REG - Thor Mining PLC - Uranium Drilling Results
21/12/2022 07:45
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RNS Number : 4528K Thor Mining PLC 21 December 2022
21 December 2022
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
Thor Mining PLC
("Thor" or the "Company")
Uranium Drilling Results
Wedding Bell and Radium Mountain, USA
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
pleased to provide uranium drilling results from the recently completed
drilling program at the Company's 100%-owned Wedding Bell and Radium Mountain
Projects, Colorado, USA.
Project highlights:
§ Initial drilling confirms the high uranium prospectivity of the Wedding Bell and Radium Mountain Projects (Figure 1).
§ Key intersections include (eU(3)O(8) denotes that the uranium grade has
been determined by downhole gamma logging):
Groundhog
· 2.1m @ 0.036% eU(3)O(8) from 85m (22WBRA012A), including
0.3m @ 0.14% eU(3)O(8)
· 1.2m @ 0.034% eU(3)O(8) from 78m (22WBRA013), including
0.5m @ 0.5% eU(3)O(8)
Rim Rock
· 0.3m @ 0.072% eU(3)O(8) from 59.7m (22WBRA014)
Section 23
· 0.5m @ 0.051% eU(3)O(8) from 102.6m (22WBRA002)
· 0.6m @ 0.021% eU(3)O(8) from 92.4 m (22WBRA011), and
· 0.5m @ 0.03% eU(3)O(8) from 100m
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf)
Photo 1: Downhole gamma logging by Jet West
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"As the first company to access and drill test this highly prospective area,
the intersection of uranium bearing reduced sandstones at the newly tested
Section 23 prospect is exciting to see, as is the continuity of high-grades
along strike of historic workings at both at Rim Rock and Groundhog.
We look forward to updating shareholders further on these promising USA
assets."
Next Steps
The following activities are planned:
1. Detailed interpretation and modelling
2. Laboratory analysis - physical samples collected over the mineralised
zones sent for laboratory analysis - testing for both uranium and vanadium
plus multi-element
3. Continue to review all historic data associated with the Projects
including Vanadium King Project, Utah
4. Plan drilling including follow-up at Wedding Bell and Radium Mountain
5. Commence planning and approvals for 2023 drilling programs
Wedding Bell and Radium Mountain, Colorado Drilling Program
Thor's initial drilling program comprising 15 shallow rotary air drillholes,
confirms 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 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 (Table A and B and Figure 2).
Section 23 (Figure 2) in the southeast corner of the Wedding Bell claim blocks
represents the only large area in the Project with interpreted continuity of
the uranium prospective Salt Wash sandstone unit precluded from historic
prospecting, drilling and mine production. A small fence line of drillholes
(22WBRA01- 22WBRA0011) confirms uranium mineralisation within the lower
sandstone units of the Salt Wash Sandstone (Figure 3, Figure 4 and Figure
5).
The Groundhog Mine area (Figure 2) consists of the upper and lower historic
mine workings (Photo 2). The upper workings are in the lower unit of the
Brushy Basin Shales whilst the more extensive lower workings are in the Salt
Wash Sandstone (Figure 2 and Figure 4). Two drillholes (22WBRA12 and
22WBRA013) tested and confirmed lateral continuation of mineralisation to the
south, with the intersection of reduced sandstones hosting uranium
mineralisation in the first and second sandstone rims.
The Rim Rock Mine area (Figure 2) represents a vanadium rich target. The two
drill holes (22WBRA014 and 22WBRA015) are designed to straddle the
east-southeast projection of the Rim Rock Mine, the opening of which is
located immediately to the west. The Rim Rock Mine was the largest historic
uranium-vanadium producer in the project area.
Vanadium layers, such as this one targeted at Rim Rock, are generally
relatively low in uranium content (by the standards of historical uranium
mining in the Uravan District), were usually ignored by the miners, with the
focus on high-grade uranium zones only. The intersection in 22WBRA014 (0.3m @
0.072% eU(3)O(8) from 59.7m) confirms the uranium mineralisation, as we await
physical samples for vanadium analysis.
The uranium grades and thicknesses reported (Table B) are determined by gamma
downhole logging. Physical samples have been collected within these
mineralised zones for laboratory testing. The analyses will test for uranium
and vanadium, as well as multi-element analysis. These results are anticipated
in Q1 2023.
Douglas Exploration LLC is undertaking the drilling program, with Jet West
Geophysical Services completing the downhole gamma probe work.
Full details on Thor's US uranium and vanadium projects may be found on Thor's
website https://www.thormining.com/projects/us-uranium-and-vanadium
(https://www.thormining.com/projects/us-uranium-and-vanadium) .
