Thor Energy starts drilling in Colorado to pursue uranium riches
A capital raise has boosted the coffers at energy metals explorer Thor Energy (THR). It now has enough funds to undertake a number of new drilling projects. IGTV’s Jeremy Naylor catches up with Thor MD Nicole Galloway Warland.
(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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Act on share opportunities today
Go long or short on thousands of international stocks with spread bets and CFDs.
- Get full exposure for a comparatively small deposit
- Trade on spreads from just 0.1%
- Get greater order book visibility with direct market access
See opportunity on a stock?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See opportunity on a stock?
Don’t miss your chance – upgrade to a live account to take advantage.
- Trade a huge range of popular stocks
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See opportunity on a stock?
Don’t miss your chance. Log in to take advantage while conditions prevail.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
