Thor Mining PLC (LON:THR)(ASX:THR) has completed the field component of the due diligence for its acquisition of American Vanadium Pty Ltd, a company which holds interests in uranium and vanadium-focussed projects in Colorado and Utah.
Thor announced on June 1, 2020, that it had signed an option agreement to acquire American Vanadium, subject to satisfaction of due diligence requirements.
The non-field component of the due diligence is also nearing completion with finalisation pending assay laboratory results, the group added.
A total of 21 samples were collected in the field component, including four outcrop samples and 16 samples from historic mining dumps, all of which appear to host uranium, Thor said, while outcrop samples appear to host vanadium.
The samples have been delivered to the assay laboratory, with results expected to be available later this month.
An inspection of each of the three project sites has revealed no competing interests or issues likely to prevent future mine development, the group added, and the mineral claims are all in good standing.
“Our Colorado-based team have moved quickly and completed a sampling program from the historical mines around Wedding Bell and Radium Mountain mines, along with other field due diligence activities,” Thor’s executive chairman Mick Billing said in a statement.
“Additional historical records of mining and drilling activity in each project area are being acquired, and these will be evaluated as a priority. We are very pleased with what appear 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," he added.