TIDMTHR
RNS Number : 2071U
Thor Energy PLC
22 November 2023
22 November 2023
Thor Energy PLC
("Thor" or the "Company")
Drilling Program Completed
Wedding Bell and Radium Mountain Projects, USA
The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce the completion of the reverse
circulation ("RC") drilling program at the Company's 100% owned
Wedding Bell and Radium Mountain Projects, located in the historic
uranium-vanadium mining district within the Uravan Mineral Belt,
southwest Colorado, USA (Figure 1).
Drilling Highlights:
-- The shallow RC drilling program is now complete at priority
prospects; Section 23, Rim Rock Mine and Groundhog (Figure 1)
-- The program comprised 23 shallow drillholes totalling 2,737m
(Figure 1-4, Table B), with geological logging visually identifying
favourably reduced sands in all drillholes.
-- Downhole gamma logging returns up to 3,186 ppm (0.32%) eU(3)
O(8) uranium at the Rim Rock Mine, along strike of historic
mined-out areas (Table A) - (ASX/AIM: 15 November 2023)
-- Groundhog Mine downhole gamma results are pending.
Photo 1: Geological logging at Rim Rock Prospect, Wedding
Bell
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"Drilling at our Wedding Bell and Radium Mountain projects is
now complete, with all drillholes intersecting favourably reduced
sands indicative of hosting uranium and vanadium
mineralisation.
"This has been a safe and well-executed program by Thor's
experienced locally based (Nucla-Montrose, Colorado USA) uranium
exploration team.
"A sample submission to Australian Laboratory Services, in
Vancouver, for uranium and vanadium assays results is currently in
progress and the remaining downhole gamma eU(3) 0(8) uranium
results will be released to the market once the surveys are
complete."
Upcoming News Flow:
-- Down hole gamma logging with eU(3) 0(8) uranium results for
remaining drillholes to be released once surveys are completed
(anticipated end of November 2023).
-- Anomalous uranium and vanadium samples to be sent to
Australian Laboratory Services ("ALS") Canada (results expected in
Q1 2024), with review and assessment of the results expected
shortly thereafter.
Wedding Bell and Radium Mountain Project, Colorado:
The RC drill program comprised 23 shallow drillholes, totalling
2,737m. It was designed to target uranium and vanadium
mineralisation within the Salt Wash Sandstone Member
(sandstone/mudstone) of the Morrison Formation (Figure 2). This is
the primary lithology for historic uranium and vanadium production
in the Uravan Mineral Belt. The program has successfully identified
shallow, uranium mineralisation (visual geological logging and
downhole gamma) in all holes drilled at Section 23, Rim Rock Mine
and Groundhog Mine (awaiting gamma results). Uranium mineralisation
is hosted within the reduced sands close to the oxidation/reduction
contact, with vanadium mineralisation to be determined by follow-up
sample analysis of the anomalous zones.
Section 23 is an underexplored area with no historic workings.
The drilling (9 drillholes) was designed to test stratigraphic
extensions to mineralisation in the Salt Wash Sandstone, targeting
the uranium mineralisation identified from the first-pass drilling
program in 2022, as well as testing a portion of the airborne
radiometric anomalies (Figure 3). The initial data review has
identified uranium mineralisation in all four sandstone rims
(massive, laterally continuous, ledge forming sandstone layers,
interbedded by thin siltstone and clay layers) within the Salt Wash
Sandstone Member, increasing the potential for multiple mineralised
zones in this area.
Drilling at Rim Rock Mine area (7 drillholes) has identified
high-grade zones of up to 0.32% uranium adjacent to, as well as
along strike from the historic workings (Figure 4). Uranium
mineralisation appears here to be concentrated in the second
sandstone rim of the Salt Wash Sandstone, approximately 60m below
surface. Further work is required on correlating these results with
historic mine workings to delineate mineral resources.
Groundhog Mine drilling comprising 7 drillholes, is designed to
test areas along strike of historic mine working predominately in
the second and third sandstone rim, with gamma results pending.
