Thor Energy (ASX:THR) has posted a string of new ‘significant’ uranium drilling results from its Wedding Bell and Radium Mountain projects in Colorado, US.
The $7.24 million market capitalisation company says drilling is still ongoing in the area, scheduled to wrap up later this month (November 2023). Once complete, Thor will dispatch anomalous uranium and vanadium samples to the Australian Laboratory Services in Canada, with results expected in Q1 2024.
Thor reports that downhole gamma logging results from drilling thus far have shown up to 3,186 parts per million (ppm) (0.32%) triuranium octoxide equivalent (eU3O8) within hole 23WBRA011 at the Rimrock Mine, along-strike of historical mined-out areas.
Other ‘significant’ results above 500ppm include hole 23WBRA012 with 0.6m @ 1,710ppm eU3O8 from 63.1m; hole 23WBRA013 with 0.3m @ 1,080ppm eU3O8 from 61.3m; and hole 23WBRA016 with 0.8m @ 1,954ppm eU3O8 from 67.4m.
The company notes 16 drillholes have now been completed at Rimrock and at the Section 23 prospects, with uranium mineralisation intercepted in all holes.
Drilling will continue at Rimrock before moving to the Groundhog prospect.
The company explains that drilling has been designed to target uranium and vanadium mineralisation within the Salt Wash Member of the Morrison Formation.
Thor Energy Managing Director Nicole Galloway Warland says the drilling results so far not only strengthen the project’s overall economics but reaffirm the company’s long-term strategic focus on its US uranium portfolio.
“These are significant uranium results, reflecting the high-grade nature of the uranium mineralisation within the Uravan Mineral Belt.
The drilling program is progressing well, with completion anticipated in late November 2023, and we look forward to updating the market with further uranium gamma results upon the completion of the drilling program.”
“These are significant uranium results, reflecting the high-grade nature of the uranium mineralisation within the Uravan Mineral Belt”
Thor Energy is a uranium and energy metals explorer with several ‘highly prospective’ projects in the US and Australia that have exposure to uranium, nickel, copper, lithium, and gold.
The company’s Wedding Bell and Radium Mountain projects sit in the historic uranium-vanadium mining district within the Uravan Mineral 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.
Write to Adam Drought at Mining.com.au
Images: Thor Energy
