(Alliance News) - Thor Energy PLC on Wednesday said that it has completed a reverse circulation drilling programme at its fully-owned Wedding Bell and Radium Mountain projects, which are located in the Uravan Mineral Belt in southwest Colorado.
According to the US and Australia-focused mineral exploration company, the programme was completed at several priority prospects, including Section 23, Rim Rock Mine, and Groundhog.
Comprised of 23 shallow drillholes, it featured geological logging, which visually identified "favourably reduced sands" in all drillholes. Notably, downhole gamma logging returned up to 3,186 parts per million eU3O8 uranium at the Rim Rock Mine, along strike of historic mined-out areas.
eU308 is radiometric equivalent U3O8 from a calibrated total gamma downhole probe.
Groundhog Mine downhole gamma results are pending, Thor added.
"Drilling at our Wedding Bell and Radium Mountain projects is now complete, with all drillholes intersecting favourably reduced sands indicative of hosting uranium and vanadium mineralisation," said Managing Director Nicole Galloway Warland.
"A sample submission to Australian Laboratory Services, in Vancouver, for uranium and vanadium assays results is currently in progress and the remaining downhole gamma eU308 uranium results will be released to the market once the surveys are complete."
Thor Energy shares were trading 1.6% lower at 1.55 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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Thor Energy (THR)