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

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