Thor Mining PLC (LON:THR)(ASX:THR) has entered into an exclusive option to acquire 100% of the shares in American Vanadium Pty Ltd, a private Australian company, with interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America.
American Vanadium Pty Ltd has 100% interests in 199 contiguous claims in the Uravan Mineral Belt in south western Colorado, and 100 claims in south eastern Utah approximately 40km north of the town of Moab.
The Utah claims have reported extensive historical drilling with significant intersections of both uranium & vanadium.
The Colorado claims include the Radium Mountain and Wedding Bell groups of mines with intermittent production activity over a period of more than 100 years.
There is also a nearby processing plant which has historically taken third party ore for toll treatment.
The consideration consists of an A$100,100 exclusivity fee, of which A$50,100 will be satisfied by the issue of 8.35mln shares, and a A$144,000 acquisition fee to be satisfied by the issue of 24mln shares.
Future payments will be made over three stages and will amount to up to 102mln shares, subject to the achievement of project milestones.