INVESTOR UPDATE

Drilling Commences at Wedding Bell Uranium and Vanadium Project, USA

The directors of Thor Mining (AIM, ASX: THR) 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.

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.
  • 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

“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 climate change carbon emission initiatives, electrification, 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.”

- Managing Director Nicole Galloway Warland

ABOUT THE

USA URANIUM - VANADIUM PROJECTS

Thor Mining holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.

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