REG - Thor Energy PLC - Uranium Update
18/01/2024 07:00
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RNS Number : 0307A Thor Energy PLC 18 January 2024
18 January 2024
Thor Energy PLC
("Thor" or the "Company")
Uranium Update
Wedding Bell and Radium Mountain 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 Projects, located in the uranium-vanadium mining
district of the Uravan Mineral Belt, southwest Colorado, USA (Figure 1).
Highlights:
§ RC drilling completed in late 2023 intersected high-grade uranium reported from downhole gamma logging, up to 6,885ppm (0.69%) eU(3)O(8) (23WBRA020) (ASX/AIM: 4 December 2023).
§ Uranium and vanadium assay results pending; samples are currently at Australian Laboratory Services, Canada, with results anticipated in February.
§ Further geological and mineralisation interpretations to follow combining 2022 and 2023 drill results.
§ Preparations have commenced for 2024 resource drilling (infill and
extension) at Rim Rock and Groundhog mine areas.
§ Additional prospects also to be assessed for drilling include Edna May and
Babe Ruth/Diana Mine areas (Figure 2).
§ Uranium spot price broke US$100/lb for the first time since 2007, with
strong favourable fundamentals.
Photo 1: RC drill samples packed for transport to Australian Laboratory
Services, Canada
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"Based on the promising consistency along strike of shallow high-grade uranium
results from the drilling program, Thor has commenced preparation and permits
for Mineral Resource drilling at Rimrock and Groundhog mine areas, this will
include infill and extension RC as well as diamond drilling.
"We are pleased to see the uranium spot price breaking USD$100/lb, marking a
16-year high for the commodity. Forecasts predict continued growth in 2024
based on favourable fundamentals due to current supply shortages, major
producers such as Cameco and Kazatomprom indicating they are unable to
increase supply in the short term, geopolitical tensions (Niger coup d'état
and Russian invasion of Ukraine), and 24 nations pledging to triple nuclear
power capacity by 2050 (COP28).
"The US government recently announced that it plans to invest up to $500
million in enhancing domestic capacity to process uranium into nuclear fuel.
We are encouraged by this inward investment as it will only further benefit
the developments of our US projects, making Thor strategically poised to
capitalise on the global shift towards green nuclear energy.
"Based on the success of Thor's drilling programs and the wider positive
sentiment around uranium, Thor's team is also now reviewing additional
prospects within the Project area for drilling evaluation."
Figure 1: USA Uranium and Vanadium Project Location Map within the Uravan
Mineral Belt
Figure 2: Drillhole location plan, Wedding Bell and Radium Mountain Projects,
Colorado
The Board of Thor Energy Plc has approved this announcement and authorised its
release.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO & Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 207 220 1666
Antonio Bossi / Darshan Patel / Isaac Hooper
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Bessie Elliot Tel: +44 (0) 20 3004 9512
The information in this report that relates to Geological interpretation and
Exploration Results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member of The
Australian Institute of Geoscientists. Ms Galloway Warland is an employee of
Thor Energy PLC. She has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which she is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the
inclusion in the report of the matters based on her information in the form
and context in which it appears.
Updates on the Company's activities are regularly posted on Thor's website
https://thorenergyplc.com (https://thorenergyplc.com/) which includes a
facility to register to receive these updates by email, and on the Company's X
page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are crucial in the
shift to a 'green' energy economy. Thor has a number of highly prospective
projects that give shareholders exposure to uranium, nickel, copper, lithium
and gold. Our projects are located in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell,
Radium Mountain and Vanadium King) in the Uravan Belt in Colorado and Utah,
USA with historical high-grade uranium and vanadium drilling and production
results.
At Alford East in South Australia, Thor has earnt an 80% interest in oxide
copper deposits considered amenable to extraction via In Situ Recovery
techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource
Estimate¹. Thor also holds a 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 A$8m Farm-in and Funding Agreement with
Investigator Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of
tungsten, copper, and vanadium, including Inferred resource estimates for the
Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.
