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IN BRIEF: Thor Energy shares surge on "significant" uranium find

15th Nov 2023 11:41

Thor Energy PLC - US and Australia-focused mineral exploration company - Says drilling has revealed significant uranium mineralisation at its Wedding Bell and Radium Mountain projects in southwest Colorado. Reports up to 3,186 parts per million or 0.32% uranium at the Rim Rock mine along a strike of historic mined-out areas. Says 16 drillholes now complete at the Rim Rock and Section 23 prospects, with uranium mineralisation intercepted in all of them. Drilling will continue at Rim Rock before commencing at the Groundhog prospect. Thor Energy expects the drilling programme to conclude later this month.

Managing Director Nicole Warland says: "These are significant uranium results, reflecting the high-grade nature of the uranium mineralisation within the Uravan mineral belt. With significant results found well above [the belt's] historical cut-off grade, this drilling programme strengthens the project's overall economic outlook. This reaffirms our long-term strategic focus towards the 100% owned USA uranium projects within the Thor portfolio."

Current stock price: 1.60 pence, up 10% in London on Wednesday

12-month change: down 66%

By Emma Curzon, Alliance News reporter

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