TIDMTHR
RNS Number : 5081Q
Thor Energy PLC
18 October 2023
18 October 2023
Thor Energy Plc
("Thor" or the "Company")
Uranium Drilling Commences
Wedding Bell and Radium Mountain Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce the commencement of drilling at 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).
Project Highlights:
-- The 4,000m drilling program will target mineralisation along
strike of the Rim Rock and Groundhog mines, focus on testing
airborne uranium anomalies, and continue assessing the
underexplored Section 23 area (Figure 2).
-- Downhole gamma surveys to be conducted throughout the
program, providing market updates with uranium results, as they
become available.
-- Uranium spot price has hit a 12-year high of US$73/lb[1],
with the year-to-date price rising 51.88% (Figure 3).
Photo 1: Boart Longyear Drill Rig and Support Equipment Setting
Up at Wedding Bell Project
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"RC drilling has now commenced at our Wedding Bell and Radium
Mountain uranium projects, starting at Section 23 prospect,
followed by Groundhog and Rim Rock prospects.
"We will be downhole gamma logging regularly throughout the
program, so we look forward to updating the markets as these
uranium results become available.
"Thor is encouraged by the growth opportunities in the uranium
sector, with the uranium spot price at a 12-year high, supported by
strong supply and demand fundamentals. This aligns with our
strategic focus on energy metals and our commitment to advancing
our USA uranium projects."
News Flow:
-- Down hole gamma logging with eU(3) 0(8) uranium results will
be released throughout the program (October-November)
-- Drilling program anticipated to take 4-6 weeks (completion
expected in late November)
-- Anomalous uranium and vanadium samples to be sent to ALS
Canada (results expected in December-January)
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt.
Wedding Bell and Radium Mountain Project, Colorado:
The Reverse Circulation (RC) drill program is designed to follow
up on the successful 2022 program, (ASX/AIM: 24 April 2023),
targeting the uranium and vanadium-hosted Salt Wash Member
(sandstone/mudstone) of the Morrison Formation (Figure 2).
At Rim Rock, drilling is designed to vector in on potential
high-grade pods not previously mined, based on the review of
georeferenced historic workings and drill holes.
At Groundhog, drilling will test potential mine extensions
defined from previous drilling and historic mining of high-grade
lenses. In addition, the radiometric survey highlighted uranium
anomalies to the south of Groundhog, which will be tested as part
of this drilling program. Groundhog has uranium mineralisation
within both the Brushy Basin shales and the underlying Salt Wash
Sandstones; hence drill holes will be extended through the two
geological units.
The drilling at Section 23 will continue to test extensions to
the uranium mineralisation identified from the first pass drilling
program in 2022, as well as testing a portion of the radiometric
anomalies.
The 4,000m drill program comprises approximately 25 RC
drillholes, to an average depth of 120m, where each hole will be
downhole gamma logged (returning eU(3) O(8) uranium results), with
samples assessed using a spectrometer for uranium and pXRF for
vanadium. Samples from anomalous zones will be sent to Australian
Laboratory Services (ALS) in Canada for full geochemical
analysis.
Figure 2: Drillhole location Plan, Wedding Bell and Radium
Mountain Projects, Colorado
Uranium Outlook
Supply and demand fundamentals continue to grow in the uranium
sector, with the uranium spot price at a 12-year high of
US$73.38/lb; representing a 51.88% increase since the start of 2023
(Figure 3).
Production from world uranium mines has in recent years supplied
90% of the requirements of power utilities. Primary production from
mines is supplemented by secondary supplies, formerly most from
ex-military material, but now the products of recycling and
stockpiles are built up in times of reduced demand[2].
From the current 391 gigawatts ("GW") of electricity from
operable nuclear plants, the World Nuclear Association now projects
a demand increase of 50% by 2040[3].
Most of the new generating capacity will be in China, which is
aggressively pursuing nuclear energy to replace coal which provides
most of the country's energy. China has 23 reactors under
construction, 23 planned and a further 168 proposed to add to its
current operating fleet of 53 reactors. Globally, there are 440
reactors currently in operation and another 59 under construction
(Figure 4)[4].
UxC LLC , one of the nuclear industry's leading market research
and analysis companies projects a GBP66m (AUD$129m) deficit in the
value of uranium supply vs. demand for 2030.
Figure 3: Uranium spot price chart hits US$73.38/lb
(Source: https://tradingeconomics.com/commodity/uranium )
Key Drivers in uranium and nuclear growth are:
-- Nuclear power becoming accepted as green energy.
-- It is widely recognised that using nuclear power for the base
load will help achieve net zero carbon emissions.
-- Energy security and domestic supply becoming a major
political issue.
-- Geopolitical risk such as the Russian invasion of Ukraine and
the coup d'état in Niger.
-- The rise of Small Modular Reactors (SMR).
-- De-weaponised stockpiles and inventories are depleting due to
uranium production declining.
-- Changes to supply chains can cause supply deficits.
Figure 4: Change in Global Demand for Uranium (Source WNA: BMO
Capital Markets).
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
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207
Joint Broker) 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Tel: +44 (0) 20
Bessie Elliot 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
twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km2 of
exploration licences with highly encouraging early-stage gold,
copper and nickel results in the Pilbara region of Western
Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In-Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource 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 $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24th November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(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] The U(3) O(8) uranium spot price is measured by a
proprietary composite of U(3) O(8) spot prices from UxC, S&P
Platts and Numerco .
[2] World Nuclear Association, The Nuclear Fuel Report
[3] International Energy Agency, World Energy Outlook
[4] World Nuclear Association, The Nuclear Fuel Report
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END
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