The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR) are pleased to advise high grade uranium and vanadium assay results from Colorado mineral claims held by American Vanadium Pty Ltd (AVU).
AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America. The Company announced on 1 June 2020 an option agreement to acquire AVU, subject to satisfaction of due diligence requirements.
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
· Samples previously tested and reported were also assayed in the Hazen laboratory with results slightly above, but broadly confirming the earlier report.
Mick Billing, Executive Chairman of Thor Mining, commented:
“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.”
“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 & hope to be able to complete this process shortly.”
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. Mineralisation predominantly occurs in the Salt Wash geological unit (shaded orange) where most sample locations occur. A combination of in situ outcrop samples and historic mine dump samples were sampled.
Sampling was not conducted at the Vanadium King site in Utah as the mineralised Salt Wash formation does not outcrop in the project area and there has been no mining disturbance.
Results presented in this announcement (Table A) are from the outstanding 13 samples previously described (www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200708-us-uranium.vanadium-sampling-assays.pdf) which due to higher radioactivity required a specialist laboratory.
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