REG - Thor Mining PLC - US Uranium and Vanadium Drilling Approvals

Thor EnergyAnnouncement

22/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220622:nRSV7631Pa&default-theme=true

RNS Number : 7631P  Thor Mining PLC  22 June 2022

22 June 2022

 

Thor Mining PLC

 

("Thor" or the "Company")

US Uranium and Vanadium

Drilling Approvals Received

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are
delighted to announce that all drilling approvals have been granted on 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 (See Figure 1).

Project highlights:

§ The proposed drilling program at the priority Rim Rock, Groundhog and
Section 23 prospects will commence once a suitable drill rig has been sourced
(Figure 2).

§ Drilling will target the prospective 'Saltwash' horizon of sandstone-hosted
uranium/vanadium mineralisation at shallow depth.

§ Field sampling by Thor has returned assay results of high-grade uranium (up
to 1.25% U(3)O(8)) and vanadium (up to 3.47% V(2)O(5)) (THOR ASX, AIM: 21 July
2020).

§ Thor will be visiting the drill sites in the next couple of weeks.

 

Photo A: Drillhole 1 - Section 23 may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/dh1_section23.jpg
(http://www.thormining.com/sites/thormining/media/maps/dh1_section23.jpg)

 

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

"Thor is delighted to have all permits now in place for our proposed upcoming
drilling program. Based on my recent site visit I am very encouraged by the
extent of mineralisation observed and the project overall prospectivity.
Drillholes holes are now pegged and final drilling preparation underway.

"We look forward to getting on the ground and testing these shallow high-grade
targets, especially Section 23, where Thor will be the first company to access
and drill test this highly prospective area."

 

Figure 1: US Uranium and Vanadium Project location map showing Wedding Bell
and Radium Mountain in Colorado and Vanadium King in Utah, USA.

http://www.thormining.com/sites/thormining/media/Maps/20-003-1-VKRMWB-Loc.jpg
(http://www.thormining.com/sites/thormining/media/Maps/20-003-1-VKRMWB-Loc.jpg)

http://www.thormining.com/sites/thormining/media/Maps/20-003-2-VKRMWB-Locn.jpg
(http://www.thormining.com/sites/thormining/media/Maps/20-003-2-VKRMWB-Locn.jpg)

 

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) .

 

Following on from the San Miguel County approvals on 30 March 2022, Thor has
now received the Federal Bureau of Land Management (BLM) and Colorado Division
of Reclamation, Mining and Safety (DRMS) approvals, completing the approval
process to undertake the proposed shallow drilling program at Rim Rock,
Groundhog and Section 23, shown on Figure 2.

 

DRILLING PROGRAM

High-grade assay results from due diligence work completed by Thor returned up
to 1.25% U(3)O(8) and 3.47% V(2)O(5), confirming uranium and vanadium
mineralisation within the Salt Wash member of the Morrison Formation. This is
consistent with and typical of the historical production in the Wedding Bell,
Radium Mountain area of the Uravan mineral belt (Figure 3).

Following this work, three priority areas within the Colorado claims were
highlighted for drill testing - Section 23, Rim Rock, and Ground Hog (Figure
2). The initial drill program comprises 15 holes drilled to an average depth
of 80-100m to fully test the prospective horizon.  Final drilling
preparations are now underway.

Section 23 (Figure 2) in the southeast corner of the Wedding Bell claims has
been identified by Thor Mining and World Industrial Minerals LLC (US
Consulting team) as the highest priority drill target in the Colorado
Uranium-Vanadium Project. This area represents the only large area in the
claim block with the "Salt Wash" Member precluded from historic prospecting,
drilling and mine production.  Proposed drillholes for this area are designed
to target potential mineralisation in the third sandstone unit estimated to be
within 30-40m of surface, stratigraphically, the mapped contact with the
overlying upper Brushy Basin Member of the Morrison Formation.

The Rim Rock Mine area (Figure 2) represents a second priority drill target.
The proposed drill holes are designed to straddle the ESE projection of the
sampled Rim Rock Mine, whose adit opening is located immediately to the west.
The Rim Rock Mine was the largest uranium-vanadium producer in the project
area. When the adit area was sampled by Thor, a laterally continuous layer of
vanadium mineralisation with assays was sampled:

§ 0.89% U(3)O(8) and 1.68%V(2)O(5) - WR-004

§ 0.14 % U(3)0(8) and 1.9% V(2)0(5) - WR-017

§ 0.05% U(3)O(8) and 2.14% V(2)O(5) - WR0018

 

https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200721-high-grade-uranium-assays.colorado-field-sampling.pdf
(https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200721-high-grade-uranium-assays.colorado-field-sampling.pdf)

 

It is anticipated that this same layer or a stratigraphically equivalent layer
of mineralisation will be intercepted by the proposed drill holes. Vanadium
layers, such as this one, with relatively low in uranium content (by the
standards of historical uranium mining in the Uravan District), were usually
ignored by the miners.

Drilling proposed at the Groundhog Mine area (Figure 2) is designed to test
for any lateral continuation of mineralisation parallel to the east-west
mineralisation mined to the south.

 

 

Figure 2: Map of Colorado Wedding Bell Project showing priority areas -
Section 23, Groundhog and Rim Rock may be viewed via the following link:

http://www.thormining.com/sites/thormining/media/maps/21-003-1-us-uranium.jpg
(http://www.thormining.com/sites/thormining/media/maps/21-003-1-us-uranium.jpg)

 

 

Photo B: Uranium and vanadium mineralisation in the Salt Wash member, Morrison
Formation (Rim Rock Prospect) may be viewed via the following link:

 

http://www.thormining.com/sites/thormining/media/maps/photo---stratigraphy.jpg
(http://www.thormining.com/sites/thormining/media/maps/photo---stratigraphy.jpg)

 

 

Figure 3: Simple Stratigraphy of the Uravan Mineral Belt showing the
prospective Morrison Formation may be viewed by te following link.

http://www.thormining.com/sites/thormining/media/maps/21-003-2-us-uranium.jpg

 

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
 Jessica Cave / 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                          Tel: +44 (0) 20 3004 9512

 

 

Competent Persons 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 Mining 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
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 the USA and Australia. Its focus is on
progressing its copper, gold, uranium and vanadium projects, while seeking
investment/JV opportunities to develop its tungsten/molybdenum 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, with follow up drilling planned for 2022.

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
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.²³

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. Drilling in November December 2021 intersected strike extensions to
the main ore zone.

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.

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)
 

 

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  DRLKZGZVKZKGZZG