Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has said it will focus on its uranium and vanadium projects in the United States, while continuing its gold and copper projects in Australia.
In the Australian mining company's March quarterly activities 2023 report, Nicole Galloway Warland, Thor Energy's managing director said: "Our philosophy will be to focus on the 'green energy' economy with our uranium and vanadium projects in both Utah and Colorado in the United States of America."
The company has received assay results for vanadium from the Wedding Bell and Radium Mountain projects in the United States, confirming the presence of enriched vanadium halos of up to 0.27%. The company is preparing for drill permitting for its next round of drilling at Wedding Bell, and initial drilling at Vanadium King.
Thor Energy has also discovered rare earth elements (REE) at the Alford East project, with eight out of nine diamond drill holes indicating shallow, wide zones of highly enriched REE results within copper-rich oxides zones of IOCG-style mineralisation.
The company said its successful ANT survey at the Alford West project, utilising the ExoSphere by Fleet, has enabled more efficient exploration and improved drill targeting, minimising environmental impact. The subsurface ANT results will be integrated with historical drilling data to generate a new drilling program that can target higher-grade oxide copper-gold and REE mineralisation.
"We look forward to updating the market as the subsurface maps are further refined with drill targets," concluded Galloway Warland.