Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has reported a potential high-grade rare earth (REE) discovery within its licence at Alford East after a review of gold and copper drilling results.
In a statement, Nicole Galloway Warland, Thor managing director, said: "I am absolutely delighted to report these thick zones of shallow, high-grade REE intercepts, found to be associated with oxide copper-gold mineralisation at the Alford East Project.
"This batch of results compares very favourably in terms of depth, thickness and grade to its peer group in the fledgling Australian REE sector.
"Importantly, this discovery has significant potential to be a large deposit based on the ~5km lateral extent of the north-south trending, structurally controlled troughs hosting IOCG mineralisation.“
Galloway Warland noted that aside from the nine 2021 diamond drill holes reported today, none of the other historic drilling at Alford East has ever been assayed for rare earths.
Next steps are to continue to review the geochemical REE data, with selected samples submitted to the Bureau Veritas laboratory for analysis.