Thor Mining PLC (LON:THR) (ASX:THR) said it has received positive assay results from samples identified as having vanadium potential taken from field sampling in the Colorado mineral claims held by American Vanadium Pty Ltd.
Other samples, identified as potentially uranium-rich, are being assayed at a separate laboratory facility which is better equipped for samples of this nature.
American Vanadium holds interests in uranium and vanadium-focussed projects, in Colorado and Utah in the United States of America. Thor announced plans to acquire it in June, subject to satisfaction of due diligence requirements.
The eight initial assay results averaged 1% V2O5 and 0.043% U3O8. Two outcrop samples from the Rim Rock mine ran at 1.8% and 2.0% V2O5.
"We are very pleased with the calibre of the vanadium samples collected, and in particular the uranium content of several of these,” Thor’s chairman Mick Billing said in a statement.
"Assays of the higher-level radioactive samples are eagerly awaited. These assay results are expected later in July."