TIDMTHR
Thor Energy PLC
03 October 2023
RNS Reach
3 October 2023
Thor Energy Plc
("Thor" or the "Company")
ANT Geophysical Surveys Commence
Alford East Copper-REE Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) are pleased to announce the commencement of
Ambient Noise Tomography ("ANT") geophysical surveys, in
partnership with Fleet Space Technologies ("Fleet"), at the Alford
East Copper-REE Project in South Australia.
Highlights:
-- Low-impact, ANT surveys are now underway at the Alford East
copper-gold Project using EXOSPHERE BY FLEET(R) technology (Figure
1).
-- The ANT surveys are designed to delineate the low-velocity,
weathered 'troughs' that host the oxide copper-REE mineralisation
within the Alford Copper Belt (Figure 2). They will be completed
over the next few weeks.
-- As part of the collaborative partnership between Thor and
Fleet, Fleet will integrate the ANT results with Thor's 3D
geological model using Artificial Intelligence ("AI") and Machine
Learning ("ML") to generate a new model for drill targeting
higher-grade oxide copper-gold mineralisation (ASX/AIM: 4 September
23).
-- Future drilling will be concentrated on these targets,
characterised by low seismic velocity, to intersect higher-grade
oxide copper-gold mineralisation hosted in units conducive to the
possibility of In-Situ Recovery ("ISR").
Photo 1: Deployment of Exosphere by Fleet(R) geodes for ANT
Surveys, at Alford East Project
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
" The commencement of the low-impact ANT geophysics surveys over
the Alford East copper-REE Project, as part of the collaborative
partnership with Fleet Space Technologies, is a key step in
accelerating our exploration and ISR assessment strategy at our
Alford East Copper-REE Project.
"Fleet will integrate the data from the ANT surveys, and in
conjunction with Thor's 3D geological model, it will result in a
revised model to support drill targeting of higher-grade copper and
REE mineralisation along strike of our mineral resource estimate
and in new zones of the Alford Copper Belt.
"The results from the surveys will help us become more precise
in our future drilling campaigns, which will help us reduce our
environmental footprint. We look forward to keeping the market
updated as the results come in."
Next Steps
1. Continue the ANT Surveys with the deployment of Exosphere geodes (Figure 1, Photo 1 and 2)
2. ANT Surveys are estimated to take 3-4 weeks
3. Modelling of ANT results, incorporating Thor's 3D model and
using AI to extrapolate controlling structures along the Alford
Copper Belt (October)
4. Target generation from the final 3D Model (November)
5. Drill preparations and Drilling (Early 2024)
Photo 2: Low-impact nature of ANT surveys at Alford East
Project
Geophysics Survey
EXOSPHERE BY FLEET scans the ground using an advanced ANT
seismic tomography technique. This technique consists of laying an
array of approximately 100 lightweight, battery-powered surface
sensors called Geodes (Photo 1 and Figure 1) at a spacing of
approximately 150 m, to measure faint, naturally occurring
environmental seismic vibrations in the ground (caused by ocean
waves, weather, and traffic) in near real time, over a 7
day-period. The data is transmitted through satellites and then can
be processed rapidly.
A series of surveys over the Alford East Project will be
completed to successfully delineate the low-velocity, weathered
'troughs' that host the oxide copper-REE mineralisation within the
Alford Copper Belt (Figure 2). Known copper-oxide copper
mineralisation within the Alford Copper Belt is associated with
rocks that are significantly less dense with lower seismic velocity
than the surrounding fresh units.
The survey will compare and integrate the subsurface ANT results
with geological information (surface geochemistry, drilling, and
historic geophysics) that has been compiled by Thor. The resultant
3D model will provide a refined targeted strategy, focusing future
drilling in areas with potential high grade oxide copper-REE
mineralisation.
Figure 1: Exosphere used by Fleet Space (R) for ANT
surveying
Figure 2: 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 EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (Figure 2) (ASX/AIM: 20 November 2020).
The Alford East Project covers the northern extension of the
Alford Copper Belt, located on the Yorke Peninsula, SA. 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
2), Gawler Craton, SA.
Thor completed an inferred Mineral Resource Estimate (MRE) by
utilising historic drill hole information. Table C - (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 C: Alford East Mineral Resource Estimate as of 22 January
2021- Figure 2 (ASX/AIM: 27 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]) )
including (THR: ASX/AIM 26 April 2023):
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
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 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 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 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 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)
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
About Fleet Space Technologies
Fleet Space Technologies , a leading Australian space company
with a mission to connect Earth, Moon, and Mars, is revolutionising
the mineral exploration, defence, and space exploration sectors
through its ground-breaking products and connectivity solutions.
Headquartered at a state-of-the-art facility in Adelaide, South
Australia, Fleet has rapidly grown to over 100 employees and boasts
a global presence, including a team in the US and offices in
Canada, Luxembourg, and Chile.
Fleet created EXOSPHERE BY FLEET (R) , a solution for the
mineral exploration industry providing lightning fast, 3D mapping
of underground structures and providing increased accuracy in
drilling targets. This cutting-edge technology is helping the world
transition to clean-air mobility technologies by creating a faster,
more sustainable, and less expensive route to finding critical
mineral deposits. EXOSPHERE BY FLEET (R) is an end-to-end service
offered to mineral exploration customers to decrease the time it
takes to find a deposit. Fleet's sensors, the Geodes, are deployed
in a survey area and leverage real-time passive seismic methods to
'scan' the subsurface. This is enabled through non-invasive Ambient
Noise Tomography (ANT) which listens to seismic waves present on
Earth. The data is rapidly processed and transmitted through
Fleet's low power satellite network to create a 3D model of the
area in near real time.
Since launching EXOSPHERE, Fleet Space has signed contracts with
over 30 clients around the world including players such as Rio
Tinto, Barrick Gold and Core Lithium. Fleet has conducted more than
150 ANT surveys on different commodity types and completed
deployments in 5 continents. EXOSPHERE BY FLEET (R) is contributing
to solve the pressing global priority to decarbonise mobility and
find more than $13trillion USD worth of minerals required for the
energy transition to help meet global net zero priorities.
Contact:
Wes Carlson, Senior Communications Manager
Fleet Space Technologies
wesley.carlson@fleet.space
+1-415-521-9516
[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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