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Thor Energy PLC - London-based, US and Australia-focused mineral exploration company - Announces commencement of drilling at its 100%-owned Wedding Bell and Radium Mountain projects. Both are located in the Uravan mineral belt in southwest Colorado. Thor says the 4,000 metre drilling programme will target uranium mineralisation along strike of the Rim Rock and Groundhog mines and focus on testing for airborne anomalies. Company will conduct downhole gamma surveys throughout the programme. Drilling is expected to take four to six weeks with completion in late November, with sample analysis results expected in December or January. Says current uranium spot price is USD73 per pound.
Managing Director Nicole Galloway Warland says: "Thor is encouraged by the growth opportunities in the uranium sector, with the uranium spot price at a 12-year high, supported by strong supply and demand fundamentals. This aligns with our strategic focus on energy metals and our commitment to advancing our USA uranium projects."
Current stock price: 1.51 pence, up 0.3% on Wednesday afternoon in London
12-month change: down 68%
By Emma Curzon, Alliance News reporter
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