Thor Mining PLC (LON:THR)(ASX:THR) shares gained on Tuesday after it revealed the results of grade uranium and vanadium assay results from the Colorado mineral claims held by American Vanadium Pty Ltd, which it is in the process of acquiring.
American Vanadium holds interests in uranium and vanadium focused projects in Colorado and Utah in the United States of America.
These final high-grade uranium assays are from 13 outstanding samples deemed too radioactive for the original laboratory.
The 13 assay results averaged 0.706% U3O8 and 1.36% V2O5. Four samples assayed 1.0% U3O8 or greater with a best uranium assay of 1.25% U3O8. Three samples assayed over 2% V2O5 with a best vanadium assay of 3.47% V2O5.
“The samples collected have been shown to host very high-grade uranium and vanadium mineralisation, which is considered typical of historical production performance in the Uravan Mineral Belt,” Thor’s executive chairman Mick Billing said in a statement.
“Work associated with due diligence for the acquisition of the projects is nearing completion, and while we are past the due diligence period estimated, we have maintained an active dialogue with the project vendors and hope to be able to complete this process shortly,” he added.
The field component of the due diligence program undertaken by the company’s Colorado-based team has included sampling of accessible mineralisation in multiple locations across the mining claim area.
In morning trade, Thor Mining shares in London were nearly 9% higher at 0.37p.
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