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf)
Figure 1: Location Map
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(http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf)
Figure 2: Geology and tenement map of Wedding Bell and Radium Mountain
projects, showing Section 23, Rim Rock and Groundhog prospects.
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf)
Figure 3: Section 23 Drill Collars
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(http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf)
Photo 4: Section 23 looking west towards Groundhog showing stratigraphic
horizons.
http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4528K_1-2022-12-21.pdf)
Photo 5: Simple Stratigraphy of the Uravan Mineral Belt showing the
prospective Morrison Formation.
Table A: Wedding Bell & Radium Mountain Drill Collar Information (WGS84
UTM Zone 12)
Project Prospect Hole ID Easting Northing Elevation (m) Azimuth Dip Hole Depth (ft) Hole Depth (m)
Wedding Bell Section 23 22WBRA001/1A 690751 4222786 2039 360 -90 440 134
Wedding Bell Section 23 22WBRA002 690911 4222704 2044 360 -90 440 134
Wedding Bell Section 23 22WBRA003 690610 4223569 2028 360 -90 490 149
Wedding Bell Section 23 22WBRA004 690673 4223489 2035 360 -90 300 91
Wedding Bell Section 23 22WBRA005 690714 4223371 2036 360 -90 295 90
Wedding Bell Section 23 22WBRA006 690661 4223245 2028 360 -90 300 91
Wedding Bell Section 23 22WBRA007 690612 4223134 2027 360 -90 300 91
Wedding Bell Section 23 22WBRA008 690624 4223044 2031 360 -90 320 98
Wedding Bell Section 23 22WBRA009 690681 4222963 2033 360 -90 360 110
Wedding Bell Section 23 22WBRA010 690733 4222869 2008 360 -90 190 58
Wedding Bell Section 23 22WBRA010A 690729 4222867 2029 360 -90 450 137
Wedding Bell Section 23 22WBRA011 690893 4222794 2036 360 -90 470 143
Wedding Bell Groundhog 22WBRA012 688090 4224002 2080 360 -90 455 139
Wedding Bell Groundhog 22WBRA012A 688089 4224000 2079 360 -90 320 98
Wedding Bell Groundhog 22WBRA013 687955 4223999 2080 360 -90 380 116
Radium Mountain Rim Rock 22WBRA014 687973 4225652 2017 360 -90 325 99
Radium Mountain Rim Rock 22WBRA015 687997 4225795 2012 360 -90 505 154
Table B: All significant uranium intersections from gamma logging (eU(3)O(8))
of the rotary air drilling program above 0.3m minimum thickness, > 0.01%
eU(3)O(8) (100ppm eU3O8) with no internal dilution.
HoleID Hole Depth (ft) Hole Depth (m) Depth From (m) Thickness (m) eU3O8 (%) Comments
22WBRA001/1A 440 134 77.7 0.5 0.023 Hole extended from 190 to 440 ft (1A)
22WBRA002 440 134 102.6 0.5 0.051
22WBRA003 490 149 NSI
22WBRA004 300 91 NSI
22WBRA005 295 90 NSI
22WBRA006 300 91 NSI
22WBRA007 300 91 NSI
22WBRA008 320 98 NSI
22WBRA009 360 110 NSI
22WBRA010 190 58 Not Probed Poor ground conditions
22WBRA010A 450 137 112.8 0.8 0.011 010A is an approx 5 m offset of 010
22WBRA011 470 143 82.4 0.6 0.021
and 100 0.5 0.03
22WBRA012 455 139 Not Probed Poor Ground conditions
22WBRA012A 320 98 85 2.1 0.036 012A is an approx 1.5 m offset of 012
including 83 0.3 0.143
22WBRA013 380 116 78 1.2 0.034 Hole stopped short due to poor ground conditions
including 79 0.5 0.05
22WBRA014 325 99 59.7 0.3 0.072
22WBRA015 505 154 NSI
Note: eU3O8 denotes uranium grades determined by gamma downhole logging.
This announcement is authorised for release to the market by the Board of
Directors.
For further information, please contact:
Thor Mining 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 / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson / Bessie Elliott Tel: +44 (0) 20 3004 9512
Updates on the Company's activities are regularly posted on Thor's website
www.thormining.com (http://www.thormining.com/) , which includes a facility to
register to receive these updates by email, and on the Company's twitter page
@ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource
company quoted on the AIM Market of the London Stock Exchange, ASX in
Australia and OTCQB Market in the United States.
The Company is advancing its diversified portfolio of precious, base, energy
and strategic metal projects across USA and Australia. Its focus is on
progressing its copper, gold, uranium and vanadium projects, while seeking
investment/JV opportunities to develop its tungsten assets.
