Uranium Targets Identified

27 July 2023

Thor Energy Plc

("Thor" or the "Company")

Uranium Targets Identified

Wedding Bell and Vanadium King Uranium Projects, USA

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the positive results from the recently completed heliborne magnetic and radiometric surveys over the Company's 100% owned uranium and vanadium projects - Wedding Bell, Radium Mountain and Vanadium King, situated within the Uravan Mineral Belt in Colorado and Utah, USA.

§ Several strong uranium anomalies delineated; these are along strike of historic workings, as well as over previously untested areas (Figure 1).

§ Ground truthing is now underway over the uranium anomalies, which are being prioritised and ranked.

§ The priority anomalies identified at Section 23 Prospect, and along strike of the Groundhog historic workings, will both be drill-tested as part of the proposed upcoming drilling program (Figure 1).

§ Federal (BLM) and Colorado (DRMS) drill permits received, now awaiting San Miguel County approval to commence follow-up drilling from the successful 2022 Program, at Rim Rock, Groundhog and Section 23, Wedding Bell Project.

Figure 1: Wedding Bell radiometric image (U²/Th ratio) draped over Digital Elevation Model (DEM) showing uranium anomalies in red, green and light blue with priority targets circled.

Nicole Galloway Warland, Managing Director of Thor Energy, commented:

"Thor is very excited by the results from the recently completed high-resolution heliborne magnetic and radiometric surveys. Several strong uranium anomalies were identified and are located along strike of the historic workings (such as Groundhog at Wedding Bell Project) which may represent extensions to the mineralisation, whilst several new untested areas of interest have also been highlighted. One of these anomalies is our Section 23 prospect (Figure 1).

"At the Wedding Bell and Radium Mountain projects, there is a positive correlation between the first pass structural interpretation of the magnetic data and the historic workings. This could indicate increased porosity or fluid conducts within the sediments, which allowed the uranium and vanadium mineralisation to precipitate out. As a result, key structural features and radiometric anomalies will be further investigated, including ground truthing and priority ranking.

"Positive progress is being made with the proposed 2023 drilling program permits at the Wedding Bell project, with approval received from the Federal Bureau of Land Management (BLM) and the Colorado Division of Reclamation and Mining Safety (DRMS). The final step in the approval process is with the San Miguel Board of County Commissioners Meeting scheduled in mid-August."

Photo 1: Helicopter-borne Magnetic and Radiometric Survey over the Wedding Bell Project

The helicopter-borne high-resolution aeromagnetic and radiometric surveys completed in June 2023, covered all three projects, with a detailed line spacing of 50m and a nominal flight height of 30m, for a total of 986 line kilometres. The surveys were oriented north-south for all survey areas.

Radiometrics is a powerful first pass exploration tool for identifying uranium anomalies and this was the first time a close spaced survey has been flown in the region.  The objective of flying the radiometric surveys was to map out the natural spatial distribution of the three radioactive elements (potassium (K), thorium (Th) and uranium (U)) in the earth's crust, over the project areas to assist with delineating any uranium anomalies in untested areas, and potential extensions to known mineralisation associated with the historic workings at both the Wedding Bell and Radium Mountain projects.

Different ratio grids are used to interpret the radiometric data with uranium squared divided by thorium (U²/Th) predominately used as an indicator of anomalous uranium, with the uranium anomalies displayed in energy order from red, green to light blue (Figure 1 to 3). The aeromagnetic data will assist by defining key secondary structures controlling fluid flow.  

The surveys were flown by Precision GeoSurveys Inc, a Canadian company that is experienced in flying surveys in this area, with the geophysical data processing and filtering generated by consultant geophysicist Kim Frankcombe, ExploreGeo Pty Ltd.

