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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -14.29% | 0.90 | 0.80 | 1.00 | 1.05 | 0.90 | 1.05 | 100,255 | 10:41:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -4.74 | 2.51M |
TIDMTHR
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 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 Estimate(1). 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% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020. Thor 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. 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
(3) www.thorenergyplc.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
(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 -- Nature and quality of sampling (eg Reverse circulation techniques cut channels, random chips, or specific drill samples were collected specialised industry standard measurement off the cyclone at 5ft tools appropriate to the minerals under (1.5m) intervals and investigation, such as down hole gamma split to 3kg (with 2ft sondes, or handheld XRF instruments, etc). samples collected through These examples should not be taken as mineralised zones. limiting the broad meaning of sampling. An pXRF (Olympus Vanta -- Include reference to measures taken Series C) and spectrometer to ensure sample representivity and the (Mt. Sopris SC-132 ) appropriate calibration of any measurement reading was taken for tools or systems used. each sample. -- Aspects of the determination of mineralisation All the holes were electric-logged that are Material to the Public Report. (e-logged), on a call-out -- In cases where 'industry standard' basis, by Jet West of work has been done this would be relatively Farmington, New Mexico. simple (eg 'reverse circulation drilling Jet West followed industry was used to obtain 1 m samples from which standards for probing 3 kg was pulverised to produce a 30 g holes on uranium properties. charge for fire assay'). In other cases They calibrate their more explanation may be required, such gamma probes at the as where there is coarse gold that has Department of Energy
inherent sampling problems. Unusual commodities test pits located in or mineralisation types (eg submarine Grants, New Mexico. nodules) may warrant disclosure of detailed Logs run were natural information. gamma, single point resistivity (SPR), self-potential (SP), deep and medium induction resistivity (DIR and MIR), and selected holes had directional surveys done. First-pass logging speeds were 35 ft (10.7m)/minute and for gamma reruns, logging rates were 10 ft (3.05m)/minute. On first-pass runs gamma readings were taken every 0.3 ft (10cm), and for reruns, every 0.1 ft (3.0cm). ============================================================ Drilling -- Drill type (eg core, reverse circulation, Track mounted reverse techniques open-hole hammer, rotary air blast, auger, circulation rig (5.5inches). Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth All vertical holes of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). ================= ============================================================ =================================== Drill sample -- Method of recording and assessing core Sample recovery was recovery and chip sample recoveries and results good with no variation assessed. within mineralised zones. -- Measures taken to maximise sample recovery Each drill cutting pile and ensure representative nature of the size is logged and any samples. deviation from expected -- Whether a relationship exists between was raised with the sample recovery and grade and whether driller, and if undersize, sample bias may have occurred due to preferential to check for blockages. loss/gain of fine/coarse material. No sample biases expected, and no relationship is known to exist between sample recovery and grade. ================= ============================================================ =================================== Logging -- Whether core and chip samples have All chip samples are been geologically and geotechnically logged qualitatively geologically to a level of detail to support appropriate logged (lithology, structure, Mineral Resource estimation, mining studies alteration, mineralisation and metallurgical studies. (based on scintillometer -- Whether logging is qualitative or quantitative cps for each interval), in nature. Core (or costean, channel, weathering, colour and etc) photography. other features). -- The total length and percentage of No mineral resource the relevant intersections logged. estimation, mining studies or metallurgical studies have been conducted at this stage, but samples have been logged in sufficient detail to use for this function. 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 -- If core, whether cut or sawn and whether Samples were collected techniques quarter, half or all core taken. as described in the and sample -- If non-core, whether riffled, tube above sampling technique preparation sampled, rotary split, etc and whether section. sampled wet or dry. * For all sample types, the nature, quality and No assays reported. appropriateness of the sample preparation technique. Physical samples yet to assayed. All holes e-logged by * Quality control procedures adopted for all Jet West 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 No Assays Reported of assay * The nature, quality and appropriateness of the All the holes were electric-logged data and assaying and laboratory procedures used and whether (e-logged), probes are laboratory the technique is considered partial or total. calibrated at the Department tests of Energy test pits located in Grants, New -- For geophysical tools, spectrometers, Mexico. Logs run were handheld XRF instruments, etc, the parameters natural gamma, single used in determining the analysis including point resistivity (SPR), instrument make and model, reading times, self-potential (SP), calibrations factors applied and their deep and medium induction derivation, etc. resistivity (DIR and -- Nature of quality control procedures MIR), and selected holes adopted (eg standards, blanks, duplicates, had directional surveys
external laboratory checks) and whether done. First-pass logging acceptable levels of accuracy (ie lack speeds were 35 ft (10.7m)/minute of bias) and precision have been established. and for 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 (3.0cm). 