TNT ready to rock with its US uranium-vanadium project acquisition
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Special Report: After kicking off initial exploration earlier this month, TNT Mines has now completed the acquisition of the high-grade East Canyon uranium-vanadium project in Utah.
Due to the accelerated nature of TNT Mines (ASX:TIN) initial exploration work, the acquisition of Vanacorp Aust — which holds the project — has been varied to include an increase in the number of shares issued at settlement from 2.5 million to 3.5 million.
There is also a corresponding decrease in the number of performance rights to be issued from 2.75 million to 1.75 million on TNT intersecting at least 1m of an ore grade greater than or equal to 0.2 per cent U3O8 or at least 2m at 0.1 per cent U3O8 on any of the East Canyon project claims.
As part of the acquisition, Vanacorp founder Peter Woods has been appointed a non-executive director of the company.
TNT has kicked off mapping and sampling of several underground mine workings on the East Canyon claims which host visible high-grade uranium and vanadium.
This work will be combined with a review of historical data to characterise mineralised trends within its project and assist in generating high-priority targets for follow-up exploration and drilling, planned for the third and fourth quarters of 2020.
East Canyon features numerous historic workings — including the ‘None Such’ mine — within the Dry Valley/East Canyon mining district that is in the wider Uravan Mineral Belt, an important source of uranium and vanadium ore in the US for more than 100 years.
Many of the workings remain open and appear to be in good condition, with samples collected by Vanacorp over 2018 and 2019 returning results of up to 0.47 per cent uranium and 9.21 per cent vanadium.
The project is also within trucking distance of TSX-listed Energy Fuels’ White Mesa mill, the only fully licensed and fully operating conventional uranium/vanadium mill in the US.
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