Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) told investors that drilling has now begun at the Wedding Bell and Radium Mountain projects, located in the historic uranium-vanadium mining district in southwest Colorado.
It will be a 2,000-metre maiden drill campaign which is prioritising the Rim Rock, Groundhog and Section 23 prospects, Thor highlighted in a statement.
Specifically, the drilling is targeting a prospective 'Salt Wash' horizon of sandstone-hosted uranium and vanadium mineralisation – anticipated at shallow depths of around 80 metres – and, at Rim Rock and Groundhog, it will test possible extensions to high-grade uranium and vanadium mineralisation seen in samples taken from historic workings.
"Commencement of drilling at the Wedding Bell Project is a significant milestone for Thor,” said managing director Nicole Galloway Warland.
The drill rigs are turning on $THR's Wedding Bell #Uranium #Vanadium Project. @ThorMining @GallowayWarland
Read more about the program: https://t.co/JtRfb12Ik8 pic.twitter.com/AQFMNbNPTh
— Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) (@ThorMining) September 26, 2022
“We look forward to testing these shallow, high-grade targets, especially Section 23, where Thor will be the first company to access and drill test this highly prospective area.
"Short to long-term fundaments for nuclear energy are the best in over 50 years, with demand increasing due to electrification, climate change carbon emission initiatives, responses to the global energy crisis exacerbated in Europe by the Russian invasion, and advancements in small modular reactors (SMR).”
"As uranium prices rise and the US looks to secure domestic uranium supply, Thor is in an excellent position to advance this promising US asset."