INVESTOR UPDATE

Fleet Space Technologies Collaboration at Alford Copper-REE Project

Read the full ASX release

The directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a collaboration with Fleet Space Technologies to undertake Ambient Noise Tomography (“ANT”) surveys to advance Thor’s understanding of the Alford East Copper-REE Project, South Australia.

HIGHLIGHTS

  • Thor and Fleet Space Technologies to collaborate on the Alford East Project to accelerate mineral exploration, incorporating Fleet’s EXOSPHERE BY FLEET® technology.
 
  • EXOSPHERE BY FLEET® scans the ground using the advanced ANT seismic tomography technique, where highly transportable ‘Geode’ devices listen to faint background vibrations from natural and man-made sources. The data is then processed rapidly and transmitted through Fleets constellation of low earth orbit satellites, recently launched by SpaceX. This technology will be used in surveys over the Alford East Project to successfully delineate the low velocity, weathered ‘troughs’ that host the oxide copper-REE mineralisation with the Alford Copper Belt.
 
  • Fleet will integrate ANT results with Thor’s 3D geological model by using Artificial Intelligence (“AI”) and Machine Learning (“ML”) to generate a new model for drill targeting higher-grade oxide copper-gold mineralisation.
 
  • The results from the surveys will play a pivotal role in shaping decisions and refining the targeting strategy for upcoming drilling campaigns. These future drilling efforts will be concentrated on regions characterised by low seismic velocity, known for hosting oxidised copper-gold mineralisation conducive to the possibility of In-Situ Recovery (“ISR”).
 
  • An investment fund associated with Fleet Space will make a direct equity investment of $250,000 in Thor via a share subscription at $0.04 per Share. The Shares are expected to be issued by 8 September 2023. The Shares will be subject to voluntary escrow for 12 months.
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WATCH: Learn more about the EXOSHERE BY FLEET® technology

Thor is delighted to have formed a collaborative partnership with Fleet Space Technologies to accelerate mineral exploration at our Alford East Copper-REE Project.

EXOSPHERE BY FLEET ® is a low environmental impact method of exploring undercover and at depth, which through our 30% equity in EnviroCopper (“ECL”) have successfully completed a similar project at Alford West Project, located to the south. Fleet Space will integrate the data from the ANT surveys with Thor’s 3D geological model.

As a junior explorer, securing Fleet Space’s support bridges the divide between space technology and mineral exploration, and stands as a resounding endorsement of confidence in Thor’s Alford East Copper-REE Project. This collaboration will empower us to accelerate our exploration efforts significantly.

The collaboration with Fleet Space Technologies is underpinned by an equity investment in Thor of $250,000 by an investment fund associated with Fleet Space Technologies. This funding will be focussed on drill testing the identified targets.

WATCH: Managing Director Nicole Galloway Warland talks to Proactive about the new partnership

In a groundbreaking collaboration, Thor and Fleet Space are set to redefine mineral exploration through the innovative integration of space technology.

This partnership marks the convergence of advanced technologies. Fleet’s cutting-edge space technology will merge seamlessly with Thors expertise in mineral exploration. The Alford East Project will act as the catalyst for this transformative journey, ushering in a fresh era defined by heightened efficiency and unparalleled precision. This will unlock a realm of opportunities for highly targeted drilling campaigns and expedited exploration endeavours.

As a testament to the symbiotic nature of this collaboration, Fleet Space will earn an equity interest in Thor through a strategic share subscription. This not only underscores the faith in the partnership’s potential but also solidifies the commitment to jointly accelerate mineral exploration.

Read the full ASX release

ABOUT THE

ALFORD COPPER PROJECTS

Thor Mining has an interest in several projects in the copper belt near Alford on the Yorke Peninsula in South Australia and further to the east at Kapunda.

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LEARN MORE ABOUT ISR (In-Situ Recovery)