Thor Energy (ASX:THR) has begun preparations for 2024 resource drilling at the Rim Rock and Groundhog mine areas, as part of its wholly owned Wedding Bell and Radium Mountain projects in southwest Colorado, US.
The $6.96 million market capitalisation company says additional prospects will also be assessed for drilling, including Edna May and Babe Ruth/Diana Mine areas.
Reverse circulation prospect drilling and maiden drilling at the Vanadium King Project in Utah are also planned.
Thor is gearing up for drilling after posting today (29 February 2024) ‘high-grade’ uranium and vanadium assays following a RC drilling program.
Results demonstrate vanadium pentoxide grades up to 3% V2O5, and uranium grades up to 0.63% U3O8, which is consistent with the ‘high-grade’ downhole gamma uranium results previously recorded in December 2023.
According to Thor, vanadium mineralisation forms ‘broad’ zones adjacent to the uranium mineralisation, with an average vanadium-to-uranium ratio of 10:1, which is typical of the Uravan Mineral Belt.
Managing Director Nicole Galloway Warland says: “The high-grade uranium and vanadium assay results confirm the high-grade nature of the Saltwash style sandstone uranium systems, within the prolific Uravan Mineral Belt. The assay results also confirm the presence of wide intervals of high-grade uranium mineralisation within a halo of vanadium mineralisation.
This drilling program stepped out from the 2022 drill program, with drilling around the Groundhog and Rim Rock mines confirming mineralisation remains open along strike from historic workings.
Preparations are now underway for a larger RC program and diamond drilling at Groundhog and Rim Rock prospects, chasing high-grade mineralisation along strike, as well as infill drilling for resource definition.”
Favourable long-term fundamentals continue to drive the uranium spot price up. Key drivers include sentiment around reliable baseload clean nuclear energy increasing, with 24 countries pledging to triple nuclear capacity by 2050.
Thor notes the Russian invasion of Ukraine, Niger Coup d’état, and Kazakhstan production uncertainty reiterate the significance of national supply security.
Utilities are expected to self-sanction and refrain from signing contracts, with Russian entities accompanied by government legislation, current supply below reactor demands, with uncertainty around production forecasts.
Thor Energy is focused on uranium and energy metals crucial in the shift to a ‘green’ energy economy with a number of ‘highly prospective’ projects that have exposure to uranium, nickel, copper, lithium, and gold.
The company’s projects sit in the US and Australia.
Write to Adam Drought at Mining.com.au
Images: Thor Energy
