Thor Energy (ASX:THR) has begun preparations for 2024 resource infill and extension drilling at the Rim Rock and Groundhog mine areas, as part of the Wedding Bell and Radium Mountain projects in southwest Colorado, US.
The $10 million market capitalisation company says additional prospects will be assessed for drilling during the year. The prospects include the Edna May and Babe Ruth/Diana Mine areas.
Thor reports the upcoming activities come after the completion of reverse circulation (RC) drilling in late 2023, which intersected ‘high-grade’ uranium up to 6,885 parts per million (ppm) (0.69%) eU3O8.
Managing Director Nicole Galloway Warland says exploration comes after the uranium spot price broke through US$100 per pound, marking a 16-year high for the nuclear energy metal.
“Based on the promising consistency along strike of shallow high-grade uranium results from the drilling program, Thor has commenced preparation and permits for mineral resource drilling at Rimrock and Groundhog mine areas, this will include infill and extension RC as well as diamond drilling.
The US government recently announced that it plans to invest up to $500 million in enhancing domestic capacity to process uranium into nuclear fuel. We are encouraged by this inward investment as it will only further benefit the developments of our US projects, making Thor strategically poised to capitalise on the global shift towards green nuclear energy.
Based on the success of Thor’s drilling programs and the wider positive sentiment around uranium, Thor’s team is also now reviewing additional prospects within the project area for drilling evaluation.”
The company notes uranium and vanadium assay results are pending with samples currently at Australian Laboratory Services, Canada. Results are scheduled for delivery in February this year.
Once in-hand, Thor expects to begin further geological and mineralisation interpretations combining 2022 and 2023 drilling results.
Thor Energy is a uranium and energy metals explorer with a number of ‘highly prospective’ projects that give exposure to uranium, nickel, copper, lithium, and gold mineralisation.
As of 30 September 2023, Thor Energy had $2.518 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Thor Energy
