9 December 2024
Thor Energy
("Thor"
or the "Company")
Uranium Drilling - Groundhog,
Colorado USA
Narrow, High-Grade Extends
Known Mineralisation 100m to the North and 300m to the
East
Thor Energy PLC ("Thor") (AIM,
ASX: THR, OTCQB: THORF) is pleased to report downhole gamma logging
results (eU3O8) from a
recently completed drilling programme at the Groundhog Project in
Colorado, USA, nine (9) Reverse Circulation ("RC") drillholes
totalling 979m were completed at Groundhog Mine Prospect. Drilling
was designed to test areas along strike of uranium and vanadium
mineralisation from Thor's successful 2022 and 2023 drilling
programs.
Highlights:
· Shallow, narrow, high-grade uranium mineralisation intersected
with uranium grades from downhole gamma logging up to 0.16% (0.5m @ 1574ppm)
eU3O8 in 24WBRA009 at 114m
extends the known mineralisation
100m to the North.
· Shallow, narrow, high-grade uranium mineralisation intersected
with uranium grades from downhole gamma logging up to 0.06% (0.6m @ 643ppm)
eU3O8 in 24WBRA007 at 109m
extends the known mineralisation
300m to the East.
· Shallow, narrow, high-grade uranium mineralisation intersected
with uranium grades from downhole gamma logging up to 0.11% (0.3m @ 1062ppm)
eU3O8 in 24WBRA001 at
83m.
· Drill
programme halted due to heavy early-season snow. Thor has permits
to continue drilling across the Wedding Bell Project in 2025,
including Rimrock Mine Prospect, Groundhog and Section 23
prospects.
Alastair Clayton, Executive Chairman, commented:
"These Saltwash-style Uranium deposits typically
pinch and swell over relatively small distances, so we are pleased
to have extended the known mineralised footprint by so much. On the
flip side, we are ideally targeting high-grade horizons of several
meters in width, so the intersections indicated in gamma logging
from this programme are narrower than we had hoped. With the
Colorado winter arriving early, we will look to outline our next
steps once the thaw begins in Spring."
Figure
1: Groundhog Drillhole Location
Plan. Extensional holes highlighted in green.
Table A: Drill Collar
|
Drillhole
|
Easting
|
Northing
|
Elevation (m)
|
Total Depth (m)
|
Azimuth
|
Inclination
|
|
24WBRA001
|
688092
|
4223970
|
2091
|
104
|
360
|
-80
|
|
24WBRA002
|
688093
|
4223969
|
2091
|
104
|
90
|
-80
|
|
24WBRA003
|
688092
|
4223968
|
2091
|
104
|
180
|
-80
|
|
24WBRA004
|
688092
|
4223969
|
2091
|
104
|
270
|
-80
|
|
24WBRA005
|
688144
|
4224065
|
2088
|
102
|
360
|
-90
|
|
24WBRA006
|
688135
|
4224093
|
2091
|
104
|
360
|
-90
|
|
24WBRA007
|
688788
|
4223957
|
2095
|
116
|
360
|
-90
|
|
24WBRA008
|
688128
|
4224077
|
2091
|
113
|
360
|
-90
|
|
24WBRA009
|
688117
|
4224206
|
2116
|
130
|
360
|
-90
|
1. WGS84 Zone 12
Table B: Drillhole Results (100ppm Cutoff)
|
Drillhole Name
|
Interval (m)
|
EU308 %
|
eU308 ppm
|
Depth (m)
|
|
24WBRA 001
|
0.8
|
0.06
|
619
|
82
|
|
including
|
0.3
|
0.11
|
1062
|
83
|
|
24WBRA 002
|
0.5
|
0.02
|
162
|
82
|
|
24WBRA 003
|
0.5
|
0.02
|
216
|
81
|
|
24WBRA 004
|
|
No
grade above 100ppm
|
|
|
24WBRA 005
|
1.4
|
0.013
|
132
|
79
|
|
including
|
0.6
|
0.018
|
180
|
79
|
|
|
|
Hit workings at 279 ft
|
|
|
24WBRA 006
|
0.6
|
0.01
|
110
|
58
|
|
and
|
0.5
|
0.02
|
202
|
91
|
|
and
|
0.6
|
0.01
|
147
|
94
|
|
24WBRA 007
|
0.6
|
0.06
|
643
|
109
|
|
24WBRA 008
|
0.6
|
0.01
|
116
|
90
|
|
24WBRA 009
|
1.4
|
0.05
|
450
|
114
|
|
including
|
0.5
|
0.16
|
1574
|
114
|
|
and
|
0.5
|
0.04
|
426
|
116
|
The Board of Thor Energy Plc has
approved this announcement and authorised its release.