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 copper
deposits considered amenable to extraction via In Situ Recovery techniques
(ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate
of 177,000 tonnes contained copper & 71,000 oz gold¹.
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.²(,)³
Thor holds 100% interest in two private companies with mineral claims in the
US states of Colorado and Utah with historical high-grade uranium and vanadium
drilling and production results.
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.(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)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf)
(2)
www.thormining.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.thormining.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)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf)
(5)
www.thormining.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://thormining.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thormining.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 Rotary air drill samples were collected off the cyclone at 5ft (1.5m)
specific specialised industry standard measurement tools appropriate to the intervals and split to 3kg
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad An pXRF (Olympus Vanta Series C) and scintillometer (Mt. Sopris SC-132 )
meaning of sampling. reading was taken for each sample.
· Include reference to measures taken to ensure sample representivity All the holes were electric-logged (e-logged), on a call-out basis, by Jet
and the appropriate calibration of any measurement tools or systems used. West of Farmington, New Mexico. Jet West followed industry standards for
probing holes on uranium properties. They calibrate their gamma probes at
· Aspects of the determination of mineralisation that are Material to the Department of Energy test pits located in Grants, New Mexico. Logs run
the Public Report. were natural gamma, single point resistivity (SPR), self-potential (SP),
deep and medium induction resistivity (DIR and MIR), and selected holes had
· In cases where 'industry standard' work has been done this would be directional surveys done. First-pass logging speeds were 35 ft
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m (10.7m)/minute and for gamma reruns, logging rates were 15 ft (4.6m)/minute.
samples from which 3 kg was pulverised to produce a 30 g charge for fire On first-pass runs gamma readings were taken every 0.3 ft (10cm), and for
assay'). In other cases more explanation may be required, such as where there reruns, every 0.1 ft (3.0cm).
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Modified rotary air rig (4.5inches).
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
All vertical holes
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Sample recovery was good with no variation within mineralised zones. Each
results assessed. drill cutting pile size is logged and any deviation from expected was raised
with the driller, and if undersize, to check for blockages.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. No sample biases expected, and no relationship is known to exist between
sample recovery and grade.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and All chip samples are qualitatively geologically logged (lithology, structure,
geotechnically logged to a level of detail to support appropriate Mineral alteration, veining, mineralisation (based on scintillometer cps for each
Resource estimation, mining studies and metallurgical studies. interval), weathering, colour and other features).
· Whether logging is qualitative or quantitative in nature. Core (or No mineral resource estimation, mining studies or metallurgical studies have
costean, channel, etc) photography. been conducted at this stage, but samples have been logged in sufficient
detail to use for this function.
· The total length and percentage of the relevant intersections logged.
During the logging process representative samples are stored in chip trays for
future reference. The RC chip trays are photographed and electronically
stored.
Sub- sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Samples were collected as described in eth above sampling technique section.
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 calibrate at the
Department of Energy test pits located in Grants, New Mexico. Logs run were
· For geophysical tools, spectrometers, handheld XRF instruments, etc, natural gamma, single point resistivity (SPR), self-potential (SP), deep and
the parameters used in determining the analysis including instrument make and medium induction resistivity (DIR and MIR), and selected holes had directional
model, reading times, calibrations factors applied and their derivation, etc. surveys done. First-pass logging speeds were 35 ft (10.7m)/minute and for
gamma reruns, logging rates were 15 ft (4.6m)/minute. On first-pass runs
· Nature of quality control procedures adopted (eg standards, blanks, gamma readings were taken every 0.3 ft (10cm), and for reruns, every 0.1 ft
duplicates, external laboratory checks) and whether acceptable levels of (3.0cm).
accuracy (ie lack of bias) and precision have been established.
Handheld pXRF readings
readings are taken on -2mm sieved samples 1.52m, using an Olympus vanta Series
C with a 40 second reading time.
Instrument is calibrated at start of each day, along with QAQC of 1 standard
and 1 blank. External instrument calibration completed annually.
Verification of sampling and assaying · The verification of significant intersections by either independent All significant intersections have been verified by an onsite geologist.
or alternative company personnel.
There are no twinned drillholes.
· The use of twinned holes.
All drilling data is collected in a series of templates in excel including
· Documentation of primary data, data entry procedures, data geological logging, sample information, collar and survey information.
verification, data storage (physical and electronic) protocols.
