Investors are eagerly reviewing the outcomes of Thor Mining's recent exploration program in Colorado, which has unearthed significant findings at the Wedding Bell and Radium Mountain projects, showcasing high-grade uranium results.
In a recent statement, the exploration company revealed that downhole gamma logging indicated uranium grades reaching up to 0.69% (eU3O8). While more comprehensive results, including uranium and vanadium assays, are pending, investors can anticipate their release in February.
Simultaneously, Thor Mining is gearing up for its upcoming drill programs scheduled for the Rim Rock and Groundhog mine areas.
Nicole Galloway Warland, the Managing Director, emphasized that the Thor team is actively evaluating additional prospects within the region as potential drilling locations.
"Considering the promising consistency along the strike of shallow high-grade uranium results from the drilling program, Thor has initiated preparations and permits for Mineral Resource drilling at Rimrock and Groundhog mine areas. This will encompass infill and extension RC, as well as diamond drilling," stated Managing Director Nicole Galloway Warland.
She further added, "We are pleased to witness the uranium spot price surpassing USD$100/lb, marking a 16-year high for the commodity. Forecasts indicate continued growth in 2024 due to favorable fundamentals, including current supply shortages, major producers like Cameco and Kazatomprom indicating their inability to increase supply in the short term, geopolitical tensions such as the Niger coup d'état and Russian invasion of Ukraine, and 24 nations committing to tripling nuclear power capacity by 2050 (COP28)."
"The US government's recent announcement of plans to invest up to $500 million in enhancing domestic capacity to process uranium into nuclear fuel is encouraging. This inward investment will further benefit the development of our US projects, positioning Thor strategically to capitalize on the global shift towards green nuclear energy."
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