Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) said it received county approval to undertake exploration drilling at the Rim Rock and Section 23 prospects of its Wedding Bell uranium project in southwest Colorado, US.
"Thor has worked closely with the San Miguel County to systematically work through the permitting process and is delighted with the positive outcome,” said managing director Nicole Galloway Warland. “We look forward to getting on the ground and testing these shallow high-grade uranium targets, especially Section 23, which is untested despite the favourable geological setting.”
Spot uranium prices are close to an 11-year high, partly due to supply concerns, and potential US sanctions on Russian uranium imports have increased focus in the US on domestic supply.
“With the US seeking domestic uranium supply to potentially replace its Russian import of uranium, we are pleased to be in a position to have three, drill ready uranium-vanadium assets in the high-grade, historic producing Uravan Minerals (TSX-V:UVN) Belt, US,” said Galloway Warland.
The company's 100% owned Wedding Bell project is located within an historic uranium-vanadium mining district. Field sampling by Thor, announced in July 2020, returned assay results of high-grade uranium, up to 1.25% (12,500 parts per million) and vanadium, up to 3.47%.
Thor said the final sign off with the Federal Bureau of Land Management and Colorado Division of Reclamation Mining and safety are expected in the coming weeks and it hopes to start drilling early in the summer.