies, for example, around Section 23 (no previous mining), may have a lower radiometric uranium order due to sedimentary cover. However, they are equally valid anomalies, warranting a follow-up (Figure 1). Both priority uranium anomalies will be drill-tested as part of the proposed upcoming drilling program (Figure 1).
At first pass, the structural interpretation of the magnetic data shows a
strong correlation between the historic workings and key structures (Figure
2), with the dominant orientation north-easterly (Figure 2). This could
indicate increased porosity or fluid conduits within the sediments, which
allowed the uranium and vanadium mineralisation to precipitate out. The known
uranium and vanadium mineralisation in the Uravan Mineral Belt is noticeably
elongated parallel to local sedimentary structures, major palaeochannels, or
axes of greater permeability. As a result, key structural features along these
trends and radiometric anomalies will be further investigated, including
ground truthing (mapping and geochemical sampling) and priority ranking.
Figure 2: Wedding Bell radiometric image (U(2)/Th ratio) draped over DEM
showing structural interpretation from magnetics data relative to priority
uranium anomalies in red, green and light blue.
Vanadium King Project, Utah:
The Vanadium King Project, within the Thompson uranium district of Utah is a
greenfield exploration project with no historic workings (Figure 4). The
project area is predominantly covered by Cretaceous Mancos Shales (Figure 1),
with the targeted prospective uranium and vanadium lithologies (Brushy Basin
and Salt Wash Sandstone, Morrison Formation) at approximately 100m below the
surface (based on historic oil wells drilled in the project area (Figure 3).
The principal objective of the heliborne magnetics was to delineate faults or
key structures that may control underlying potential uranium mineralisation,
with any associated radiometric anomalies representing leakage from a discrete
uranium source under cover (Figure 3). The interpretation is preliminary and
ongoing at this stage, and will be reviewed in conjunction with ground
truthing.
Next Steps:
§ Ground truthing is now underway over the uranium anomalies at all three project areas, with the anomalies to be ranked for potential drill testing.
§ The priority uranium anomalies identified at Section 23 where there has been no previous mining, and the anomalies along strike of Groundhog will both be drill-tested as part of the proposed upcoming drilling program.
§ Federal (BLM) and Colorado (DRMS) drill permits received, and now awaiting final approval from San Miguel County in order to commence follow-up drilling from the successful 2022 Program, at Rim Rock, Groundhog and Section 23, Wedding Bell Project (Figure 4).
§ Permitting has commenced for maiden drilling at Vanadium King Project, Utah (Figure 4).
Figure 3: Vanadium King Project showing radiometric image (uranium(2) divided
by thorium) overlaid by structural interpretation from magnetics data.
Figure 4: USA 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
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 Geophysical Exploration Results
is based on information compiled by Kim Frankcombe, a Competent Person who is
a Member of The Australian Institute of Geoscientists. Mr Frankcombe is
employed as a Consultant to the Company through geophysical consultancy. Mr
Frankcombe has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken 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'. Mr Frankcombe consents to the inclusion
in the report of the matters based on his information and the form and context
in which it appears.
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
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 $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project
on 24th November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of
tungsten, copper, and vanadium, including Inferred resource estimates for the
Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵
Thor's interest in the Bonya tenement EL29701 is planned to be divested as
part of the Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(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 Aeromagnetic and radiometric data were acquired by Precision Geosurveys using
specific specialised industry standard measurement tools appropriate to the an Airbus A350 helicopter fitted with a stinger.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad The survey was conducted over Thor's three projects - Vanadium King in Utah,
meaning of sampling. and Wedding Bell and Radium Mountain in Colorado.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary No drilling was undertaken
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and No drilling was undertaken
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and geotechnically No Drilling undertaken
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub- sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core No drilling was undertaken
taken.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and No drilling was undertaken
laboratory procedures used and whether the technique is considered partial or
total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent No drilling was undertaken.
or alternative company personnel.
All data is digitally recorded.
· The use of twinned holes.
Data was collected by Precision GeoSurvey and then supplied and reviewed by
· Documentation of primary data, data entry procedures, data ExploreGeo Pty Ltd
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Aeromagnetic survey control was maintained with a differential GPS and Laser
and down-hole surveys), trenches, mine workings and other locations used in Altimeter providing sub-metre resolution.
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Aeromagnetic data were acquired at 20 Hz (approx 2m). Radiometric data were
acquired at 1 Hz (approx 40m) by a helicopter mounted system flying at a
· Whether the data spacing and distribution is sufficient to establish nominal height of 30m above ground, using a line spacing of 50m with 500m tie
the degree of geological and grade continuity appropriate for the Mineral lines.
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 Survey lines were flown north-south over relatively flat lying strata
possible structures and the extent to which this is known, considering the overlying deeper basement with a general NW-SE trend.
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. No sampling reported
Audits or reviews · The results of any audits or reviews of sampling techniques and data. The aeromagnetic and radiometric data were QC'd and the survey supervised by
ExploreGeo.
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 (BLM).
Thor's Colorado property position consists of 199 unpatented mining claims
(approx. 1,663Ha), and in Utah 99 unpatented mining claims 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.
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 survey 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
No drill results reported
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, No Data aggregation
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· assumptions used for any reporting of metal equivalent
· The values should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of No Drill results reported
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of Appropriate maps 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 Ground truthing of the geophysics anomalies planned - mapping and geochemical
extensions or depth extensions or large-scale step- out drilling). sampling, followed by potential drill testing.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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