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September 8th, 2023
FLEET SPACE TECHNOLOGIES TAKES STRATEGIC STAKE IN THOR ENERGY

  • EXOSPHERE BY FLEET® technology to drive faster and more sustainable mineral exploration at Alford East Project in South Australia
  • Shared commitment to enabling precise exploration underpinned by Fleet Space taking an equity interest in Thor Energy through share subscription
  • Technology supports more precise and efficient drilling campaigns
  • Technology integrates geophysical and geological data sets using Artificial Intelligence (AI) and Machine Learning (ML) techniques to create an advanced 3D model
  • Data is rapidly processed and transmitted through Fleet’s constellation of low earth orbit satellites.

 

Adelaide, South Australia

ASSETS CAN BE DOWNLOADED FROM HERE 

“This partnership between Thor Energy and Fleet Space Technologies is further testament to what is possible when we fuse world-class exploration expertise with cutting-edge space technology. This has been an extraordinary period of growth for Fleet Space Technologies. We are proud to work with an increasing number of the world’s most progressive exploration companies to deliver faster, more accurate and ultimately less impactful exploration practices. By taking an equity stake in Thor Energy we signal our long-term commitment to redefining how minerals are found at their Alford East Project and beyond.” 

Federico Tata-Nardini, Chief Financial Officer and Financial Strategy & Investment Officer of Fleet Space Technologies

Fleet Space Technologies (“Fleet”) is delighted to announce a ground-breaking collaboration with Thor Energy Plc (“Thor”), to redefine their mineral exploration approach through cutting-edge space-enabled technology.

This partnership will leverage EXOSPHERE BY FLEET® technology and Thor’s expertise to revolutionise the understanding of the Alford East Copper-REE Project in South Australia, underpinning more precise drilling to realise the site’s potential faster and with less impact.

The collaboration has also seen Fleet Space Technologies take an equity stake in Thor Energy, signifying both parties’ long-term commitment to the project. This latest major commitment for Fleet follows the successful completion of the company’s institutional Series C  fundraising round and the signing of landmark contracts with the world’s largest and most innovative exploration companies including Rio Tinto and Barrick Gold.

SPACE TECHNOLOGY ENABLING FASTER MINERAL EXPLORATION

Fleet’s state-of-the-art technology, paired with Thor’s expertise, will pave the way for more precise and efficient drilling campaigns. The Alford East Project will serve as the first step in a long-term, transformative partnership, combining space technology with mineral exploration.

The collaboration will drive ANT surveys using EXOSPHERE BY FLEET® technology initially over the northern part of the Alford East Project. This low-impact exploration technique harnesses natural environmental vibrations to analyse the Earth’s composition at significant depths.

The integration of this data with Thor’s existing 3D geological model will lead to a comprehensive understanding of structural and lithological controls on mineralization, facilitating the identification of high-potential drill targets.

Data is collecting using portable Geodes devices which capture subtle vibrations from both natural and human sources. The data collected is then promptly processed and efficiently transmitted through Fleet’s network of low earth orbit satellites.

The collaboration between Thor and Fleet will empower the accurate delineation of low velocity, weathered troughs housing oxide copper-REE mineralization. This partnership will also pioneer the targeting higher-grade oxide copper-gold mineralization byemploying Artificial Intelligence (AI) and Machine Learning (ML) methodologies.

LONG TERM PARTNERS IN INNOVATION 

As a testament to the partnership’s strength, Fleet Space Technologies will earn an equity interest in Thor through a strategic share subscription. This underlines the commitment to jointly accelerate mineral exploration and leverage technology to redefine industry standards.

“This partnership signals Fleet Space Technology and Thor Energy’s shared commitment to innovation. The satellite enabled exploration approach made possible by Fleet’s Exosphere technology is driving greater efficiency and accuracy across the industry. We are delighted that Fleet has signalled its intent for a long-term collaboration at Alford East by taking a stake in Thor Energy that see us become partners in innovation as we work together to redefine exploration practices for the better.”

Nicole Galloway Warland, Managing Director of Thor Energy

The Alford East Copper-REE Project, located on the Yorke Peninsula, SA, is a significant area of focus for Thor Energy. The collaboration with Fleet Space Technologies promises to revolutionise exploration methodologies, resulting in more informed decision-making and streamlined drilling campaigns.

 

FLEET SPACE TECHNOLOGIES

Space Technologies, a leading Australian space company with a mission to connect Earth, Moon, and Mars, is revolutionising the mineral exploration, defence, and space exploration sectors through its groundbreaking products and connectivity solutions. Headquartered at a state-of-the-art facility in Adelaide, South Australia, Fleet has rapidly grown to over 100 employees and boasts a global presence, including a team in the US and offices in Canada, Luxembourg, and Chile.

THOR ENERGY PLC (AIM, ASX: THR, OTCQB: THORF)

Thor Energy Plc is a leading mineral exploration company specialising in discovering valuable resources through advanced geological and technological methods. With a commitment to innovation and efficiency, Thor Energy aims to redefine exploration in the minerals sector.