(Figure 5)
Samples from anomalous zones in each drillhole is to be sent to
ALS in Canada for full geochemical analysis including uranium and
vanadium assays and currently awaiting downhole gamma surveys for
Groundhog drillholes.
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt
Figure 2: Drillhole location Plan, Wedding Bell and Radium
Mountain Projects, Colorado
Figure 3: Section 23 Collar location plan showing uranium grade
distribution
Figure 4 : Rim Rock Mine Area Collar location plan showing
uranium grade distribution
Figure 5 : Groundhog Mine Area Collar Location Plan
Table A: Uranium Intercepts above 100ppm U(3) O(8) (Downhole
gamma- = eU(3) O(8) )
Prospect Hole ID Interval eU(3) eU(3) GT (m x Depth
(m) * O(8) ppm O(8) % ppm) (m)
Section Results pending
23 23WBRA001
-------------- --------------------- --------- -------- -------
Section
23 23WBRA002 0.5 175 0.017 88 101.35
-------------- --------- ---------- --------- -------- -------
Section
23 23WBRA003 0.6 100 0.010 60 99.5
-------------- --------- ---------- --------- -------- -------
Section
23 23WBRA004 0.6 324 0.032 194 100.0
-------------- --------- ---------- --------- -------- -------
Section
23 23WBRA005 0.5 714 0.071 357 101.2
-------------- --------- ---------- --------- -------- -------
Section
23 23WBRA006 0.3 427 0.043 128 121.9
-------------- --------- ---------- --------- -------- -------
Section
23 23WBRA007 0.6 110 0.011 66 121.3
-------------- --------- ---------- --------- -------- -------
Section
23 And 0.3 485 0.049 146 122.6
-------------- --------- ---------- --------- -------- -------
Section Multiple Intercepts < 100ppm
23 23WBRA008
-------------- ------------------------------------------ -------
Section
23 23WBRA009 0.9 578 0.059 520 124.3
-------------- --------- ---------- --------- -------- -------
Hole hit historic workings
Rim Rock 23WBRA010 at Rim Rock
-------------- -------------------------------- -------- -------
Rim Rock 23WBRA011 0.5 3186 0.319 1593 76.2
-------------- --------- ---------- --------- -------- -------
Rim Rock 23WBRA012 0.6 1708 0.172 1025 63.1
-------------- --------- ---------- --------- -------- -------
Rim Rock 23WBRA013 0.3 1075 0.108 323 61.45
-------------- --------- ---------- --------- -------- -------
Rim Rock 23WBRA014 0.6 487 0.049 292 56.9
-------------- --------- ---------- --------- -------- -------
Rim Rock And 0.6 450 0.045 270 57.0
-------------- --------- ---------- --------- -------- -------
Rim Rock 23WBRA015 1.2 268 0.027 322 58.55
-------------- --------- ---------- --------- -------- -------
Rim Rock 23WBRA016 0.8 1954 0.2 1563 67.54
-------------- --------- ---------- --------- -------- -------
Groundhog 23WBRA017-23 Results pending
-------------- ------------------------------------------ -------
* Minor rounding errors from feet to meter conversion
Table B: Drill Collar Details (WGS84 Zone 12)
Prospect Hole ID Easting Northing Elevation Azimuth Dip Hole Depth
(m) (m)
Section
23 23WBRA001 690892 4222825 2043 360 -90 148
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA002 690924 4222795 2044 360 -90 142
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA003 690862 4222796 2043 360 -90 142
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA004 690893 4222765 2046 360 -90 145
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA005 690883 4222717 2048 360 -90 142
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA006 690759 4222867 2039 360 -90 142
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA007 690728 4222837 2042 360 -90 142
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA008 690751 4222815 2042 360 -90 142
----------- -------- --------- -------- ---- -----------
Section
23 23WBRA009 690826 4222762 2043 360 -90 142
----------- -------- --------- -------- ---- -----------
Rim Rock 23WBRA010 687970 4225686 2022 360 -90 57
----------- -------- --------- -------- ---- -----------
Rim Rock 23WBRA011 688010 4225566 2038 360 -90 99
----------- -------- --------- -------- ---- -----------
Rim Rock 23WBRA012 687957 4225545 2030 360 -90 94
----------- -------- --------- -------- ---- -----------
Rim Rock 23WBRA013 687976 4225613 2030 360 -90 99
----------- -------- --------- -------- ---- -----------
Rim Rock 23WBRA014 688000 4225656 2026 360 -90 99
----------- -------- --------- -------- ---- -----------
Rim Rock 23WBRA015 687939 4225656 2022 360 -90 99
----------- -------- --------- ---------- -------- ---- -----------
