Thor Energy starts drilling in Colorado to pursue uranium riches

(Video Transcript Summary)

Thor raises AUD3.2m for energy projects

Thor Explorations focuses on finding uranium and other energy metals. They're currently drilling at two projects in Colorado, called Wedding Bell and Radium Mountain, and they also have assets in Australia. Managing director Nicole Galloway-Warland joins IG host Jeremy Naylor about the company's drilling programme and their plans for the future.

The drilling programme at Wedding Bell and Radium Mountain is a follow-up to last year's programme. They're targeting a specific area called section 23, which hasn't been explored before, as well as the Rimrock and Grounds Hulk areas. These projects have both uranium and vanadium, with higher concentrations of vanadium.

To measure the levels of uranium, the company uses a method called downhole gamma testing, and then they send samples to a laboratory for assay testing of both uranium and vanadium. They'll release results from the drilling programme throughout the programme, and expect the assay results at the end.

Firm may sell assets for uranium opportunities

To fund their drilling programme, Thor Energy recently raised AUD1 million. They already have AUD2.2 million in cash, which they believe is enough to cover the drilling campaign and into the next year. If opportunities arise, they're also considering monetising their assets to acquire more uranium assets.

Apart from uranium, Thor Energy has copper-gold assets in Australia. They're working together with Fleet Space Technologies to conduct surveys using ambient noise tomography to better understand the mineralisation at their Alfred East project. This will help them plan their drilling more effectively.

Geopolitics, clean energy drive uranium demand

Overall, the demand for uranium in the market is high due to geopolitical factors and the push for clean energy. The price of uranium has been increasing, which is a positive sign for Thor Energy. As a small-cap company, they recognise the challenges but have a clear strategy and an experienced team.

Their plan is to demonstrate the value of their uranium and vanadium assets through drilling and resource growth, and then explore options for a sale or partnership. Thor Energy is enthusiastic about their projects and aims to keep progressing them.

In the future, Thor Energy intends to continue drilling at their Colorado and Utah projects, and use the results to further develop the projects. They're also looking forward to advancing their Alfred East project with the help of a new 3D model.