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US Uranium/V8anadium Project - Milestone Shares
US Uranium/V8anadium Project - Milestone Shares.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2111E\n Thor Mining PLC\n 04 November 2020\n \n \n \n \n 4 November 2020\n \n \n \n \n \n THOR MINING PLC\n \n \n US URANIUM / VANADIUM PROJECT\n \n \n \n FIRST PROJECT MILESTONE ACHIEVED\n \n \n \n \n \n AND ISSUE OF MILESTONE SHARES\n \n \n \n \n \n \n The directors of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to advise that high grade assay results from field sampling of the Colorado prospects have exceeded the criteria for the first milestone share issue to the vendors of American Vanadium Pty Ltd (AVU). \n \n \n AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America. The Company announced on 10 September 2020 completion of the acquisition of AVU:\n \n \n \n www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200910-us-uranium-and-vanadium-completion-of-acquisition.pdf.\n \n \n Thor will now proceed with the issue of 18 million Ordinary Shares of 0.01p each, in full payment of the First Performance Payment,\n \n utilising available capacity under ASX Listing Rule 7.1.\n \n \n Highlights:\n \n \n · \n Field sampling by Thor during due diligence period showed assay results of high grade uranium (up to 1.25%U3O8) and vanadium (up to 3.47% V2O5)\n \n \n · \n Criteria of 15 or more samples from three of more adits/shafts at Radium Mountain & Wedding Bell prospects returning grades >= 0.1% U3O8, or 1.0% V2O5, or equivalent, has been met.\n \n \n Mick Billing, Executive Chairman of Thor Mining, commented: \n \n \n \"We are very pleased with the high grade assays from the initial sampling program conducted in Colorado.\"\n \n \n \"Our next step with this project is likely to be a drilling program on a number of the Colorado targets, scheduled following the North American winter.\"\n \n \n PROJECT PERFORMANCE PAYMENTS\n \n \n The acquisition agreement for AVU, as previously announced, includes a series of performance payments, of:\n \n \n · \n First Performance - A$108,000 through the issue of 18,000,000 Ordinary Shares, on 15 or more samples from three of more adits/shafts at Radium Mountain & Wedding Bell prospects returning grades >= 0.1% U3O8, or 1.0% V2O5, or equivalent* within six months of execution of the Share Agreement - now met.\n \n \n · \n Sec...