24
September 2024
Thor Energy
PLC
("Thor"
or the "Company")
Uranium Exploration Update:
Drill Preparations Underway
Wedding
Bell and Radium Mountain Projects, USA
The directors of Thor Energy Plc
("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide a
drilling 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.
Highlights:
§ On-ground
drill site preparations are now underway for our 2024 drilling
programs at Rim Rock and Groundhog mine areas, with drilling
scheduled to commence in early October (Figure 1).
§ The
reverse circulation program includes infill and extension holes
following up on Thor's successful 2022 and 2023 program, with the
objective of completing a JORC mineral resource
estimation.
§ At
Groundhog, infill drilling
will be centred around high-grade uranium and vanadium
mineralisation intercepted in 23WBRA020 (ASX/AIM:
29 February 2024), with extension holes
up to 300m to the north and east (Figure 2).
23WBR020:
4.9m @ 1199ppm
(0.12%) U3O8 and 6306ppm (0.63%)
V2O5 from 82m,
Including,
0.6m @
6250ppm (0.63%) U3O8 and 30348ppm (3.0%)
V2O5 from 82.6m
§ At
Rim Rock, infill drilling
will be centred around 23WBRA011, 23WBRA012 and 23WBRA016
(ASX/AIM:
29 February 2024), with exension drilling toward the open areas to the east and
south (Figure
3).
23WBR011:
6.1m @ 563ppm
(0.06%) U3O8 and 9100ppm (0.9%)
V2O5 from 74.7m,
Including,
1.5m @
1624ppm (0.16%) U3O8 and 19637ppm (2.0%)
V2O5 from 76.2m
§ Drill
contractor Envirotech Drilling LLC and downhole logging contractor
Jet West Geophysical Services LLC have both been
secured/contracted.
Photo 1:
Site preparation at Groundhog Prospect
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"With all approvals in place as announced in August, Thor is
delighted to commence on ground drill site preparations for our
upcoming infill and extension drill program. This highlights the
Company's direction in focusing on our main priority in the Thor
portfolio, our uranium and vanadium prospects at the Wedding Bell
and Radium Mountain Projects.
"We look forward to updating the market when drilling
commences."
Figure 1:
Wedding Bell and Radium Mountain Projects,
Colorado
Figure 2:
Drill collars at Groundhog Mine showing 2024
proposed collars in blue
Figure 3:
Drill collars at Rim Rock mine area showing 2024
proposed collars in blue
Figure 4:
Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt
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
Ray Ridge, CFO / Company
Secretary
|
Tel: +61 (8) 7324 1935
Tel: +61 (8) 7324 1935
|
Zeus Capital Limited (Nominated Adviser and Joint
Broker)
|
Tel: +44 (0) 203 829
5000
|
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
|
Dom Barretto / Shivantha Thambirajah
/ Bessie Elliot
|
Tel: +44 (0) 20 3004 9512
|
Competent Person Statement
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.
About Thor Energy Plc
The Company
is predominantly focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has several
highly prospective projects that give shareholders exposure to
uranium, vanadium, copper, tungsten, lithium, nickel and gold,
located in the favourable mining jurisdictions of 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 region of
Colorado and Utah, 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.
Thor also
holds a 26.3% interest in a private Australian copper development
company EnviroCopper Limited (ECL), which Kapunda copper mine and
the Alford West copper project, both situated in South Australia,
and both considered amenable to recovery by way of ISR. Alligator
Energy recently invested A$0.9M for a 7.8% interest in ECL with the
rights to gain a 50.1% interest by investing a further A$10.1m over
four years.
Thor holds
75% interest (with Investigator Resources 25%) 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 owns
100% of the Ragged Range Project, comprising 92 km2 of
exploration licences with highly encouraging early-stage gold and
nickel results in the Pilbara region of Western
Australia.
For further
information on Thor Energy and to see an overview of its projects,
please visit the Company's website at https://thorenergyplc.com/.
The Company
notes that for the relevant market announcements noted above, that
it is not aware of any new information or data that materially
affects this information and that all material assumptions and
technical parameters underpinning any estimates continue to apply
and have not materially changed.