Rim Rock 23WBRA016 687937 4225413 2040 360 -90 148
----------- -------- --------- ---------- -------- ---- -----------
Groundhog 23WBRA017 688089 4224022 2098 360 -90 104
----------- -------- --------- ---------- ---- -----------
Groundhog 23WBRA018 688051 4224007 2100 360 -90 104
----------- -------- --------- ---------- ---- -----------
Groundhog 23WBRA019 688047 4224017 2102 360 -90 105
----------- -------- --------- ---------- ---- -----------
Groundhog 23WBRA020 688093 4223969 2092 360 -90 105
----------- -------- --------- ---------- ---- -----------
Groundhog 23WBRA021 688123 4223999 2092 360 -90 99
----------- -------- --------- ---------- ---- -----------
Groundhog 23WBRA022 688218 4224064 2089 360 -90 105
----------- -------- --------- ---------- ---- -----------
Groundhog 23WBRA023 688435 4224036 2091 360 -90 136
----------- -------- --------- ---------- ---- -----------
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
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.
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
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 in Colorado and Utah, USA 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(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)
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.
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 JORC Code, 2012 Edition - Table 1
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling -- Nature and quality of sampling (eg Reverse circulation
techniques cut channels, random chips, or specific drill samples were collected
specialised industry standard measurement off the cyclone at 5ft
tools appropriate to the minerals under (1.5m) intervals and
investigation, such as down hole gamma split to 3kg (with 2ft
sondes, or handheld XRF instruments, etc). samples collected through
These examples should not be taken as mineralised zones.
limiting the broad meaning of sampling. An pXRF (Olympus Vanta
-- Include reference to measures taken Series C) and spectrometer
to ensure sample representivity and the (Mt. Sopris SC-132 )
appropriate calibration of any measurement reading was taken for
tools or systems used. each sample.
-- Aspects of the determination of mineralisation All the holes were electric-logged
that are Material to the Public Report. (e-logged), on a call-out
-- In cases where 'industry standard' basis, by Jet West of
work has been done this would be relatively Farmington, New Mexico.
simple (eg 'reverse circulation drilling Jet West followed industry
was used to obtain 1 m samples from which standards for probing
3 kg was pulverised to produce a 30 g holes on uranium properties.
charge for fire assay'). In other cases They calibrate their
more explanation may be required, such gamma probes at the
as where there is coarse gold that has Department of Energy
inherent sampling problems. Unusual commodities test pits located in
or mineralisation types (eg submarine Grants, New Mexico.
nodules) may warrant disclosure of detailed Logs run were natural
information. 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 10
ft (3.05m)/minute. On
first-pass runs gamma
readings were taken
every 0.3 ft (10cm),
and for reruns, every
0.1 ft (3.0cm).
============================================================
Drilling -- Drill type (eg core, reverse circulation, Track mounted reverse
techniques open-hole hammer, rotary air blast, auger, circulation rig (5.5inches).
Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth All vertical holes
of diamond tails, face-sampling bit or
other type, whether core is oriented and
if so, by what method, etc).
================= ============================================================ ===================================
Drill sample -- Method of recording and assessing core Sample recovery was
recovery and chip sample recoveries and results good with no variation
assessed. within mineralised zones.
-- Measures taken to maximise sample recovery Each drill cutting pile
and ensure representative nature of the size is logged and any
samples. deviation from expected
-- Whether a relationship exists between was raised with the
sample recovery and grade and whether driller, and if undersize,
sample bias may have occurred due to preferential to check for blockages.
loss/gain of fine/coarse material. No sample biases expected,
and no relationship
is known to exist between
sample recovery and
grade.
