Thor gets needed approvals for new drilling programme

Thor Energy announced on Thursday that it has secured all the necessary approvals for its upcoming drilling operations in the Wedding Bell and Radium Mountain projects.

The AIM-traded firm said the wholly-owned projects were strategically positioned within the historical uranium-vanadium mining district of the Uravan Mineral Belt, in southwest Colorado.

Its announcement came on the heels of a triumphant 2022 programme, which yielded promising results in the Rim Rock, Groundhog, and Section 23 areas, within the projects.

Thor's subsequent drilling agenda was set to build on those prior successes.

With a proposed length of 4,000 metres, the board said the new drilling programme was mapped out with the objective of advancing the uranium and vanadium projects.

The specific areas of focus would include drilling along the strike of the mineralisation observed at Rim Rock and Groundhog.

One of the key targets of the operation would be to investigate airborne uranium anomalies.

Moreover, the programme also aimed to continue the exploration of the relatively underexplored Section 23 area.

Last year's drilling efforts in the region confirmed the potential for uranium and vanadium.

Looking ahead, Thor said it had enlisted the services of the renowned drilling contractor, Boart Longyear, for the venture.

With all elements now in place, the company said drilling operations were scheduled to start in September.

“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,” said managing director Nicole Galloway Warland.

“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.”

In the meantime, Galloway Warland said Thor was on the ground, actively following up on its identified uranium anomalies from the recently-completed magnetic and radiometric surveys.

“Each anomaly is being mapped, sampled, and ranked for potential drill testing.”

At 1307 BST, shares in Thor Energy were up 6.67% at 0.24p.

Reporting by Josh White for Sharecast.com.