For further information on the
Company, please visit the website or please contact the following:
Thor Energy PLC
Alastair Clayton, Executive
Chairman
Rowan Harland, Company
Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint
Broker)
Antonio Bossi / Darshan
Patel
Tel: +44 (0) 203 829
5000
SI
Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah
/ Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
About Thor Energy Plc:
The Company is focused on uranium,
energy metals and recently Hydrogen and Helium that are crucial in
the shift to a clean energy economy.
The Company notes that for the
relevant market announcements noted above, 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.
For further
information on Thor Energy and to see an overview of its projects,
please visit the Company's website at www.thorenergyplc.com.
1.
JORC Code, 2012 Edition - Table
1
1. Section 1 Sampling Techniques
and Data
|
Criteria |
JORC
Code explanation |
Commentary
|
|
Sampling techniques
|
·
Nature and
quality of sampling (eg cut channels, random chips, or specific
specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should not be taken
as limiting the broad meaning of
sampling.
·
Include
reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems
used.
·
Aspects of the
determination of mineralisation that are Material to the Public
Report.
·
In cases where
'industry standard' work has been done this would be relatively
simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for
fire assay'). In other cases more explanation may be required, such
as where there is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed
information.
|
Reverse circulation drill samples
were collected off the cyclone at 5ft (1.5m) intervals and split to
3kg
An pXRF (Olympus Vanta Series C) and
scintillometer reading was taken for each
sample.
All the holes were electric-logged
(e-logged), on a call-out basis, by Hawkins CBM Logging Inc. from
Cody Wyoming. Hawkins followed industry standards for probing holes
on uranium properties. They calibrate their gamma probes at
the Department of Energy test pits located in Casper, Wyoming. Logs
run were natural 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 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).
|
|
Drilling techniques
|
·
Drill type (eg
core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method,
etc).
|
Track mounted reverse circulation
rig (hole diameter 6 inches).
|
|
Drill sample recovery
|
·
Method of
recording and assessing core and chip sample recoveries and results
assessed.
·
Measures taken
to maximise sample recovery and ensure representative nature of the
samples.
·
Whether a
relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
|
Sample recovery was good with no
variation within mineralised zones. Each drill cutting pile size is
logged and any deviation from expected was raised with the driller,
and if undersize, to check for blockages.
No sample biases expected, and no
relationship is known to exist between sample recovery and
grade.
|
|
Logging
|
·
Whether core and
chip samples have been geologically and geotechnically logged to a
level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
·
Whether logging
is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
·
The total length
and percentage of the relevant intersections
logged.
|
All chip samples are qualitatively
geologically logged (lithology, structure, alteration, veining,
mineralisation (based on scintillometer cps for each interval),
weathering, colour and other features).
No mineral resource 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 techniques and sample
preparation
|
·
If core, whether
cut or sawn and whether quarter, half or all core
taken.
·
If non-core,
whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
·
For all sample
types, the nature, quality and appropriateness of the sample
preparation technique.
·
Quality control
procedures adopted for all 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.
|
Samples were collected as described
in the above sampling technique section.
No assays reported. Physical samples
yet to assayed.
All holes e-logged by Hawkins CBN
Logging inc.
|
|
Quality of assay data and laboratory
tests
|
·
The nature,
quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or
total.
·
For geophysical
tools, spectrometers, handheld XRF instruments, etc, the parameters
used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their
derivation, etc.
·
Nature of
quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and precision have been
established.
|
No Assays Reported
All the holes were electric-logged
(e-logged), probes are calibrate at the Department of Energy test
pits located in Casper, Wyoming. Logs run were natural gamma,
resistivityand conductivity. All holes had diectional surveys
done. The logging speed was 30ft (9.1m)/minute. Sample
intervals were every 0.1ft (3 cm).
Handheld pXRF
readings
readings are taken on -2mm sieved
samples on every drill metre, 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 of sampling and
assaying
|
·
The verification
of significant intersections by either independent or alternative
company personnel.
·
The use of
twinned holes.
·
Documentation of
primary data, data entry procedures, data verification, data
storage (physical and electronic)
protocols.
·
Discuss any
adjustment to assay data.
|
All significant intersections have
been verified by an onsite geologist.
There are no twinned
drillholes.
All drilling data is collected in a
series of templates in excel including geological logging, sample
information, collar and survey information.
All data is digitally recorded in
the company's electronic database, managed by external database
company utilising Datashed5 software.
|
|
Location of data points
|
·
Accuracy and
quality of surveys used to locate drill holes (collar and down-hole
surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
·
Specification of
the grid system used.
