25 May 2012

Thor sees uranium glow

13/02/2007 Robert Tyerman

Aussie-focused molybdenum and tungsten play Thor Mining says sampling shows ‘elevated uranium values’ at its Northern Territory projects.

AIM-quoted Thor, chaired by Australian entrepreneur and 25 per cent owner John Barr, says rock chip sampling from its Harts Range and Bundey Highway projects has returned uranium values of up to eight per cent. The company also claims that surveys covering its Plenty Highway project have identified three ‘major paleo-channels with potential to host roll front uranium deposits’.

Chief executive officer John Young says drilling programmes are scheduled to begin at Plenty Highway and Hale River at the end of March or the beginning of April. Recommended last April as a punt at 3.88p by Growth Company Investor, Thor shares were 2p up this morning at 10.25p, valuing the company at £19.7 million.

Partial profit-taking might be prudent, but there should be more speculative mileage yet.

Sector: Industrial Engineering

Companies: Thor Mining

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