Wedding Bell and Radium Mountain Project, Colorado:

The radiometric surveys conducted at the Wedding Bell and Radium Mountain projects have delineated several high order uranium anomalies. These are along strike of historic workings, as well as over previously untested areas (Figure 1). The old mine workings are very distinct in the radiometric uranium channel (red anomalies as shown in Figure 1 and 2) due to ore and/or waste dumps being in close vicinity to the workings. Pre 1950's, the focus in the area was on mining the yellow uranium-vanadate secondary carnotite mineralisation, not the high grade primary uraninite and coffinite mineralisation. Thus, Thor is systematically reviewing the old workings (establishing if primary ore or only secondary was mined) and digitising available historic mine plans. 

There are also a few distinct 'red' uranium anomalies not associated with historic workings, which may represent new areas to test as a possible extension to know mineralisation, such as the anomalies to the southeast of Groundhog (Figure 1). More subtle green and light blue anomalies, for example, around Section 23 (no previous mining), may have a lower radiometric uranium order due to sedimentary cover. However, they are equally valid anomalies, warranting a follow-up (Figure 1).  Both priority uranium anomalies will be drill-tested as part of the proposed upcoming drilling program (Figure 1).

At first pass, the structural interpretation of the magnetic data shows a strong correlation between the historic workings and key structures (Figure 2), with the dominant orientation north-easterly (Figure 2). This could indicate increased porosity or fluid conduits within the sediments, which allowed the uranium and vanadium mineralisation to precipitate out. The known uranium and vanadium mineralisation in the Uravan Mineral Belt is noticeably elongated parallel to local sedimentary structures, major palaeochannels, or axes of greater permeability. As a result, key structural features along these trends and radiometric anomalies will be further investigated, including ground truthing (mapping and geochemical sampling) and priority ranking.

Figure 2: Wedding Bell radiometric image (U²/Th ratio) draped over DEM showing structural interpretation from magnetics data relative to priority uranium anomalies in red, green and light blue.

Vanadium King Project, Utah:

The Vanadium King Project, within the Thompson uranium district of Utah is a greenfield exploration project with no historic workings (Figure 4). The project area is predominantly covered by Cretaceous Mancos Shales (Figure 1), with the targeted prospective uranium and vanadium lithologies (Brushy Basin and Salt Wash Sandstone, Morrison Formation) at approximately 100m below the surface (based on historic oil wells drilled in the project area (Figure 3). The principal objective of the heliborne magnetics was to delineate faults or key structures that may control underlying potential uranium mineralisation, with any associated radiometric anomalies representing leakage from a discrete uranium source under cover (Figure 3). The interpretation is preliminary and ongoing at this stage, and will be reviewed in conjunction with ground truthing. 

Next Steps:

§ Ground truthing is now underway over the uranium anomalies at all three project areas, with the anomalies to be ranked for potential drill testing.

§ The priority uranium anomalies identified at Section 23 where there has been no previous mining, and the anomalies along strike of Groundhog will both be drill-tested as part of the proposed upcoming drilling program.

§ Federal (BLM) and Colorado (DRMS) drill permits received, and now awaiting final approval from San Miguel County in order to commence follow-up drilling from the successful 2022 Program, at Rim Rock, Groundhog and Section 23, Wedding Bell Project (Figure 4).

§ Permitting has commenced for maiden drilling at Vanadium King Project, Utah (Figure 4).

Figure 3: Vanadium King Project showing radiometric image (uranium² divided by thorium) overlaid by structural interpretation from magnetics data.

Figure 4: USA 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:

Competent Person's Report

The information in this report that relates to Geophysical Exploration Results is based on information compiled by Kim Frankcombe, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr Frankcombe is employed as a Consultant to the Company through geophysical consultancy. Mr Frankcombe has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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'. Mr Frankcombe consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

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 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 km2 of exploration licences with highly encouraging early-stage gold, copper 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 Estimate¹.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.²³

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020. Thor executed a $8m Farm-in and Funding Agreement with Investigator Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project on 24th 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.⁵ 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

1     JORC Code, 2012 Edition - Table 1

1.1         Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results