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(Sharecast News) - Thor Energy said on Tuesday that preliminary results from its phase two soil air geochemistry survey at the HY-Range project in South Australia had recorded natural hydrogen readings of up to 3%, validating three of its highest-priority exploration areas.
The AIM-traded company said the results built on and confirmed the findings of its phase one survey, completed in the second quarter of 2025, and supported its exploration model at the 80.2%-owned project.
Thor said the survey recorded highly elevated natural hydrogen readings, reaching a maximum of 3%, or 30,000 parts per million, which it said was about 60,000 times background levels.
Consistently high values, ranging from several hundred to several thousand times background, were recorded across the Mallala, Lochiel and Crystal focus areas identified during phase one.
The company said its updated sampling techniques had substantially reduced the risk of sampling error or human-made contamination.
The phase two programme tested different sample depths, long-duration sampling intervals, hole-lining materials and control samples, refining Thor's natural hydrogen and helium exploration methods.
Thor said the anomalously high surface geochemistry showed a strong correlation with its geological models, including crustal-scale basement architecture, faulting and fluid-focusing mechanisms considered important for delivering economic volumes of natural hydrogen.
The company said the phase two results had surpassed its initial expectations, with one validated sample recording 3% natural hydrogen several weeks after hole installation and an adjacent location peaking at 1.5%.
Thor said it expected to announce shortly the award of a 2D seismic acquisition programme across the HY-Range licence.
The survey was intended to define the structural architecture of the Lochiel and Crystal areas for the first time, integrate with the surface geochemistry results, and mature definitive drilling targets.
Managing director Andrew Hume said the preliminary results were "highly encouraging", adding that the company's primary goal had been to replicate and expand the phase one results.
"Returning to the field and recording regionally extensive natural hydrogen readings that locally peaked at 3% is a strong outcome that far exceeded our expectations," he said.
Hume said the scientific rigour applied to the programme had given Thor a robust dataset showing relationships between surface anomalies and interpreted crustal faulting.
"These results provide validity and the confidence to drive forward," he said.
"The integration of this upcoming seismic data with our surface geochemistry results is the final step required to mature our targets and set Thor on a definitive path to exploration drilling."
At 1115 BST, shares in Thor Energy were up 16.17% at 0.7p.
Reporting by Josh White for Sharecast.com.
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