Thor Mining PLC - US Uranium/Vanadium Field Due Diligence Sampling
VISIBLE MINERALISATION FROM US URANIUM/VANADIUM FIELD DUE DILIGENCE SAMPLING
The directors of
The non-field component of investigations is nearing completion with finalisation pending assay laboratory results.
· Field sampling is completed from historical mines around the Wedding Bell and
· A total of 21 samples collected include four outcrop samples and 16 samples from historic mining dumps, all of which appear to host uranium and, five outcrop samples which appear to host vanadium.
· Samples have been delivered to the assay laboratory, with results expected to be available later this month.
· Inspection of each of the three project sites have revealed no competing interests or issues likely to prevent future mine development.
· Investigations have revealed that there are no regulatory or environmental issues which would cast doubt on the transaction.
· The mineral claims are all in good standing.
· Project data search has revealed abundant geological and mine production data from multiple sources.
"We are very pleased with, what appears to be high grade samples, and look forward to the assay results, along with the results of the balance of this due diligence work and will provide further updates on progress as they become available."
A processing plant which has historically taken ore from the region on a toll treatment basis is located near
Standard holds 199 contiguous
The review team has completed the field phase of the assessment of these claims, sampling outcropping mineralisation and dumps from historical mining activities. Access to historical underground workings has been delayed, pending approval to remove entry barriers erected by the
Samples collected contain a mineral identified by the team as carnotite, which hosts both uranium and vanadium. Also collected were samples from outcropping deposits, appearing to contain abundant yellow carnotite mineralisation, containing vanadium, in potentially open pittable terrain. All samples have been delivered to the ALS laboratory in
The Uravan Mineral Belt and adjacent uranium-vanadium mining districts of the Colorado Plateau are reported to have produced, over the past 100 years, in excess of 85million lbs U3O8 and over 660 million lbs of V2O5² from the Salt Wash sandstone formation of the Plateau. The average production grades from the Uravan Mineral Belt from the 1940's to
Cisco holds 100 BLM claims in south east
The review team visited the site to assess access issues associated with potential drilling campaigns. The area has good local infrastructure and is at the northern margin of the historic uranium mining area of
Available data to date of the Vanadium King (
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.
Thor holds a 25% interest Australian copper development company
· rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia considered recoverable by way of in situ recovery; and
· rights to earn up to 75% of the Moonta copper project, also in
Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:
• A$5.70 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
• A$13.30 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcements of 26 November 2018 and
³ Refer AIM announcement of
⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018
⁵ Refer ASX and AIM announcement of 15 August 2019
⁶ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
This information is provided by RNS, the news service of the
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Market Cap: £7.18 m
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