The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are delighted to announce that drilling has commenced at the Company’s 100%-owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan Mineral Belt, southwest Colorado, USA (Figure 1).
The drill rigs are turning on $THR's Wedding Bell #Uranium #Vanadium Project. @ThorMining @GallowayWarland
Read more about the program: https://t.co/JtRfb12Ik8 pic.twitter.com/AQFMNbNPTh— Thor Mining PLC (@ThorMining) September 26, 2022
Project highlights:
- Maiden 2000m drilling program has commenced at the priority Rim Rock, Groundhog and Section 23 prospects within the Wedding Bell and Radium Mountain Projects (Figure 2).
- Drilling will target the prospective ‘Salt Wash’ horizon of sandstone-hosted uranium and vanadium mineralisation at shallow depths (~ 80m) for total drilling up to 2000m.
- Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings of up to 1.25% Uranium (U3O8) and 3.47% Vanadium (V2O5) (THOR ASX, AIM: 21 July 2020).
- A fenceline of drillholes at Section 23 Prospect will be the first holes drilled into this highly prospective area.
- The Wedding Bell and Radium Mountain Prospects are easy to access and close to excellent infrastructure.
Section 23 – Wedding Bell Project
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
“Commencement of drilling at the Wedding Bell Project is a significant milestone for Thor. We look forward to testing these shallow, high-grade targets, especially Section 23, where Thor will be the first company to access and drill test this highly prospective area.
“Short to long-term fundaments for nuclear energy are the best in over 50 years, with demand increasing due to electrification, climate change carbon emission initiatives, responses to the global energy crisis exacerbated in Europe by the Russian invasion, and advancements in small modular reactors (SMR).
“As uranium prices rise and the US looks to secure domestic uranium supply, Thor is in an excellent position to advance this promising US asset.”
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Figure 1: US Uranium and Vanadium Project location map showing Wedding Bell and Radium Mountain in Colorado and Vanadium King in Utah, USA.
Full details on Thor’s US uranium and vanadium projects may be found on Thor’s website https://www.thormining.com/projects/us-uranium-and-vanadium.
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Figure 2: Map of Colorado Wedding Bell & Radium Mountain Projects showing priority drill areas – Section 23, Groundhog and Rim Rock.
DRILLING PROGRAM
The initial drill program at the Wedding Bell and Radium Mountain Project comprises 15 drillholes for a total of 2000m, drilled to an average depth of 80m (down to ~150m), to fully test the highly prospective Salt Wash Sandstone horizon at three priority targets.
High-grade assay results from due diligence work completed by Thor returned up to 1.25% U3O8 and 3.47% V2O5, confirming uranium and vanadium mineralisation within the Brushy Basin Shales and the Salt Wash Sandstone of the Morrison Formation (Figure 2 and 3). This is consistent with and typical of the historical production in the Wedding Bell and Radium Mountain area of the Uravan Mineral Belt (Figure 3).
Following this work, three priority areas within the Wedding Bell and Radium Mountain claims were highlighted for drill testing – Section 23, Rim Rock and Ground Hog (Figure 2).
Section 23 (Figure 2) in the southeast corner of the Wedding Bell claims has been identified by Thor Mining and World Industrial Minerals LLC (US Consulting team) as the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the “Salt Wash” Member precluded from historic prospecting, drilling and mine production. Proposed drillholes for this area are designed to target potential mineralisation in the third sandstone unit, estimated to be within 30-40m from surface stratigraphically, beneath the mapped contact with the overlying upper Brushy Basin Member of the Morrison Formation.
The Rim Rock Mine area (Figure 2) represents a second priority drill target. The proposed drill holes are designed to straddle the east-southeast projection of the sampled Rim Rock Mine, the adit opening of which is located immediately to the west. The Rim Rock Mine was the largest uranium-vanadium producer in the project area. When the adit area was sampled by Thor, a laterally continuous layer of vanadium mineralisation with assays was sampled:
§ 0.89% U3O8 and 1.68%V2O5 – WR-004
§ 0.14 % U308 and 1.9% V205 – WR-017
§ 0.05% U3O8 and 2.14% V2O5 – WR0018
It is anticipated that this same layer or a stratigraphically equivalent layer of mineralisation will be intercepted by the proposed drill holes. Vanadium layers, such as this one, which is relatively low in uranium content (by the standards of historical uranium mining in the Uravan District), were usually ignored by the miners.
The Groundhog Mine area (Figure 2) consists of the upper and lower historic mine workings (Photo 2). The upper workings are in the lower unit of the Brushy Basin Shales whilst the more extensive lower workings are in the Salt Wash Sandstone (Figure 3 and Photos 1 & 2). Drilling proposed in the area is designed to test for any lateral continuation of mineralisation to the south in the Brushy Basin Shales, with holes extending down through the stratigraphy to test for potential stacked mineralisation in the Salt Wash Sandstone.
Douglas Exploration LLC are undertaking the drilling program, with Jet West Geophysical Services completing the downhole gamma probe work.
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Photo 2: Section 23 looking west towards Groundhog showing stratigraphic horizons.
http://www.rns-pdf.londonstockexchange.com/rns/5413A_1-2022-9-25.pdf
Figure 3: Simple Stratigraphy of the Uravan Mineral Belt showing the prospective Morrison Formation.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director
Ray Ridge, CFO / Company Secretary
Tel: +61 (8) 7324 1935
Tel: +61 (8) 7324 1935
