TIDMTHR
RNS Number : 1094H
Thor Mining PLC
04 April 2022
4 April 2022
Thor Mining PLC
("Thor" or the "Company")
US Uranium and Vanadium
Wedding Bell Update
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to provide a significant update on the Company's
100% owned Wedding Bell Project, located in the historic
uranium-vanadium mining district within the Uravan mineral belt,
southwest Colorado, USA (Figure 1).
Project highlights:
-- San Miguel County, Colorado has approved the proposed
drilling at Rim Rock and Section 23 prospects (Figure 2).
-- Project prospective for shallow 'Saltwash' type
sandstone-hosted mineralisation within the high-grade
uranium-vanadium Uravan mineral belt.
-- Field sampling by Thor returned assay results of high-grade
uranium, up to 1.25% (12,500ppm) U(3) O(8) and vanadium, up to
3.47% V(2) O(5) (THOR ASX, AIM: 21 July 2020).
-- With final sign off with the Federal Bureau of Land
Management (BLM) and Colorado Division of Reclamation Mining and
safety (DRMS) sought in the coming weeks, p reparations are already
underway to engage drilling contractors, with a view to start
drilling early in the US summer.
-- Spot uranium prices are trading near an 11-year high as a
result of improved market sentiment and supply concerns.
-- Potential US sanctions on Russian uranium imports has
resulted in an increased focus on US domestic uranium supply.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Thor has worked closely with the San Miguel County to
systematically work through the permitting process and is delighted
with the positive outcome. We look forward to getting on the ground
and testing these shallow high-grade uranium targets, especially
Section 23, which is untested despite the favourable geological
setting.
With the US seeking domestic uranium supply to potentially
replace its Russian import of uranium, we are pleased to be in a
position to have three, drill ready uranium-vanadium assets in the
high-grade, historic producing Uravan Minerals Belt, USA.
Thor is led by a management and technical team with proven
uranium credentials and through working closely with our US team,
we look forward to progressing our exciting uranium projects in
Colorado."
Figure 1: US Uranium and Vanadium Project location map showing
Wedding Bell and Radium Mountain in Colorado and Vanadium King in
Utah, USA.
http://www.thormining.com/sites/thormining/media/Maps/20-003-2-VKRMWB-Locn.jpg
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 .
Working with our US consultant team, Geosyntec Consultants Inc
and World Industrial Minerals LLC Thor has received approval from
the San Miguel County on 30 March 2022, to undertake the proposed
exploration drilling at Section 23 and Rim Rock prospects at
Wedding Bell Project, Colorado (Figure 2).
Next Steps:
-- Complete the sign off with the Federal Bureau of Land
Management (BLM) and Colorado Division of Reclamation Mining and
safety (DRMS).
-- Finalise environmental management plan in line with approvals
for drilling and reclamation bond
-- Drilling preparation, including engaging drilling
contractors.
Figure 2: Map of Colorado Wedding Bell Project showing priority
areas - Section 23, Groundhog and Rim Rock may be viewed via the
following link:
http://www.thormining.com/sites/thormining/media/maps/21-003-1-us-uranium.jpg
MARKET OUTLOOK FOR URANIUM
The spot price of uranium currently trades at approximately
US$57/lb of U O , with analysts expecting continued uranium price
strength in the short to mid-term. Recent increases in the uranium
price have been driven by record spot market purchases by financial
funds, producers and junior uranium companies who have indicated
that the long-term fundamentals point to growing demand and supply
uncertainty.
On 17 March 2022, US Senators introduced a bill to ban US
imports of Russian uranium in response to the Ukraine invasion. The
US is the world's biggest uranium consumer, importing approximately
95% of its uranium; 16% from Russia. There are over 90 reactors in
the US; more than in any other country. US Senator John Barrasso
was quoted as saying, " Banning Russian uranium imports will help
defund the Russian war machine, help revive American uranium
production and increase national security. "
In addition, the 'green wave' is impacting the uranium sector.
The world is now turning towards nuclear energy in order to
generate power in safe, reliable, carbon-free nuclear reactors.
There is an ever-increasing demand for clean baseload electricity
while delivering safe, reliable solutions to combat today's
clear-air crisis. The 90+ reactors in the US provide approximately
30% of American baseload electricity needs and account for more
than half of all carbon free power generation in the US.
Considering Russian sanctions, Joe Biden's energy policy, and
the US re-signing the Paris Agreement (under which the country
pledged to cut carbon emissions by 26% by 2025), nuclear energy,
and therefore uranium, is forecast to be in short supply, and it is
expected that there will be a strong movement in the US to seek and
develop domestic sources of uranium .
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
Competent Persons Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
Twitter page @ThorMining
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across the USA and
Australia. Its focus is on progressing its copper, gold, uranium
and vanadium projects, while seeking investment/JV opportunities to
develop its tungsten/molybdenum assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia, with
follow up drilling planned for 2022.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(1).
Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up
to a 75% interest in the mineral rights and claims over the
resource on the portion of the historic Kapunda copper mine and the
Alford West copper project, both situated in South Australia, and
both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020. Drilling
in November December 2021 intersected strike extensions to the main
ore zone.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit and the White
Violet and Samarkand tungsten deposits.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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