Thor Energy cleared for drilling start at Colorado uranium projects

Thor Energy (ASX: THR) has received all approvals and permits to allow follow-up drilling on uranium targets at the company’s Wedding Bell and Radium Mountain projects in Colorado.

The planned 4,000m program will move on from the successful 2022 program in the historic uranium-vanadium mining district, located on the Uravan mineral belt in the southwest of the US state.

The drilling will continue along strike from the mineralisation at the Rim Rock and Groundhog prospects and will target airborne uranium anomalies.

The 2022 program confirmed the uranium and vanadium prospectivity of the area, the company notes.

The drilling will begin in September.

Focused on uranium and energy minerals

Thor is now focused on uranium and energy metals that it sees as critical in the shift to a “green” energy economy.

Thor now has exposure to nickel, copper, lithium and gold as well as uranium.

It holds a 100% interest in all three of its uranium and vanadium projects in the US — Wedding Bell, Radium Mountain and Vanadium King.

Aligns with green energy strategy

Managing director Nicole Galloway Warland says the uranium and vanadium projects are the company’s priority targets.

“We are excited as the news aligns with our green energy strategy,” she added.

Support from local communities has made it possible to now finalise drill site preparations.

“In the meantime, Thor is on the ground actively following up on our identified uranium anomalies from the recently completed magnetic and radiometric surveys,” she said.

Each anomaly is being mapped, sampled and ranked for potential drill testing.

Just part of highly diversified portfolio

Meanwhile, Thor also holds the Ragged Range project in the Pilbara where there have been encouraging early stage gold, copper and nickel results.

At Alford in South Australia, the company is earning an 80% stake in oxide copper deposits considered amenable to in-situ recovery methods.

Its other South Australian holding is a 30% interest in a copper company with two projects in the state, one of which contains a portion of the historic Kapunda copper mine which operated between 1844 and 1912.

Also the Molyhil tungsten project in the Northern Territory, where Investigator Resources (ASX: IVR) has a farm-in agreement.