Thor Mining flies as Pilbara work continues to show strong visible gold (THR)

Shares in Thor Mining (LSE:THR) enjoyed a boost of more than a fifth on Friday morning after the company delivered a promising gold update from Australia at a time when the precious metal is trading at record highs.

Thor was sitting at 0.47p, its highest value since the beginning of the year, at writing after announcing that sample panning of geochemical samples from its Pilbara Goldfield tenements had unearthed visible gold.

The £4.6 million firm said that 17 of 32 stream sediment samples had visible gold in panning, while two of the tenements' 2019 sample sites showed the yellow metal in "multiple follow-up stream sediment samples".

The timing of the news is highly fortunate, with gold currently trading above US$1,900 an ounce as investors around the world rush into safe-haven assets amid unprecedented macro uncertainty.

Thor's executive chairman Mick Billing said finding visible gold in multiple sites at Pilbara in very close proximity to previous gold samples is "very encouraging".

"This appears to be a highly successful follow-up, to the previous, very successful, sampling program," he added. "We look forward eagerly to confirmatory gold assays along with assays of the potential nickel site samples".

The latest round of results come after Thor successful revealed gold, nickel, and chromium assays from preliminary geochemistry reconnaissance at Pilbara back in January. Three of these samples assayed above 0.3g/t gold, while one even reached as high as 0.9g/t gold. Elsewhere, the company located anomalous nickel and chromium at the project of 1,272 parts per million and 2,075 parts per million respectively.

Friday's results come amid a busy period for Thor, which only last week revealed positive test results for its Kapunda copper in-situ-recovery ("ISR") project – also in Australia.

A hydrogeological testing programme at the project was successful, with a tracer test showing fluid movement from well to well in a "relatively short time period". This is essential for the ISR process, and Thor now believes that cost savings could arise from reducing the number of well at the project to optimise production.

Some zones within the Kapunda deposit have previously been reported to host highly promising gold values, including 95 metres at 3.06g/t.

Thor holds a 25% interest in EnviroCopper, which – in turn – holds an agreement to earn, in two stages, up to 75% of the rights over metals that may be recovered via ISR at Kapunda.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

 

 

Strong vanadium, uranium results boost Thor Mining (THR)

A new set of field samples by Thor Mining (LSE:THR) at its US vanadium projects has revealed highly encouraging results, boding well for the next phase of its expansion.

Thor discovered potentially rich vanadium and uranium samples at its Colorado mineral claims.

Executive chairman Mick Billing said the company are “very pleased with the calibre of the vanadium samples collected, and in particular the uranium content.”

Over half of the samples had radioactivity levels too high to be tested on site, and are now on their way to specialist laboratories to examine just how uranium-rich they are.

The eagerly awaited assay results are expected by the end of July 2020.

The uranium market surged 40% to four-year highs in April 2020 after Covid-19 disruption hammered global supplies. And prices are holding steady at elevated levels north of $33/lb.

That puts smaller uranium producers in an extremely strong position to capitalise.

Uranium ore, once mined and milled, is packaged as powder and shipped to refineries worldwide to prepare it for use as fuel in nuclear reactors.

Eight initial tests on site also revealed a significant 1% vanadium pentoxide, while two outcrop samples were even higher at 1.8% and 2%. Vanadium pentoxide is the rare metal’s most important compound, the principal precursor to its alloys and is widely-used as an industrial catalyst, in gas processing and as a commercial colourant.

Rare earth metals are vital for producing components for everyday technologies from smartphones and computers to medical equipment.

Demand growth

Chinese markets have shown the largest and most significant vanadium demand growth in the last six months, with markets willing to pay up to 9% more for both vanadium pentoxide and ferrovandium compared to previous half-year. 

Most vanadium is used in Chinese steel mills, especially in high-strength, low-alloy steel tomke construction rebar.

New standards introduced by the Chinese government in November 2018 set stricter strength criteria for this rebar and was expected to trigger a vast increase in vanadium demand. As industry analysts Roskill note in their market report to 2029, supply and demand developments “will continue to reshape the vanadium market over the next decade”. While vanadium demand growth in 2019 remained strong, the market looks to have returned to balance in 2020 so far.

But as post-Covid construction in China ramps up, vanadium demand is expected to grow strongly across the rest of the year.

Coming next

Rare earth metals like vanadium appear in such extreme low concentrations worldwide that their mining is highly specialised.

News of such high concentrations represent a big win for Thor, which on 1 June 2020 announced it had acquired an exclusive option to acquire 100% of the private Australian miner American Vanadium Pty Ltd (AVU), the company that holds significant vanadium and uranium interests across Colorado and Utah.

AVU has a 100% stake in Colorado’s Standard Minerals Inc and Utah miner Cisco Minerals. Together the two companies hold nearly 300 claims in the Uravan Mineral Belt in Colorado, and the historic uranium mining area of Thompson Yellow Cat in Utah, which in particular is a likely focus of future work for Thor.

Thor noted that a processing plant which has been used to take ore from the region within close proximity may represent a potential low cost entry into production.

Over the last 100 years Uravan’s uranium-vanadium districts have produced 85 million lbs of U308 (uranium ore) at 0.25%, with 660 million lbs of vanadium at 1.29%.

Author: Mark Sheridan

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

Thor Mining due diligence reveals strong uranium and vanadium showings at Colorado assets (THR)

Thor Mining (LSE:THR) advanced 5.3% to 0.37p on Tuesday morning after revealing strong progress in its uranium and vanadium efforts in the US.

In an update, the exploration business said it has now completed field sampling on historical mines around the Wedding Bell and Radium Mountain projects in Colorado.

It entered an option agreement to acquire American Vanadium – the owner of the two assets – earlier this month.

Thor said that all of the 21 samples it collected appear to host uranium, while the five that were taken from outcrops also present vanadium.

Elsewhere, Thor said that its research has found no competing interests or issues likely to prevent the future development of mines at the two projects. Meanwhile, investigations have revealed that there are no regulatory or environmental issues to boot.

Wedding Bell and Radium Mountain sit within the Uravan Mineral Belt. Along with the adjacent Colorado Plateau, this site has produced more than 85 million pounds of triuranium octoxide (a uranium compound) and over 660 million pounds of vanadium pentoxide over the last 100 years.

Thor’s executive chairman Mick Billing said he was “very pleased” with the results – which appear to be high-grade samples. He added that the firm is now awaiting final assay results later this month and will update on progress as and when it can.

“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.  Additional historical records of mining and drilling activity in each project area are being acquired, and these will be evaluated as a priority."

As part of its option agreement, Thor would also take on mineral claims owned by American Vanadium in Utah. These have reported extensive historical drilling, with significant intersections of both uranium and vanadium.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

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