All data is digitally recorded in the company's electronic database, managed
· Discuss any adjustment to assay data. by external database company utilising Datashed5 software.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Drill collars were surveyed using a handheld Garmin 64 GPS with an accuracy of
and down-hole surveys), trenches, mine workings and other locations used in +/-3m. Grid system is WGS84 UTM zone 12. All holes were vertical
Mineral Resource estimation.
Topographic control using the GPS is suitable for early- stage exploration.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Data spacing for preliminary exploration work is deemed sufficient on a
first-pass basis to assess areas of potential. Such areas of potential may
· Whether the data spacing and distribution is sufficient to establish be further assessed by more detailed work.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Orientational bias is not applicable to the drilling at this stage but samples
possible structures and the extent to which this is known, considering the and drill lines were orientated approximately perpendicular to the assumed
deposit type. strike of mineralisation. The vertical holes were oriented approximately
perpendicular to the very gently NE dipping stratabound mineralization.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Samples are kept in a secure facility.
Sample Security levels are considered appropriate for RC Drilling.
Audits or reviews · The results of any audits or reviews of sampling techniques and 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
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Mineral rights are held by the U.S. Government, who transfers those rights to
agreements or material issues with third parties such as joint ventures, holders of valid mining claims located on open ground through the General
partnerships, overriding royalties, native title interests, historical sites, Mining Law of 1872, as amended by other Federal, State and County
wilderness or national park and environmental settings. regulations. Claim holders, with a few exceptions that don't apply to this
project, must make annual payments to the government to maintain their
· The security of the tenure held at the time of reporting along with rights. Holder of valid claims can transfer their rights to others.
any known impediments to obtaining a licence to operate in the area. Surface ownership is also by the U.S., and managed by the Bureau of Land
Management.
Thor's property position consists of 199 unpatented mining claims (approx.
1,663Ha), leased from underlying owners.
As long as Thor meets its' contractual obligations and keeps the claims in
good standing with the US, then the security of tenure should be good.
Depending on the location of the drill holes, the license to operate in the
area is a function of permitting at differing levels of government (Local,
State and Federal). The holes were in two contiguous Counties (San Miguel
and Montrose). In addition to the normally required State and Federal
permitting, San Miguel County imposes its' own set of regulations. Montrose
County, on the other hand, is content to defer to the State and Federal
governments. To date, Thor has met those permitting requirements.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. There are no systems of consistent data archiving for mineral exploration or
exploitation done under the Mining Law on Federal or on other lands within the
State of Colorado. Furthermore, with some exceptions, there was not, nor is
not, a requirement that explorers provide copies of their data to governmental
agencies. That data was retained by private entities. It now exists in a
piecemeal manner, with the data having been discarded, abandoned or available
by vendors that managed to acquire and store some of it over the years.
Thor's properties have bountiful surface evidence of historic drill
exploration, and in some cases, mining exploitation, which appears to be
mostly from the 1950's through the early 1970's. There are several mines
located in the western portion of the property. Unpublished reports list
these mines as producing, in aggregate, over 700,000 lbs (318,181 kg) of
uranium. To the author's knowledge, very little of the historic drilling or
mining data is available to Thor, and certainly not enough to help guide an
exploration program. Antecdotal evidence suggests that some of the work on
the property was done by Union Carbide (now defunct), the largest company that
worked in the Uravan Mineral Belt.
Geology · Deposit type, geological setting and style of mineralisation. According to the USGS Bulletin 1693 (Cox, D.P., and Singer, D. A., eds.,
1986), the Deposit Model for the project is Sandstone Uranium - Tabular
subtype.
Drill hole Information · A summary of all information material to the understanding of the Tables, plans and sections summarising significant drill results are included
exploration results including a tabulation of the following information for in the report
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Gamma data was aggregated to determine equivalent uranium oxide grades
maximum and/or minimum grade truncations (eg cutting of high grades) and (%eU3O8), thicknesses and base of mineralization. Uranium grades and
cut-off grades are usually Material and should be stated. thicknesses were based on the "Uravan Method", originally devised by the AEC,
which is a manual graphic method based on the shape of the gamma curve on an
· Where aggregate intercepts incorporate short lengths of high-grade e-log. It consists of, for a single peak, determining the cps for the peak,
results and longer lengths of low-grade results, the procedure used for such and using one-half that value to determine the upper mineralization
aggregation should be stated and some typical examples of such aggregations boundary. Successive cps picks on 0.5 ft (15.2cm) intervals are taken until
should be shown in detail. the last interval drops below the one-half peak value. This is the lower
mineralization boundary. These boundary values, plus the intervening 0.5 ft
· assumptions used for any reporting of metal equivalent (15.2cm) interval values, are used, in conjuction 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 possible extensions, scarce, so any delineation work needs to be cognisant of that mining
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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