Thor rallies rigs for resource extension drilling 

Thor Energy (ASX:THR) is eyeing resource infill and extension drilling at both the Rim Rock and Groundhog mine areas in the US. 

The $8.35 million market capitalisation company says further work is being lined up at both deposits — as part of its wholly owned Wedding Bell and Radium Mountain projects — to delineate mineral resources. 

Thor notes drilling will also seek to correlate with today’s (4 December 2023) announced results from downhole gamma logging of 23 recent reverse circulation (RC) drillholes with historic mine workings and 2022 drilling. 

Results demonstrate ‘significant’ uranium up to 6,885 parts per million (ppm) uranium equivalent. 

Key intercepts include hole 23WBRA020 with 0.9m @ 6,885ppm (0.69%) uranium equivalent (eU3O8) from 82.66m; and hole 23WBRA019 with 0.3m @ 3,362ppm (0.34%) eU3O8 from 90.22m. 

Thor reports geological logging flagged favourably reduced sands in all drillholes. 

Meanwhile, uranium and vanadium assay results are pending with further geological and mineralisation interpretations to follow. Assays are expected to be in hand during Q1 2024.  

Thor Energy Managing Director Nicole Galloway says the results confirm the company’s belief it can achieve shallow, ‘high-grade’ uranium from drilling, demonstrating ‘exciting’ growth opportunities at both Wedding Bell and Radium Mountain. 

Thor Energy is focused on uranium and energy metals that are crucial in the shift to a ‘green’ energy economy.  

The company has several ‘highly prospective’ projects that give its shareholders exposure to uranium, nickel, copper, lithium, and gold and sit in Australia and the US. 

The Wedding Bell and Radium Mountain projects sit in the Uravan Belt in Colorado and Utah. 

As of 30 September 2023, Thor Energy had $2.158 million cash and cash equivalents at hand, according to its latest quarterly report.

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Images: Thor Energy
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.