24 June 2024

Thor Energy PLC

("Thor" or the "Company)

 Sampling returns up to 5,424ppm (0.54 %) U₃O₈, 1.6 % V₂O₅ and 2.74 % Cu.

Edna Mae Prospect- Wedding Bell and Radium Mountain Projects, USA

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an exploration update on the regional surface sampling program on the Company's 100% owned Wedding Bell and Radium Mountain Projects, located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, USA (Figure 1 and Figure 3).     

Highlights:

§ Rock Chip sampling at Edna Mae Prospect returned up to 5,424 ppm (0.54 %) U₃O₈, 1.6 % V₂O₅ and 2.74 % Cu.

§ Following on from Thor's 2023 Airborne Radiometric survey, a regional reconnaissance surface sampling program consisting of mapping and rock sampling is progressing across the Wedding Bell Project, assessing all first-order anomalies for future drill testing (Figure 1 and Figure 2). Previously reported rock samples returned up to 1.25% U₃O₈ at Rim Rock (WR-016) and 3.87 % V₂O₅ at Jack Knife (WR-20) (Figure 1) (ASX/AIM: 20 July 2020).

§ Edna Mae rock sample assay results include:

§ The Edna Mae prospect lies in the southern portion of Thor's mining claims (Figure 2), with the copper and uranium-vanadium mineralisation within altered, bitumen spotted Jurassic sandstones of the Salt Wash Member of the Morrison Formation (Photo 1 & 2). Mineralisation sits in the lower first Rim of the Salt Wash Sandstone at a similar stratigraphic position to Section 23 and Groundhog prospects.

§ Edna Mae lies on the edge of Paradox Copper Belt, which includes the producing Lisbon Valley Copper Mine. The sediment-hosted copper mineralisation is believed to be a later, younger event to the uranium mineralisation.

§ Preparations are underway for 2024 drilling programs (infill and extension) at Rim Rock and Groundhog mine areas, with reconnaissance surface geochemical sampling continuing throughout the Wedding Bell Project.  

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

"The presence of high-grade copper with the uranium-vanadium assay results at the Edna Mae Prospect is very promising. The Edna Mae Prospect sits on the edge of the Paradox Copper Belt, which hosts the producing Lisbon Valley Copper Mine.

"We are continuing our regional reconnaissance surface sampling program with exciting high-grade results and building additional drill targets to our priority Rim Rock and Groundhog prospects.

"2024 drilling preparations are in progress, with the intention of maiden drilling at Vanadium King Project, and we look forward to updating the market in due course."

Figure 1: Surface Rock Sampling Results including Edna Mae, across the Wedding Bell ad Radium Mountain Projects, Colorado

RECONNAISSANCE SURFACE SAMPLING:

Reconnaissance mapping and surface rock sampling across the Wedding Bell Project are continuing to systematically assess and prioritising historic workings and geophysical anomalies, identified by Thor's 2023 Radiometric Survey (ASX/AIM: 27 July 2023) for future drill testing (Figures 1 and 2).  

Previously reported rock samples returned up to 1.25% U₃O₈ at Rim Rock (WR-016) and 3.87 % V₂O₅ at Jack Knife (WR-20) (Figure 1) (ASX/AIM: 20 July 2020). Refer to Table A for rock chip sample results to date. Of the ten-plus areas that have been assessed, only two areas have been drill-tested by Thor to date (Rim Rock and Groundhog).

Edna Mae Prospect

Edna Mae was identified as a geophysical anomaly in 2023, and is located in the southern portion of the Wedding Bell mining claims approximately 1km east of Section 23 and along strike of Groundhog (Figure 1 and Figure 2).

Recent Rock Chip sampling at Edna Mae Prospect returned up to 5,425ppm (0.54 %) U₃O₈, 1.6 % V₂O₅, 2.74 % Cu and 100g/t Ag. Although elevated copper values have been noted and used as pathfinder elements in drilling at Groundhog, Rim Rock and Section 23, this is the first high-grade copper value reported.

The copper and uranium-vanadium mineralisation is within altered, bitumen spotted Jurassic sandstones of the Salt Wash Member of the Morrison Formation (Photo 1 & 2). Mineralisation sits in the lower first Rim of the Salt Wash Sandstone at a similar stratigraphic position to Section 23 prospect.

Edna Mae lies on the edge of Paradox Copper Belt, which includes the producing Lisbon Valley Copper Mine, Utah. The sediment-hosted copper mineralisation is believed to be a later, younger event to the uranium mineralisation (Figure 3). Further work is needed to understand the copper distribution, and its relationship and distribution relative to the uranium-vanadium mineralisation.  

Edna Mae rock sample assay results include:

Next Steps and Upcoming News Flow:

§ Continuing our reconnaissance mapping and surface sampling program across tenure, to build and prioritise future drill targets. There remain several unsampled radiometric anomalies to assess (Figure 3).

§ Detailed mineralisation and geological interpretations combining the 2022 and 2023 drilling results.

§ 2024 reverse circulation and diamond resource drilling (infill and extension) at Rim Rock and Groundhog mine areas.

§ Maiden drilling at Vanadium King, Utah.

Figure 2: Radiometric image (U2/Th ratio) draped over Digital Elevation Model (DEM) showing uranium anomalies in red, green and light blue with Rock Chip samples collected to date

Table A: Rock Sample Assay Results for Wedding Bell Project

Note

Coordinates are in WGS 84 Zone 12

NA - Not Analysed for Copper or Silver

Figure 3: 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:

About Thor Energy Plc

The Company is predominantly focused on uranium and energy metals 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.

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 Estimate¹.

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.²³ 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 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 A$8m Farm-in and Funding Agreement with Investigator Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project on 24 November 2022.⁵

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/.

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/

⁵https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf

The Company notes that for the relevant market announcements noted above, that 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.

APPENDIX 1: The following tables are provided to ensure compliance with JORC Code (2012) requirements for exploration results for the Wedding Bell and Radium Mountain Projects in Colorado, USA

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

1.1Section 2: Reporting of Exploration Results