- Thor Mining (THR) has unveiled the initial results from its vanadium and uranium due-diligence field sampling program
- Thor acquired a private company in June, which held several disparate mining leases in Colorado that were prospective for uranium and vanadium
- Of the 21 field samples collected, eight returned results that averaged one per cent vanadium and 0.043 per cent uranium
- The remaining 13 samples have been sent to a separate lab, which specialises in higher radioactive samples
- Thor Mining shares have spiked 8.33 per cent today, trading for 0.7 cents each
Thor Mining (THR) has unveiled the initial results from its vanadium and uranium due-diligence field sampling program.
The company collected 21 field samples, of which eight results have returned.
Those eight results averaged one per cent vanadium and 0.0043 per cent uranium.
Two of those samples came from Thor’s Rim Rock mine property, which assayed at 1.8 per cent and two per cent respectively.
The remaining 13 samples have been taken to a separate lab, which specializes in assaying samples with higher radioactive content.
The company was conducting a due-diligence program to access the mineralisation at a number of locations across its mining claim area.
On June 1, the company acquired American Vanadium, a privately held Australian company.
The company wholly owned several subsidiaries, which held 199 separate mining claims in Colorado.
The company has determined the majority of the mineralisation occurs in the Salt Wash geological unit, which is where most of the sample locations were.
The company sampled a combination of outcrop sampling and historic mining dump samples.
Thor has determined the mineralisation ranges between vanadium-rich and uranium-rich. Thus far, however, only results from the vanadium-rich areas have been returned.
Executive Chairman of Thor Mining, Mick Billing, said, “we are very pleased with the calibre of the vanadium samples collected and in particular the uranium content of several of these.”
“Assays of the higher-level radioactive samples are eagerly awaited,” Bill continued.
“These assay results are expected later in July,” he explained.
The company said due-diligence sampling had not yet been conducted on the Vanadium King project in Utah, another Thor Mining-owned property.
Thor Mining shares have spiked 8.33 per cent today, trading for 0.7 cents each at 4:02 pm AEST.