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 All significant intersections of sampling * The verification of significant intersections by have been verified by and assaying either independent or alternative company personnel. an onsite geologist. There are no twinned drillholes. * The use of twinned holes. All drilling data is collected in a series of templates in excel -- Documentation of primary data, data including geological entry procedures, data verification, data logging, sample information, storage (physical and electronic) protocols. collar and survey information. * Discuss any adjustment to assay data. All data is digitally recorded in the company's electronic database, managed by external database company utilising Datashed5 software. ================= ============================================================ =================================== Location Drill collars were surveyed of data * Accuracy and quality of surveys used to locate drill using a handheld Garmin points holes (collar and down-hole surveys), trenches, mine 64 GPS with an accuracy workings and other locations used in Mineral Resource of +/-3m. Grid system estimation. is WGS84 UTM zone 12. All holes were vertical Topographic control * Specification of the grid system used. using the GPS is suitable for early- stage exploration. * Quality and adequacy of topographic control. ================= ============================================================ =================================== Data spacing Data spacing for preliminary and distribution * Data spacing for reporting of Exploration Results. exploration work is deemed sufficient on a first-pass basis to -- Whether the data spacing and distribution assess areas of potential. is sufficient to establish the degree Such areas of potential of geological and grade continuity appropriate may be further assessed for the Mineral Resource and Ore Reserve by more detailed work. estimation procedure(s) and classifications applied. * Whether sample compositing has been applied. ================= ============================================================ =================================== Orientation Orientational bias is of data * Whether the orientation of sampling achieves unbiased not applicable to the in relation sampling of possible structures and the extent to drilling at this stage to geological which this is known, considering the deposit type. but samples and drill structure lines were orientated approximately perpendicular -- If the relationship between the drilling to the assumed strike orientation and the orientation of key of mineralisation. The mineralised structures is considered to vertical holes were have introduced a sampling bias, this oriented approximately should be assessed and reported if material. perpendicular to the very gently NE dipping stratabound mineralization. ================= ============================================================ =================================== Sample Samples are kept in security * The measures taken to ensure sample security. a secure facility. Sample Security levels are considered appropriate for RC Drilling. ================= ============================================================ =================================== Audits None undertaken. Thor's or reviews * The results of any audits or reviews of sampling sampling procedure conforms techniques and data. to industry standard practice and each assay program is reviewed internally for any discrepancies. ================= ============================================================ =================================== 1.1 Section 2 Reporting of Exploration Results Mineral Mineral rights are held tenement * Type, reference name/number, location and ownership by the U.S. Government,
and land including agreements or material issues with third who transfers those tenure status parties such as joint ventures, partnerships, rights to holders of overriding royalties, native title interests, valid mining claims historical sites, wilderness or national park and located on open ground environmental settings. through the General Mining Law of 1872, as amended by other -- The security of the tenure held at Federal, State and County the time of reporting along with any regulations. Claim holders, known impediments to obtaining a licence with a few exceptions to operate in the area. that don't apply to this project, must make annual payments to the government to maintain their rights. Holder of valid claims can transfer their rights to others. 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. 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 There are no systems done by other * Acknowledgment and appraisal of exploration by other of consistent data archiving parties parties. 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 According to the USGS * Deposit type, geological setting and style of Bulletin 1693 (Cox, mineralisation. D.P., and Singer, D. A., eds., 1986), the Deposit Model for the project is Sandstone Uranium - Tabular subtype. ======================= ============================================================== ============================= Drill hole Tables, plans and sections Information * A summary of all information material to the summarising significant understanding of the exploration results including a drill results are included tabulation of the following information for all in the report 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 Gamma data was aggregated methods * In reporting Exploration Results, weighting averaging to determine equivalent techniques, maximum and/or minimum grade truncations uranium oxide grades (eg cutting of high grades) and cut-off grades are (% eU3O8), thicknesses usually Material and should be stated. and base of mineralization. Uranium grades and thicknesses -- Where aggregate intercepts incorporate were based on the "Uravan short lengths of high-grade results and Method", originally longer lengths of low-grade results, devised by the AEC, the procedure used for such aggregation which is a manual graphic should be stated and some typical examples method based on the of such aggregations should be shown shape of the gamma curve in detail. on an e-log. It consists * assumptions used for any reporting of metal of, for a single peak, equivalent determining the cps for the peak, and using one-half that value * The values should be clearly stated. to determine the upper mineralization boundary. Successive cps picks on 0.5 ft (15.2cm) intervals are taken until 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 (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 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 All results are assumed between mineralisation * These relationships are particularly important in the to be true width but widths and reporting of Exploration Results. is not definitively intercept known at this stage. lengths -- 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 * Appropriate maps and sections (with scales) and sections are included tabulations of intercepts should be included for any in the report. 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 All results have been reporting * Where comprehensive reporting of all Exploration reported Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. ======================= ============================================================== ============================= Other substantive No meaningful or material exploration * Other exploration data, if meaningful and material, information has been data should be reported including (but not limited to): omitted from this release. 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 The drill results suggest work * The nature and scale of planned further work (eg that several areas of tests for lateral extensions or depth extensions or potentially economic large-scale step- out drilling). mineralization could be investigated in greater detail. A couple of -- Diagrams clearly highlighting the these areas have had areas of possible extensions, including historic mining in the the main geological interpretations and vicinity. Maps of where future drilling areas, provided this they mined are scarce, information is not commercially sensitive. so any delineation work needs to be cognisant of that mining ======================= ============================================================== =============================
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