Thor Mining PLC (LON:THR, ASX:THR, OTCQB: THORF) said three priority targets have been identified for drilling at its Wedding Bell and Radium Mountain project in Colorado.
The company expects drilling at the project, which is located in the historic uranium-vanadium mining district, to start in May 2021, subject to permits and the weather. The three priority targets are Section 23, Groundhog and Rim Rock.
"With uranium prices at current levels, we are pleased to be in a position to commence drilling at our Colorado uranium-vanadium project once permitting is complete,” said Thor Mining executive chairman Mick Billing. “Based on the historic mining in the region and our due diligence, we are excited to be testing this prospective area which is known to host high-grade uranium deposits.”
"In particular, Section 23 appears to have not been drill tested by previous mining companies despite the geological setting which appears very similar to that of the nearby historical high-grade production areas, hopefully providing Thor with a potential opportunity to make a significant new discovery,” he added.
The drill program comprises 15 holes at an average depth of 80-100 metres. Due to the shallow depth, low-cost reverse circulation drilling will be implemented.
Yesterday, shares in Thor Mining started trading on the OTCQB market, improving access to the company for US institutional and retail investors.
The US is the world's biggest uranium consumer, importing about 95% of its uranium.