Final report EL 24809 for the period 2 August 2006 to 15 July 2010

Abstract

This report documents all exploration activities covering four years of tenure between August 2 2006 and July 15 2010 on EL 24809 Hale River by Hale Energy Limited a wholly owned subsidiary of Thor Mining PLC. HoistEM survey flown in late 2006 defined conductive horizons within the palaeochannel and the 2007 drilling confirmed the presence of prospective units. The 2007 air core programme was a technical success although drilling conditions were difficult. Weakly anomalous uranium values were obtained in five holes (07HLMR001, 07HLAC004, 07HLAC018, 07HLAC019 and 07HLAC020) with a best assay result of 30ppm U. Extensive office studies were conducted after the initial drilling program in 2008 and 2009 but failed to determine any future drilling targets within achievable depths from surface. Reconnaissance field visits completed in 2009 confirmed that rehabilitation of the 2007 air core drilling was successful. Heavy rains throughout 2010 made access to the area extremely difficult and consequently rehabilitation photos of the 2007 drill sites could not be collected. The prospectivity of the area relating to any significant palaeochannel hosted uranium mineralisation was downgraded and together with the excessive cost of mobilising drilling equipment and field crews to the area resulted in the surrender of the tenement in July 2010.