⁵ Thor's interest in the Bonya tenement EL29701 is planned to be divested as
part of the Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia.
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)
³
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
1 JORC Code, 2012 Edition - Table 1
1.1 Section 1 Sampling Techniques and Data
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, Reverse circulation drill samples were collected off the cyclone at 5ft (1.5m)
or specific specialised industry standard measurement tools appropriate to the intervals and split to 3kg (with 2ft samples collected through mineralised
minerals under investigation, such as down hole gamma sondes, or handheld XRF zones.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. An pXRF (Olympus Vanta Series C) and spectrometer (Mt. Sopris SC-132 )
reading was taken for each sample.
· Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any measurement tools or All the holes were electric-logged (e-logged), on a call-out basis, by Jet
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 the Department of Energy test pits located in Grants, New Mexico. Logs run
Material to 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 directional surveys done. First-pass logging speeds were 35 ft
would be relatively simple (eg 'reverse circulation drilling was used to (10.7m)/minute and for gamma reruns, logging rates were 10 ft
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for (3.05m)/minute. On first-pass runs gamma readings were taken every 0.3 ft
fire assay'). In other cases more explanation may be required, such as where (10cm), and for reruns, every 0.1 ft (3.0cm).
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, Track mounted reverse circulation rig (5.5inches).
rotary 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 Sample recovery was good with no variation within mineralised zones. Each
recoveries and 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 All chip samples are qualitatively geologically logged (lithology, structure,
geologically and geotechnically logged to a level of detail to support alteration, mineralisation (based on scintillometer cps for each interval),
appropriate Mineral Resource estimation, mining studies and metallurgical weathering, colour and other features).
studies.
No mineral resource estimation, mining studies or metallurgical studies have
· Whether logging is qualitative or been conducted at this stage, but samples have been logged in sufficient
quantitative in nature. Core (or costean, channel, etc) photography. detail to use for this function.
· The total length and percentage of the During the logging process representative samples are stored in chip trays for
relevant intersections logged. 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 Samples were collected as described in the above sampling technique section.
core taken.
· If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry. No assays reported. Physical samples yet to assayed.
· For all sample types, the nature, quality and appropriateness of the All holes e-logged by Jet West
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 Assays Reported
laboratory procedures used and whether the technique is considered partial or
total. All the holes were electric-logged (e-logged), probes are calibrated at the
Department of Energy test pits located in Grants, New Mexico. Logs run were
· For geophysical tools, spectrometers, handheld XRF instruments, natural gamma, single point resistivity (SPR), self-potential (SP), deep and
etc, the parameters used in determining the analysis including instrument make medium induction resistivity (DIR and MIR), and selected holes had directional
and model, reading times, calibrations factors applied and their derivation, surveys done. First-pass logging speeds were 35 ft (10.7m)/minute and for
etc. gamma reruns, logging rates were 15 ft (4.6m)/minute. On first-pass runs
gamma readings were taken every 0.3 ft (10cm), and for reruns, every 0.1 ft
· Nature of quality control procedures adopted (eg standards, (3.0cm).
blanks, duplicates, external laboratory checks) and whether acceptable levels
of accuracy (ie lack of bias) and precision have been established. Handheld pXRF readings
readings are taken on -2mm sieved samples on every drill sample interval,
using an Olympus Vanta Series C with a 40 second reading time.
Instrument is calibrated at start of each day, along with QAQC of 1 standard
and 1 blank. External instrument calibration completed annually.
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 be further assessed by more detailed work.
establish 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 data. None undertaken. Thor's sampling procedure conforms to industry standard
practice and each assay program is reviewed internally for any discrepancies.
1.1 Section 2 Reporting of
Exploration Results
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 rights. Holder of valid claims can transfer their rights to others.
along with any known impediments to obtaining a licence to operate in the Surface ownership is also by the U.S. and managed by the Bureau of Land
area. Management.
Thor's property position consists of 199 unpatented mining claims (approx.
1,663Ha), leased from underlying owners.
