BEIJING (Asian Metal) 2 Jun 20 – On June 1, Australian-based Thor Mining Plc announced an exclusive option to acquire 100% of the shares in American Vanadium Pty Ltd., a private Australian company, with interests in uranium and vanadium focused projects in Colorado and Utah in the United States of America.
Thor Mining also said that it would pursue strategic financing to allow acceleration of its project interests, including work on new projects.
In terms of the project acquisition, Thor Mining is looking to expand its commodity project portfolio in North America into uranium and vanadium and said that non-binding term sheets executed provide it with a 30-day exclusivity period to conduct due diligence, secure necessary approvals and execute formal agreements.
American Vanadium has 100% interests in 199 contiguous claims in the Uravan Mineral Belt in south-western Colorado, and 100 claims in south-eastern Utah, which is about 40 km north of the town of Moab. Utah claims have reported extensive historical drilling with significant intersections of uranium and vanadium.
Nearby processing plant which has historically taken third party ore for toll treatment located within economic transport area potentially reduces environmental and financial development hurdles.
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