Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) updated investors with results from its recent exploration programme in in Colorado, where drilling at the Wedding Bell and Radium Mountain projects has yielded high-grade uranium results.
The exploration company, in a statement, said that downhole gamma logging indicated uranium grades up to 0.69% (eU3O8). More detailed results, uranium and vanadium assays, are pending and expected in February.
Meanwhile, the company is preparing for its next drill programmes which are slated for the Rim Rock and Groundhog mine areas.
Managing director Nicole Galloway Warland highlighted that the Thor team was now reviewing additional prospects within the area as potential drilling locations.
"Based on the promising consistency along strike of shallow high-grade uranium results from the drilling program, Thor has commenced preparation and permits for Mineral Resource drilling at Rimrock and Groundhog mine areas, this will include infill and extension RC as well as diamond drilling,” managing director Nicole Galloway Warland said.
She added: "We are pleased to see the uranium spot price breaking USD$100/lb, marking a 16-year high for the commodity.
“Forecasts predict continued growth in 2024 based on favourable fundamentals due to current supply shortages, major producers such as Cameco and Kazatomprom (LON:KAPq) indicating they are unable to increase supply in the short term, geopolitical tensions (Niger coup d'état and Russian invasion of Ukraine), and 24 nations pledging to triple nuclear power capacity by 2050 (COP28).”
"The US government recently announced that it plans to invest up to $500 million in enhancing domestic capacity to process uranium into nuclear fuel.
“We are encouraged by this inward investment as it will only further benefit the developments of our US projects, making Thor strategically poised to capitalise on the global shift towards green nuclear energy.”