If Thor meets its' contractual obligations and keeps the claims in good
standing with the US, then the security of tenure should be good.
Depending on the location of the drill holes, the license to operate in the
area is a function of permitting at differing levels of government (Local,
State and Federal). The holes were in two contiguous Counties (San Miguel
and Montrose). In addition to the normally required State and Federal
permitting, San Miguel County imposes its' own set of regulations. Montrose
County, on the other hand, is content to defer to the State and Federal
governments. To date, Thor has met those permitting requirements.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. There are no systems of consistent data archiving for mineral exploration or
exploitation done under the Mining Law on Federal or on other lands within the
State of Colorado. Furthermore, with some exceptions, there was not, nor is
not, a requirement that explorers provide copies of their data to governmental
agencies. That data was retained by private entities. It now exists in a
piecemeal manner, with the data having been discarded, abandoned or available
by vendors that managed to acquire and store some of it over the years.
Thor's properties have bountiful surface evidence of historic drill
exploration, and in some cases, mining exploitation, which appears to be
mostly from the 1950's through the early 1970's. There are several mines
located in the western portion of the property. Unpublished reports list
these mines as producing, in aggregate, over 700,000 lbs (318,181 kg) of
uranium. To the author's knowledge, very little of the historic drilling or
mining data is available to Thor, and certainly not enough to help guide an
exploration program. Anecdotal evidence suggests that some of the work on
the property was done by Union Carbide (now defunct), the largest company that
worked in the Uravan Mineral Belt.
Geology · Deposit type, geological setting and style of mineralisation. According to the USGS Bulletin 1693 (Cox, D.P., and Singer, D. A., eds.,
1986), the Deposit Model for the project is Sandstone Uranium - Tabular
subtype.
Drill hole Information · A summary of all information material to the understanding of the Tables, plans and sections summarising significant drill results are included
exploration results including a tabulation of the following information for in the report
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is
justified on the basis that the information is not Material and this exclusion
does not detract from the understanding of the report, the Competent Person
should clearly explain why this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Gamma data was aggregated to determine equivalent uranium oxide grades (%
maximum and/or minimum grade truncations (eg cutting of high grades) and eU3O8), thicknesses and base of mineralization. Uranium grades and thicknesses
cut-off grades are usually Material and should be stated. were based on the "Uravan Method", originally devised by the AEC, which is a
manual graphic method based on the shape of the gamma curve on an e-log. It
· Where aggregate intercepts incorporate short lengths of consists of, for a single peak, determining the cps for the peak, and using
high-grade results and longer lengths of low-grade results, the procedure used one-half that value to determine the upper mineralization boundary.
for such aggregation should be stated and some typical examples of such Successive cps picks on 0.5 ft (15.2cm) intervals are taken until the last
aggregations should be shown in detail. interval drops below the one-half peak value. This is the lower
mineralization boundary. These boundary values, plus the intervening 0.5 ft
· assumptions used for any reporting of metal equivalent (15.2cm) interval values, are used, in conjunction with parameters such as
hole diameter, whether or not the hole is dry or water-filled, if the hole is
· The values should be clearly stated. probed in an open or cased or through drill steel, gamma detector dead time
and tool specific K factors, to arrive at a grade in %eU3O8, thickness and the
base of mineralization, of each peak. Slight modifications to the method are
made if more than one peak occurs close together.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of All results are assumed to be true width but is not definitively known at this
Exploration Results. stage.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg 'down hole length, true
width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of Appropriate maps and sections are included in the report.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not All results have been reported
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be No meaningful or material information has been omitted from this release.
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral The drill results suggest that several areas of potentially economic
extensions or depth extensions or large-scale step- out drilling). mineralization could be investigated in greater detail. A couple of these
areas have had historic mining in the vicinity. Maps of where they mined are
· Diagrams clearly highlighting the areas of scarce, so any delineation work needs to be cognisant of that mining
possible extensions, including the main geological interpretations and future
drilling areas, provided this information is not commercially sensitive.
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