Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) has said a maiden drilling programme will start in mid-September at its Wedding Bell and Radium Mountain uranium and vanadium projects in the US state of Colorado.
The 2,000-metre programme will focus on three prospects, Rim Rock, Groundhog, and Section 23, with the latter – located in the southeast corner of Wedding Bell – being the highest priority drill target.
Drilling at the Rim Rock and Groundhog prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25% uranium, the company said.
“We are seeing an increase in the uranium price as it becomes clear that many countries, including the UK, USA and Japan, are revisiting nuclear power as a response to rising energy prices driven by the Ukraine war and as a ‘green baseload energy’ source to meet decarbonization goals,” noted Thor managing director Nicole Galloway Warland in a statement.
“Thor is positioned well as we advance our uranium-vanadium projects,” she added.
The AIM-traded company also provided an exploration update on its Ragged Range gold-nickel project and Molyhil tungsten-molybdenum project, both in Australia.
The company said that talks had started with potential joint venture partners to progress Molyhil towards development.
Thor also said it is still awaiting assay results from a recently completed drilling programme at the Ragged Range’s Sterling gold prospect.
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