Thor Energy Regulatory News (THR)

Hole ID

Easting

Northing

Azimuth

Dip

Final Depth

KPFRT01

308641

6196659

0

-90

66

KPFRT03

308638

6196659

0

-90

29

KPFRT02

308639

6196669

0

-90

29

Hole ID

Prospect

Preliminary XRF Intercept summary

Assay Intercept summary

 KPFRT01

 Kapunda

66m @ 0.27% Cu including5m @ 0.72% Cu from 3m

and 11m @ 0.54% Cu from 19m

66m @ 0.20% Cu from surface, inc

11m @ 0.47% Cu from 0m, inc

3m @ 0.027ppm Au from surface, &

1m @ 0.03ppm Au from 8 m

18m @ 0.24% Cu from 19m

8m @0.17% Cu from 39m

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· Hole KPFRT01 was rotary air blade drilled then geophysically logged. holes KPFRT02 and 03 were blade drilled at 241mm, fitted with 177mm PVC casing and screened with slotted PVC.

· Cuttings were collected every 1m into a large plastic container, these were transferred into plastic bags, subsamples of 2-3 Kg were taken for geochemical assay, chip tray samples were collected, logged and photographed.

· All sample intervals from KPFRT01, 02 and 03 were analysed by handheld XRF on site. Samples from KPFRT01 were sent to a NATA accredited laboratory and assayed

· Industry standard QAQC protocol was adopted with reference material inserted every fifth sample.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Watson Drilling was contracted to provide the drilling services

· All holes were drilled with rotary air blade

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Qualitative assessment of sample recovery and moisture content was recorded.

· No relationship is known to exist between sample recovery and grade.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· All holes were geologically logged on site by geologist

· Water flow rates were measured at the completion of each drill rod

· Water samples were taken at the completion of each rod

· KPFRT01 was geophysically logged by Borehole wireline.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· Chips were collected with a plastic scoop with several samples from different sections of the bag placed into a calico sample bag for assay

· Sample sizes are considered appropriate for the mineralisation style and the material gathered.

· Laboratory standards were included in the assay process for QAQC, these indicate acceptable analytical accuracy

· Laboratory analytical charge sizes and standard sizes are considered adequate for the material being assayed.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Industry standard sample preparation undertaken

· Samples were digested and refluxed with a mixture of acids

· Base metal assays determined by Inductively Coupled Plasma (ICP) Mass Spectrometry.

· Au assays have been determined by Atomic Absorbtion Spectrometry.

· The laboratory techniques and assaying are considered appropriate

· Boreholes were geophysically logged with a range of methods from natural gamma, spectral gamma, induction-conductivity, magnetic susceptibility, formation density, north seeking gyro through to optical imaging. Where applicable, all probes, natural gamma, spectral gamma and formation density, have been calibrated in Adelaide at the DEWR calibration models. Other probes were calibrated with fixed apparatus in Borehole Wireline's Adelaide workshop. Calibration, data processing and optical image processing were supervised and checked by Duncan Cogswell, BSc, MSc, MAusIMM from Borehole Wireline.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· KPFRT01 was twinned with KPFRT03, both holes were analysed on site using handheld XRF with similar results

· All data are stored in an electronic database, collar locations are entered into a spreadsheet then transferred to the database.

· Assay data from the laboratory is electronically loaded into the database

· No adjustments were made to the assay data.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· Drill hole collar locations were recorded from a Garmin handheld GPS

· No downhole surveys were undertaken

· Topographic control is taken from DTM derived from aerial survey and is considered adequate

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Hole spacing is ~10m and is considered adequate for the hydrogeological investigations undertaken.

· No sample compositing was applied.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Holes are vertically drilled to intersect regional aquifer

Sample security

· The measures taken to ensure sample security.

· Samples were stored on private property and then transferred to fenced yard.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· No audits/reviews undertaken

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· The holes are drilled on Exploration License number 6198 held 100% by Terramin Exploration Pty Ltd..

· The tenement is currently in good standing with no known impediments to exploration.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· The tenement has been actively explored since the early 1900's. Companies include Utah corporation, Minefields Exploration, Northland Minerals, Copper Range and Terramin Exploration Pty Ltd

Geology

· Deposit type, geological setting and style of mineralisation.

· The copper in the Kapunda area sits within the Tapley Hill formation and consists of steeply dipping, structurally controlled, high grade lodes of oxide and secondary copper mineralisation. The Kapunda mine site was the subject of mining until the late 1800's and has sporadically been looked at over the years. Recent advances in InSitu recovery have prompted the area the area to be reviewed and its prospectivity for this style of mining to be evaluated.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· Collar location details are appended to the release

·

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Intersections are calculated by averaging the 1m assays

· No metal equivalents are reported

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· Intervals reported are downhole lengths

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Relevant Maps are included in this report

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· All chemically assayed intercepts FOR KPFRT01are reported

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· These holes were primarily drilled for hydrogeologic testing not as mineral exploration holes.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· Further work will be focused on additional hydrogeological evaluation of the Kapunda area potential for InSitu recovery of copper.