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Thor Energy signs up Fleet Space for satellite-based exploration at Alford East project

Published 04/09/2023, 05:36 pm
Updated 04/09/2023, 06:00 pm
© Reuters.  Thor Energy signs up Fleet Space for satellite-based exploration at Alford East project
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Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has inked a collaboration agreement with Fleet Space Technologies, which will undertake Ambient Noise Tomography (ANT) surveys at the company’s Alford East Copper-REE project in Australia.

ANT uses devices that listen to faint background vibrations from natural and man-made sources, before using a constellation of low earth orbit satellites, launched recently by SpaceX, to survey the project area.

The data will subsequently be interpreted using artificial intelligence (AI) and machine learning to generate a new model for drill targeting higher-grade oxide copper-gold mineralization in future drill programmes.

At Alford East, the aim is to successfully delineate the low velocity, weathered 'troughs' that host the oxide copper-REE mineralization, Thor said.

The novel exploration partnership also sees Fleet Space take a shareholding in Thor, as it subscribes for $250,000 of shares at a price of 4 cents apiece.

Thor managing director Nicole Galloway Warland highlighted that it is a low environmental impact method of exploring undercover and at depth and follows a similar approach undertaken at Alford West.

"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,” Galloway Warland said in a statement.

“This collaboration will empower us to accelerate our exploration efforts significantly."

She added: "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."

Fleet Space director Federico Tata-Nardini, meanwhile, commented: “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 Thor's 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.”

Read more on Proactive Investors AU

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