(Alliance News) - Thor Energy PLC shares rose on Thursday, as the discovery of high-grade uranium at its Uravan belt prospects coincided with soaring uranium prices.
Shares in the US and Australia-focused mineral exploration company were up 10% at 2.09 pence each in London on Thursday afternoon.
In late 2023, Thor conducted reverse circulation drilling at the Colorado-based Wedding Bell and Radium Mountain projects, in which the company holds a 100% interest.
The company said that drilling intersected "high-grade uranium" reported from downhole gamma logging, indicating uranium grades of up to 0.69%, or 6,885 parts per million. Samples are currently being tested by Australian Laboratory Services in Vancouver, Canada, and Thor expects to receive the assay results in February.
The company is also preparing to commence resource drilling at its Rim Rock and Grounhog mine areas in 2024, and plans to assess its Edna May and Babe Ruth prospects for drilling. These assets are also located in the Uravan mineral belt in southwest Colorado. In December, the company announced high-grade uranium intercepts at the Groundhog prospect.
This update comes after the uranium spot price surpassed USD100 per pound for the first time since 2007, and a January announcement by the US government outlining plans to invest up to USD500 million in enhancing domestic uranium enrichment capacities.
Commenting on the drilling updates, Managing Director Nicole Galloway Warland said: "Based on the promising consistency along strike of shallow high-grade uranium results from the drilling program, Thor has commenced preparation and permits for Mineral Resource drilling at Rimrock and Groundhog mine areas, this will include infill and extension RC as well as diamond drilling."
By Hugh Cameron, Alliance News reporter
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Thor Energy (THR)