Thor Mining PLC (LON:THR) told investors that the first project milestone has been achieved for its Colorado prospects as sampling results reveal high-grade assays.
The company, which is earning into the assets through a deal with vendors American Vanadium (AVU), said the sampling results have exceeded the criteria for the first milestone share issue to AVU. Some 18mln Thor Mining shares are now being issued to AVU as a performance payment.
READ: Thor completes American Vanadium acquisition
Sampling, carried out in the due diligence period, has yielded assay results of high-grade uranium (up to 1.25%) and vanadium (up to 3.47%). For the performance to apply fifteen or more samples would’ve needed to measure above 0.1% uranium or 1% vanadium.
A further performance payment will apply subject to the results from future drilling.
"We are very pleased with the high-grade assays from the initial sampling program conducted in Colorado," said Mick Billing, Thor executive chairman in a statement. "Our next step with this project is likely to be a drilling program on a number of the Colorado targets, scheduled following the North American winter."
