The low-cost thermal infrared 'THz-Torch' concept (referred to here as 'THz-T') was first introduced over a decade ago, and since then the associated 'over the THz horizon' thermal infrared (10-100 THz) implementation technologies have continued to advance. While short range secure wireless communications links have received a great deal of attention, material spectroscopy has only briefly been introduced in a short conference abstract. Here, for the first time, we explore in depth the basic concepts behind THz-T spectroscopy. Moreover, when compared to the unvalidated results within our previous work, we demonstrate an enhanced experimental THz-T spectrometer. A detailed thermal noise power link budget model for both the transmission and reflection modes of operation have been undertaken and independently validated. As a proof of principle, a diverse array of different material types has been characterized. This includes glass sheets, semiconductor wafers, ceramic plate, plastic tape, plastic sheets, as well as polymer and cotton paper banknotes. THz-T technology has the advantages of hardware simplicity and low cost nondestructive testing for ubiquitous applications.