Business
US Uranium / Vanadium Site Due Diligence Commenced
US Uranium / Vanadium Site Due Diligence Commenced.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 0881P\n Thor Mining PLC\n 05 June 2020\n \n \n \n 5 June 2020\n \n \n THOR MINING PLC \n \n \n US URANIUM/VANADIUM SITE DUE DILIGENCE COMMENCES\n \n \n The directors of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to advise the commencement of field activities associated with the due diligence assessment for the acquisition of American Vanadium Pty Ltd (AVU) , which 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.\n \n \n In addition, investigations to date, while not yet complete, have revealed no regulatory or environmental issues which would cast doubt on the transaction. Some historical data has been obtained, allowing a preliminary understanding of some potential opportunities.\n \n \n Highlights:\n \n \n · \n The Thor team based in Colorado has commenced field due diligence activities consisting of site reviews and sampling from historical mines around the Wedding Bell and Radium Mountain.\n \n \n · \n Historical data reviews show substantial previous mining activity in the western portion of the Wedding Bell claims (Colorado), with the geology trending into the untested eastern portion of the claims. \n \n \n · \n At the Utah Claims, located approximately 40km north of the town of Moab, 1980's drilling reported significant uranium and vanadium mineralisation from within the Brushy Basin Member of the Jurassic Morrison Formation, however the deeper and normally higher grade Salt Wash Member remains substantially untested. \n \n \n · \n Anecdotal reports suggest that historical mining practices in the region often selectively recovered high grade material, leaving vanadium rich mineralisation, above and/or below the uranium rich zones.\n \n \n · \n Sampling and field based activities are expected to continue for the next week, with results planned to be released later this month. \n \n \n \n \n \n Mick Billing, Executive Chairman of Thor Mining, commented: \n \n \n Our Colorado based team have mobilised quickly and commenced a sampling program from the historical mines around Wedding Bell and Radium Mountain mines, along with other field due diligence...