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Fleet Space Invests in Thor Energy for Mineral Exploration Partnership 

By Rachel Jewett | September 7, 2023

A Fleet Space planted Geode. Photo: Fleet Space

Fleet Space Technologies is investing $250,000 into Thor Energy Plc, a mineral exploration company, as part of a collaboration at a site in South Australia. 

Fleet Space and Thor will perform ambient noise tomography surveys at the Alford East project in South Australia, a prospective site for copper and gold. They will use Fleet’s Exosphere technology, in which small geode devices collect data on structural information about the sites. This data is then transmitted through Fleet’s network of Low-Earth Orbit (LEO) satellites and available in a data visualization platform. The results from the surveys are used to develop strategy for drilling campaigns. 

As part of the partnership, an investment fund associated with Fleet Space is making a direct equity investment of $250,000 in Thor via a share subscription at $0.04 per share. 

“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 signaled its intent for a long-term collaboration at Alford East by taking a stake in Thor Energy that will see us become partners in innovation as we work together to redefine exploration practices for the better,” commented Nicole Galloway Warland, managing director of Thor Energy.