INVESTOR UPDATE

Uranium Drilling Approvals Granted

WATCH: MD Nicole Galloway-Warland’s update on the permit approvals after presenting to the San Miguel County Board of Commissioners.
Read the full ASX release

The directors of Thor Energy Plc (AIM, ASX: THR) are pleased to announce that all approvals have been granted for drilling at the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan Mineral Belt, southwest Colorado, USA

HIGHLIGHTS

  • All approvals and permits have been granted to commence follow-up drilling from the successful 2022 Program: Rim Rock, Groundhog and Section 23, at Wedding Bell and Radium Mountain projects.
  • The proposed 4000m program is designed to further advance the uranium and vanadium projects, with drilling along strike of the mineralisation at Rim Rock and Groundhog, targeting airborne uranium anomalies, and to continue assessing the underexplored Section 23 area, where drilling in 2022 confirmed the uranium and vanadium prospectivity of the area.
  • Drilling Contractor Boart Longyear is secured, with drilling to start in September.

Thor is delighted to now have all approvals in place to commence our proposed upcoming drilling program at our priority uranium and vanadium prospects, at the Wedding Bell and Radium Mountain projects. We are excited as the news aligns with our green energy strategy.

It has been a great effort by the Thor team and the supportive local communities, enabling us to now move forward with final drill site preparations, ready for the drill rig in September.

In the meantime, Thor is on the ground actively following up on our identified uranium anomalies from the recently completed magnetic and radiometric surveys. Each anomaly is being mapped, sampled, and ranked for potential drill testing. We look forward to updating the market when drilling commences.

FURTHER UPDATE

  • Field assessment is underway over the airborne uranium anomalies, identified from the recently completed radiometric surveys at all three project areas, with the anomalies to be ranked for potential drill testing. 
  • The priority uranium anomalies identified; at Section 23 where there has been no previous mining, and the anomalies along strike of Groundhog will both be drill-tested as part of the proposed upcoming drilling program. 
  • Permitting has commenced for maiden drilling at Vanadium King Project, Utah. 

Wedding Bell radiometric image (U2/Th ratio) draped over Digital Elevation Model (DEM) showing uranium anomalies in red, green and light blue with priority targets circled.

NEXT STEPS

  • Drilling is scheduled for September 2023. 
  • Drill site preparations to commence in readiness for drilling.
Read the full ASX release

ABOUT THE

URANIUM-VANADIUM PROJECTS

Thor Energy holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.

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