·
Quality and
adequacy of topographic control.
|
Drill collars were surveyed using a
handheld Garmin 64 GPS with an accuracy of +/-3m. Grid system is
WGS84 UTM zone 12. All holes were vertical
Topographic control using the GPS is
suitable for early- stage exploration.
|
|
Data spacing and distribution
|
·
Data spacing for
reporting of Exploration Results.
·
Whether the data
spacing and distribution is sufficient to establish the degree of
geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
·
Whether sample
compositing has been applied.
|
Data spacing for preliminary
exploration work is deemed sufficient on a first-pass basis to
assess areas of potential. Such areas of potential may be
further assessed by more detailed work.
|
|
Orientation of data in relation to geological
structure
|
·
Whether the
orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the
deposit type.
·
If the
relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if
material.
|
Orientational bias is not applicable
to the drilling at this stage but samples and drill lines were
orientated approximately perpendicular to the assumed strike of
mineralisation. The vertical holes were oriented approximately
perpendicular to the very gently NE dipping stratabound
mineralization.
|
|
Sample security
|
· The measures taken to ensure
sample security.
|
Samples are kept in a secure
facility.
Sample Security levels are
considered appropriate for RC Drilling.
|
|
Audits or reviews
|
· The results of any audits or
reviews of sampling techniques and data.
|
None undertaken. Thor's sampling
procedure conforms to industry standard practice and each assay
program is reviewed internally for any
discrepancies.
|
1.1 Section 2 Reporting of Exploration
Results
|
|
|
Commentary |
|
Mineral tenement and land tenure
status
|
· Type, reference name/number,
location and ownership including agreements or material issues with
third parties such as joint ventures, partnerships, overriding
royalties, native title interests, historical sites, wilderness or
national park and environmental settings.
· The security of the tenure
held at the time of reporting along with any known impediments to
obtaining a licence to operate in the
area.
|
Mineral rights are held by the U.S.
Government, who transfers those rights to holders of valid mining
claims located on open ground through the General Mining Law of
1872, as amended by other Federal, State and County
regulations. Claim holders, with a few exceptions 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.
As long as 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 San Miguel County. In addition to
the normal State and Federal permitting San Miguel imposes its own
set of regulations. To date, Thor has met those
permitting requirements.
|
|
Exploration done by other parties
|
·
Acknowledgment
and appraisal of exploration by other
parties.
|
There are no systems of consistent
data archiving 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. Antecdotal 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
|
·
Deposit type,
geological setting and style of
mineralisation.
|
According to the USGS Bulletin 1693
(Cox, D.P., and Singer, D. A., eds., 1986), the Deposit Model for
the project is Sandstone Uranium - Tabular
subtype.
|
|
Drill hole Information
|
·
A summary of all
information material to the understanding of the exploration
results including a tabulation of the following information for all
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.
|
Tables, plans and sections
summarising significant drill results are included in the
report
|
|
Data aggregation methods
|
·
In reporting
Exploration Results, weighting averaging techniques, maximum and/or
minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be
stated.
·
Where aggregate
intercepts incorporate short lengths of high-grade results and
longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such
aggregations should be shown in detail.
·
assumptions used
for any reporting of metal equivalent
·
The values
should be clearly stated.
|
Gamma data was aggregated to
determine equivalent uranium oxide grades (% eU3O8), thicknesses
and base of mineralization. Uranium grades and thicknesses were
based on a method originally devised by the AEC, which is a manual
graphic method based on the shape of the gamma curve on an
e-log. It consists of, for a single peak, determining the cps
for the peak, and using one-half that value 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 conjuction 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 between mineralisation widths and intercept
lengths
|
· These relationships are
particularly important in the reporting of Exploration
Results.
· 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').
|
All results are assumed to be true
width but is not definitively known at this stage.
|
|
Diagrams
|
· Appropriate maps and
sections (with scales) and tabulations of intercepts should be
included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional
views.
|
Appropriate maps and sections are
included in the report.
|
|
Balanced reporting
|
·
Where
comprehensive reporting of all Exploration 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.
|
All results have been
reported
|
|
Other substantive exploration data
|
·
Other
exploration data, if meaningful and material, should be reported
including (but not limited to): 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.
|
No meaningful or material
information has been omitted from this release.
|
|
Further work
|
·
The nature and
scale of planned further work (eg tests for lateral extensions or
depth extensions or large-scale step- out
drilling).
·
Diagrams clearly
highlighting the areas of possible extensions, including the main
geological interpretations and future drilling areas, provided this
information is not commercially
sensitive.
|
The drill results suggest that
several areas of potentially economic mineralization could be
investigated in greater detail. A couple of these areas have had
historic mining in the vicinity. Maps of where they mined are
scarce, so any delineation work needs to be cognisant of that
mining
|