================= ============================================================ ===================================
Logging -- Whether core and chip samples have All chip samples are
been geologically and geotechnically logged qualitatively geologically
to a level of detail to support appropriate logged (lithology, structure,
Mineral Resource estimation, mining studies alteration, mineralisation
and metallurgical studies. (based on scintillometer
-- Whether logging is qualitative or quantitative cps for each interval),
in nature. Core (or costean, channel, weathering, colour and
etc) photography. other features).
-- The total length and percentage of No mineral resource
the relevant intersections logged. 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 -- If core, whether cut or sawn and whether Samples were collected
techniques quarter, half or all core taken. as described in the
and sample -- If non-core, whether riffled, tube above sampling technique
preparation sampled, rotary split, etc and whether section.
sampled wet or dry.
* For all sample types, the nature, quality and No assays reported.
appropriateness of the sample preparation technique. Physical samples yet
to assayed.
All holes e-logged by
* Quality control procedures adopted for all Jet West
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.
================= ============================================================ ===================================
Quality No Assays Reported
of assay * The nature, quality and appropriateness of the All the holes were electric-logged
data and assaying and laboratory procedures used and whether (e-logged), probes are
laboratory the technique is considered partial or total. calibrated at the Department
tests of Energy test pits
located in Grants, New
-- For geophysical tools, spectrometers, Mexico. Logs run were
handheld XRF instruments, etc, the parameters natural gamma, single
used in determining the analysis including point resistivity (SPR),
instrument make and model, reading times, self-potential (SP),
calibrations factors applied and their deep and medium induction
derivation, etc. resistivity (DIR and
-- Nature of quality control procedures MIR), and selected holes
adopted (eg standards, blanks, duplicates, had directional surveys
external laboratory checks) and whether done. First-pass logging
acceptable levels of accuracy (ie lack speeds were 35 ft (10.7m)/minute
of bias) and precision have been established. 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).
Handheld pXRF readings
readings are taken on
-2mm sieved samples
on every drill sample
interval, 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 All significant intersections
of sampling * The verification of significant intersections by have been verified by
and assaying either independent or alternative company personnel. an onsite geologist.
There are no twinned
drillholes.
* The use of twinned holes. All drilling data is
collected in a series
of templates in excel
-- Documentation of primary data, data including geological
entry procedures, data verification, data logging, sample information,
storage (physical and electronic) protocols. collar and survey information.
* Discuss any adjustment to assay data. All data is digitally
recorded in the company's
electronic database,
managed by external
database company utilising
Datashed5 software.
================= ============================================================ ===================================
Location Drill collars were surveyed
of data * Accuracy and quality of surveys used to locate drill using a handheld Garmin
points holes (collar and down-hole surveys), trenches, mine 64 GPS with an accuracy
workings and other locations used in Mineral Resource of +/-3m. Grid system
estimation. is WGS84 UTM zone 12.
All holes were vertical
Topographic control
* Specification of the grid system used. using the GPS is suitable
for early- stage exploration.
* Quality and adequacy of topographic control.
================= ============================================================ ===================================
Data spacing Data spacing for preliminary
and distribution * Data spacing for reporting of Exploration Results. exploration work is
deemed sufficient on
a first-pass basis to
-- Whether the data spacing and distribution assess areas of potential.
is sufficient to establish the degree Such areas of potential
of geological and grade continuity appropriate may be further assessed
for the Mineral Resource and Ore Reserve by more detailed work.
estimation procedure(s) and classifications
applied.
* Whether sample compositing has been applied.
================= ============================================================ ===================================
Orientation Orientational bias is
of data * Whether the orientation of sampling achieves unbiased not applicable to the
in relation sampling of possible structures and the extent to drilling at this stage
to geological which this is known, considering the deposit type. but samples and drill
structure lines were orientated
approximately perpendicular
-- If the relationship between the drilling to the assumed strike
orientation and the orientation of key of mineralisation. The
mineralised structures is considered to vertical holes were
have introduced a sampling bias, this oriented approximately
should be assessed and reported if material. perpendicular to the
very gently NE dipping
stratabound mineralization.
