Thor Mining (THR) has uncovered promising uranium and vanadium assays connected to its prospective acquisition along Colorado’s Uravan Mineral Belt
The thirteen assays average 0.706 per cent triuranium octoxide and vanadium oxide, which are natural formations of uranium and vanadium
The highest uranium and vanadium assays reached 1.25 per cent and 3.47 per cent respectively
At the beginning of last month, Thor Mining received a non-binding option agreement to acquire 100 per cent of American Vanadium, which currently owns the Colorado claims
Thor Mining shares have spiked 16.7 today, trading for 0.7 cents per share
Thor Mining (THR) has uncovered promising uranium and vanadium assays connected to its prospective acquisition along Colorado’s Uravan Mineral Belt.
Australia-based American Vanadium currently owns the Colorado claims through its subsidiary, Standard Minerals.
However, at the beginning of last month, Thor Mining received a non-binding option agreement to acquire 100 per cent of American Vanadium, and talks remain ongoing between the two companies.
The latest assays come from Standard’s 199 contiguous claims along the region’s prolific Uravan Mineral Belt.
The thirteen assays average 0.706 per cent triuranium octoxide and 1.36 per cent vanadium oxide. Four of the uranium assays average one per cent, with the top assay hitting 1.25 per cent. Of the vanadium intercepts, three assayed above two per cent, with the highest result reaching 3.47 per cent.
Mick Billing, Executive Chairman of Thor Mining commented on the promising results and the potential acquisition.
“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,” Mick explained.
“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 said.
After over-inflating in the 2000s, the price of uranium has remained stagnant over the last few years. However, new government legislation from the U.S., regarding the development of a national uranium source, has recently brought attention back to U.S.-based uranium deposits.
Thor Mining shares have spiked 16.7 today, trading for 0.7 cents per share at 11:00 am AEST.
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