(Sharecast News) - Thor Energy announced the successful completion of its reverse circulation drilling programme on Monday, revealing promising downhole uranium gamma results at the Wedding Bell and Radium Mountain Projects in the Uravan Mineral Belt of southwest Colorado.
The AIM-traded firm said it achieved significant downhole gamma logging results, with the highest recorded uranium concentration reaching 6,885 parts per million, or 0.69% triuranium octoxide equivalent.
It said the result was found along the historic mine working at Groundhog Mine.
Several other notable uranium concentrations above 2,000 parts per million were also identified, with drill hole 23WBRA020 revealing 0.9 metres of uranium at 6,885 parts per million from a depth of 82.66 metres.
Drillhole 23WBRA019 meanwhile showed 0.3 metres of uranium at 3,362 parts per million from a depth of 90.22 metres, while drillhole 23WBRA011 exhibited 0.5 metres of uranium at 3,186 parts per million from a depth of 76.2 metres.
Finally, drill hole 23WBRA016 displayed 0.8 metres of uranium at 1,954 parts per million from a depth of 67.4 metres.
The programme consisted of 23 shallow holes spanning a total length of 2,737 metres.
Geological logging indicated favourably reduced sands in all drill holes.
Although uranium and vanadium assay results were still pending, Thor said the initial findings showed potential mineralisation in the area.
"These results confirm our expectations that we would achieve shallow high-grade uranium from the drilling programme, highlighting the significant potential and exciting growth opportunities of our Wedding Bell and Radium Mountain uranium projects," said managing director Nicole Galloway Warland.
"A sample submission will be sent to the Australian Laboratory Services in Vancouver for physical uranium and vanadium assay results.
"We look forward to updating the market in due course."
At 1258 GMT, shares in Thor Energy were up 8.9% at 1.69p.
Reporting by Josh White for Sharecast.com.
Thor Energy (THR)