================= ============================================================ ===================================
Sample Samples are kept in
security * The measures taken to ensure sample security. a secure facility.
Sample Security levels
are considered appropriate
for RC Drilling.
================= ============================================================ ===================================
Audits None undertaken. Thor's
or reviews * The results of any audits or reviews of sampling sampling procedure conforms
techniques and data. to industry standard
practice and each assay
program is reviewed
internally for any discrepancies.
================= ============================================================ ===================================
1.1 Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral Mineral rights are held
tenement * Type, reference name/number, location and ownership by the U.S. Government,
and land including agreements or material issues with third who transfers those
tenure status parties such as joint ventures, partnerships, rights to holders of
overriding royalties, native title interests, valid mining claims
historical sites, wilderness or national park and located on open ground
environmental settings. through the General
Mining Law of 1872,
as amended by other
-- The security of the tenure held at Federal, State and County
the time of reporting along with any regulations. Claim holders,
known impediments to obtaining a licence with a few exceptions
to operate in the area. 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.
If 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 two
contiguous Counties
(San Miguel and Montrose).
In addition to the normally
required State and Federal
permitting, San Miguel
County imposes its'
own set of regulations.
Montrose County, on
the other hand, is content
to defer to the State
and Federal governments.
To date, Thor has met
those permitting
requirements.
==============================================================
Exploration There are no systems
done by other * Acknowledgment and appraisal of exploration by other of consistent data archiving
parties parties. 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. Anecdotal 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 According to the USGS
* Deposit type, geological setting and style of Bulletin 1693 (Cox,
mineralisation. D.P., and Singer, D.
A., eds., 1986), the
Deposit Model for the
project is Sandstone
Uranium - Tabular subtype.
======================= ============================================================== =============================
Drill hole Tables, plans and sections
Information * A summary of all information material to the summarising significant
understanding of the exploration results including a drill results are included
tabulation of the following information for all in the report
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.
======================= ============================================================== =============================
Data aggregation Gamma data was aggregated
methods * In reporting Exploration Results, weighting averaging to determine equivalent
techniques, maximum and/or minimum grade truncations uranium oxide grades
(eg cutting of high grades) and cut-off grades are (% eU3O8), thicknesses
usually Material and should be stated. and base of mineralization.
Uranium grades and
thicknesses
-- Where aggregate intercepts incorporate were based on the "Uravan
short lengths of high-grade results and Method", originally
longer lengths of low-grade results, devised by the AEC,
the procedure used for such aggregation which is a manual graphic
should be stated and some typical examples method based on the
of such aggregations should be shown shape of the gamma curve
in detail. on an e-log. It consists
* assumptions used for any reporting of metal of, for a single peak,
equivalent determining the cps
for the peak, and using
one-half that value
* The values should be clearly stated. 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
conjunction 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 All results are assumed
between mineralisation * These relationships are particularly important in the to be true width but
widths and reporting of Exploration Results. is not definitively
intercept known at this stage.
lengths
-- 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').
======================= ============================================================== =============================
Diagrams Appropriate maps and
* Appropriate maps and sections (with scales) and sections are included
tabulations of intercepts should be included for any in the report.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
======================= ============================================================== =============================
Balanced All results have been
reporting * Where comprehensive reporting of all Exploration reported
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.
======================= ============================================================== =============================
Other substantive No meaningful or material
exploration * Other exploration data, if meaningful and material, information has been
data should be reported including (but not limited to): omitted from this release.
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.
======================= ============================================================== =============================
Further The drill results suggest
work * The nature and scale of planned further work (eg that several areas of
tests for lateral extensions or depth extensions or potentially economic
large-scale step- out drilling). mineralization could
be investigated in greater
detail. A couple of
-- Diagrams clearly highlighting the these areas have had
areas of possible extensions, including historic mining in the
the main geological interpretations and vicinity. Maps of where
future drilling areas, provided this they mined are scarce,
information is not commercially sensitive. so any delineation work
needs to be cognisant
of that mining
======================= ============================================================== =============================
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END
DRLUARUROAUAUUA
(END) Dow Jones Newswires
November 22, 2023 02:00 ET (07:00 GMT)
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