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The directors of Thor Mining) announced that high grade assay results from field sampling of the Colorado prospects have exceeded the criteria for the first milestone share issue to the vendors of American Vanadium (AVU).
AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America. The company announced on 10 September 2020 completion of the acquisition of AVU.
Thor will now proceed with the issue of 18 million Ordinary Shares of 0.01p each, in full payment of the First Performance Payment, utilising available capacity under ASX Listing Rule 7.1.
Mick Billing, executive chairman of Thor Mining, commented: 'We are very pleased with the high grade assays from the initial sampling program conducted in Colorado.
'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.'
At 10:03am: (LON:THR) Thor Mining PLC share price was +0.03p at 1.15p