Uranium American Resources Inc. (OTC:TNGL) formerly known as Tonogold Resources Inc, announced that it has officially rebranded as part of a strategic shift toward uranium and vanadium assets.
As part of its transition, Uranium American Resources is acquiring three projects in the western US, targeting areas with historical uranium and vanadium production.
The Marysvale project is a hardrock uranium and vanadium mine with significant historic output. The SKY project is a uranium roll front deposit with potential for in-situ recovery, while the Stateline project consists of more than 19 high-grade uranium and vanadium mines in Montrose County, Colorado, and San Juan County, Utah.
CEO William Hunter said the company’s shift aligns with growing demand for nuclear energy.
“With the increased focus on producing ‘clean’ energy, we believe our current strategy uniquely positions Uranium American Resources as a leader in the US nuclear industry,” he said, adding that the company is in discussions with potential partners.
The projects were acquired between 2017 and 2020, when uranium prices were lower, and are supported by existing geological data, which the company says will help accelerate resource updates and mining approvals.
The company is in the process of updating its ticker symbol and will continue trading under ‘TNGL’ until the change is finalized with the Financial Industry Regulatory Authority.