TIDMTHR
RNS Number : 3220S
Thor Energy PLC
03 November 2023
3 November 2023
Thor Energy PLC
("Thor" or the "Company")
Thor Energy PLC increases its interest in the Alford East Copper
Oxide Project to 80%
Alford East Copper-REE Project, South Australia
The directors of Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF)
are very pleased to advise that Thor has fulfilled its Stage 2
expenditure obligations at the Alford East Copper-Gold-REE Project
in South Australia. Completing Stage 2 of the earn-in, entitles
Thor to increase its interest from 51% to 80% in the copper oxide
mineral rights from Spencer Metals Pty Ltd ("Spencer").
Highlights:
-- Thor will acquire a further 29% interest in the Alford East
Copper Oxide Project, covering portions of EL6255 and EL6529,
taking Thor's interest to 80% (Figure 1) (ASX: 23 November
2020).
-- Spencer received consideration of AUD$250,000 in the form of
9,259,260 fully paid Thor shares issued today at AUD$0.027 per
share, being the ASX volume weighted average price ("VWAP") for the
previous five trading days, together with 18,518,520 unlisted
options, exercisable at AUD$0.30 within the next 5 years (Stage 2
expenditure). The shares were allotted as CHESS Depository
Interests ("CDIs"), with admission on the ASX and AIM expected on
10 November 2023. The issue of these securities was approved by
shareholders at a General Meeting held on 23 August 2023.
-- Thor will shortly be receiving the ANT geophysical data and
interpretation from Fleet Space Technologies, covering the northern
part of the Alford East project.
Photo 1: Alford East Project
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
" As exploration accelerates at our Alford East Copper-REE
Project in collaboration with Fleet Space Technology, Thor is
excited to have completed its stage 2 Earn-in resulting in an 80%
interest in this highly prospective project. This demonstrates our
confidence in the Alford East Project and the value we believe it
can bring to the Company.
"We look forward to keeping shareholders updated on the Alford
East project, including progress on the ANT Surveys."
The Agreement Structure and Commercial Terms
Under the terms of the November 2020 Agreement, Thor was granted
the right to explore for minerals on the agreed portions of the
exploration licences (EL6255 and EL6529), and to conduct
feasibility and development activities in respect thereto, and via
funding expenditure on these activities, earn an interest in oxide
minerals of up to 80% over two stages which have now been achieved
as follows:
Stage 1 : Thor triggered Stage 1 on 17 November 2021, earning
51% interest by funding AUD$500,000 of expenditure. The Company
issued the Stage 1 consideration of AUD$250,000 in fully paid Thor
shares, at the 5-day ASX VWAP on the date immediately prior to
allotment, together with two free attaching options per share
issued, exercisable at $0.03 within 5 years from the date of issue
(ASX/AIM: 17 November 2021). The exercise of these Stage 1 options
has since been amended to $0.30 in accordance with the Company's
share capital consolidation of 10:1 effective on 31 August
2023.
Stage 2: Thor has earned a further 29% interest (80% in total)
by funding an additional AUD$750,000 of expenditure over a
subsequent 2 years and for an additional consideration of
AUD$250,000 in fully paid Thor shares, issued at the 5-day ASX VWAP
on the date immediately prior to allotment and two free attaching
options per share issued, exercisable at AUD$0.30 within 5 years
from the date of issue (Stage 2 expenditure).
Upon Thor completing the acquisition of an 80% interest in the
project, Spencer will hold a free carried 20% interest until the
decision to mine.
Settlement and dealings
Application will be made for the CDIs to be admitted to trading
on ASX and AIM ("Admission") and it is expected that Admission will
become effective on 10 November 2023. The CDIs will rank pari passu
with the Company's existing issued Ordinary Shares.
Total Voting Rights
For the purposes of the UK Financial Conduct Authority's
Disclosure Guidance and Transparency Rules ("DTRs"), following
Admission of the CDIs, Thor will have 278,610,068 ordinary shares
in issue with voting rights attached. Thor holds no shares in
treasury. The figure of 278,610,068 may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company, under the ASX Listing
Rules or the DTRs.
Figure 1: Alford East Location Map showing the lateral extent of
the Alford Copper Belt (left), and the Alford East Mineral Resource
Domains showing the area for initial ANT Surveys (right)
Alford East Project Background
The Alford East Copper-REE Project is located on the Yorke
Peninsula, South Australia where Thor holds 80% interest from
unlisted Australian explorer Spencer Metals Pty Ltd, covering
portions of EL6255 and EL6529 (Figure 1) (ASX/AIM: 20 November
2020). The Alford East project is contiguous with the Alford West
Project, operated by EnviroCopper Ltd ("ECL") in which Thor holds a
30% interest. At Alford West, ECL is earning a 75% interest through
studies of the In-Situ Recovery potential of copper oxide deposits
within the larger Alford Copper Belt.
The Alford Copper Belt is a semi-coherent zone of copper-gold
oxide mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite (Figure
1), Gawler Craton, SA.
Thor completed an inferred Mineral Resource Estimate (MRE) by
utilising historic drill hole information.
Table A - (ASX/AIM: 27 January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
-- 71,500oz of contained gold
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
Table A: Alford East Mineral Resource Estimate as of 22 January
2021- Figure 1 (ASX/AIM: 26 January 2021):
Domain Tonnes Cu % Au g/t Contained Contained Au
(Mt) Cu (t) (oz)
AE_1 24.6 0.12 0.021 30,000 16,000
------- ----- ------- ---------- -------------
AE_2 6.8 0.13 0.004 9,000 1,000
------- ----- ------- ---------- -------------
AE_3 34.9 0.09 0.022 33,000 25,000
------- ----- ------- ---------- -------------
AE_4 8.0 0.11 0.016 8,000 4,000
------- ----- ------- ---------- -------------
AE_5 11.0 0.22 0.030 24,000 11,000
------- ----- ------- ---------- -------------
AE-8 (NP) 31.3 0.19 0.008 61,000 8,000
------- ----- ------- ---------- -------------
AE-7 (LW_E) 7.7 0.14 0.025 10,000 6,000
------- ----- ------- ---------- -------------
AE-6 (LW_W) 1.3 0.13 0.011 2,000 500
------- ----- ------- ---------- -------------
Total 125.6 0.14 0.018 177,000 71,500
------- ----- ------- ---------- -------------
Note: MRE reported on oxide material only, at a cut-off grade of
0.05% copper which is consistent with the assumed In-Situ Recovery
technique.
REE results were later reported from the 2021 diamond drilling
program, with significant drill intercepts (>500ppm TREO ([1]) )
- (ASX/AIM: 26 April 2023) including:
o 21AED005: 36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from 6.3m,
including 11.8m @ 2095 ppm (0.21%) TREO and 1.2% Cu from 10m, and
11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m,
including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17%) TREO and 0.26% Cu from 30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m
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 / 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 / Tel: +44 (0) 20
Bessie Elliot 3004 9512
Competent Person's 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 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 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 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 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 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 an AUD$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)
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] TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) +
Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) +
Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
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