Uranium Drilling Commences at Wedding Bell Project

Thor Energy PLC
05 November 2024
 

This is a Reach announcement and the information contained is not considered to be material or to have a significant impact on management's expectations of the Company's performance. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach

 

5 November 2024

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 that drilling has commenced at Groundhog Prospect, on the Company's 100% owned Wedding Bell Project, located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, USA.


Highlights:

§ Reverse Circulation ("RC") drilling commences at Groundhog prospect.

§ 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 1). 

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

§ Drilling is estimated to take approximately four weeks to complete, with downhole gamma results released to the market as they become available.

 

A truck with a machine in the dirt Description automatically generated with medium confidence

Photo 1: Envirotech drill rig at Groundhog Prospect

 

Alastair Clayton - Executive Chairman, Thor Energy Plc, commented:

"We are pleased to report drilling has now commenced at our Wedding Bell Project, with the RC drill programme commencing at our Groundhog Mine Prospect. The program is anticipated to last four weeks, with downhole gamma results released to the market as they become available."

 

 

A map of a mountain range Description automatically generated 

Figure 1: Drill collars at the Groundhog Mine Prospect showing 2024 proposed collars in blue

  

A map of the united states Description automatically generated

Figure 2: 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.

 

Thor Energy PLC

Alastair Clayton, Executive Chairman

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

 

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

 

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 focused on uranium, energy metals and recently Hydrogen and Helium 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.

Thor has signed a binding agreement to hold an 80% interest in Go Exploration Pty Limited, an Australian early mover company in the exploration of naturally occurring hydrogen and helium resources in South 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.

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, 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.

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100