Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) managing director Nicole Galloway Warland said the viability of the nuclear industry is the best it has been for 50 years, adding this is good news for the company's three US uranium projects.
“Demand [is] increasing due to climate change and carbon emission initiatives, electrification, 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,” Galloway Warland said.
Drilling is underway at the Wedding Bell and Radium Mountain Project targeting the prospective 'Salt Wash' horizon of sandstone-hosted uranium and vanadium mineralisation.
“The program focuses on the particularly encouraging Section 23, Rim Rock and Ground Hog prospects,” Galloway Warland added.
“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.”
At the end of September 2022, Thor had cash resources of A$1.18mln.