Field sampling unearthed signs of high-grade uranium and vanadium during due diligence work, said Thor.
Thor Mining PLC (LON:THR) said it has completed its acquisition of 100% of American Vanadium (AVU) and its subsidiaries.
AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the US and will be acquired through the issue of 24mln new Thor shares.
Thor noted that the Colorado project includes historical mines dating back more than 100 years, while the Utah project has registered significant uranium and vanadium intersections from previous drilling.
Field sampling also unearthed signs of high-grade uranium and vanadium during due diligence work, said Thor.
Mick Billing, Thor’s executive chairman, said he was pleased to complete the deal which now gives Thor a balance of assets including copper, gold, tungsten and now uranium and vanadium.
www.ferroalloynet.com