Fleet Space Technologies Takes Stake in Thor Energy

Adelaide, South Australia, September 4, 2023 - Fleet Space Technologies announced a collaboration with Thor Energy Plc 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 revolutionize the understanding of the Alford East Copper-REE Project in South Australia, underpinning more precise drilling to realize 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. 

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, according to the company.

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 analyzee 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 by employing Artificial Intelligence (AI) and Machine Learning (ML) methodologies. 

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.

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 revolutionize exploration methodologies, resulting in more informed decision-making and streamlined drilling campaigns.