Due diligence currently being undertaken by Thor Mining PLC (LON:THR) on its option to acquire the remaining 75% of US Lithium Pty Limited remains ongoing.
US Lithium is a private Australian company with interests in lithium-focused projects in Arizona and New Mexico in the United States of America.
Thor representatives visited each of the Arizona project sites in late July to undertake site due diligence and meet with members of the USL ground operations team and were able to inspect the lithium mineralisation extending to the surface of the clays.
Assay testing of samples collected is now underway along with mineralogy testwork and the due diligence option period will now not expire until the receipt and review of these findings.
What’s more, additional areas of potential Lithium mineralisation have been identified in the local area, and Thor and USL have agreed to apply for additional mineral claims to cover these new areas identified. Both parties agree there is significant potential to expand the potential lithium deposit from the new additional claims.
Thor also held discussions with the US Bureau of Land Management ("BLM") who are responsible for title and permitting.
"We are very pleased with the outcomes of the due diligence process to date, and encouraged by what we have seen during the site visit to Arizona,” said Thor chairman Mick Billing.
"The decision to apply for additional mineral claims is testament to the potential we believe exists, particularly at Big Sandy. We look forward to updating the market shortly."