(Alliance News) - Thor Energy PLC on Thursday said it has received all approvals necessary for drilling at its 100%-owned Wedding Bell and Radium Mountain projects in Colorado, US.
The uranium and vanadium explorer said this would allow it to begin follow-up drilling from its successful programme in 2022 at the two projects located in the historic uranium-vanadium mining district within the Uravan mineral belt.
Drilling is earmarked to start in September, Thor Energy said, with drill site preparations to begin "in readiness for drilling".
The company said the proposed 400 metre programme is designed to further advance the uranium and vanadium projects, with drilling along the strike of the mineralisation at Rim Rock and Groundhog. It is 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.
It also noted that it has secured Boart Longyear as drilling contractor.
"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," said Thor Energy Managing Director Nicole Galloway Warland.
"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."
Shares in Thor Energy were up 8.9% to 0.25 pence each in London on Thursday morning.
At the end of July, Thor Energy said it identified "several exciting high order uranium anomalies being identified in areas untested as well as along strike of history uranium and vanadium workings" at the Wedding Bell, Radium Mountain and Vanadium King projects.
By Greg Rosenvinge, Alliance News reporter
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Thor Energy (THR)