TNT Mines has now completed the transaction to acquire its new East Canyon uranium-vanadium project in the USA. East Canyon comprises 200 patented lode claims in the Dry Valley\East Canyon District in Utah, which is one of the USA’s most significant uranium-vanadium mineral belts that has seen over 100 years of mining history.
The Perth based company has already has boots-on-ground at the project, which it acquired from private company, Vanacorp, in a largely scrip deal. TNT previously said it has engaged a Utah based geological consulting outfit to undertake mapping and sampling of the existing mines – which should make for some interesting first up news flow.
The founder of Vanacorp, Peter Woods has also taken up a non-executive position on TNT’s Board and has been issued with performance rights that are subject to shareholder approval.
TNT’s share price has rocketed after the company first announced it was looking to acquire East Canyon, soaring from around 4.6c up to an astonishing 21.5c cents recently before settling back to about 15c.
The Dry Valley/East Canyon district has historically produced more than 85 million pounds of uranium at an average grade of greater than 0.13 per cent U3O8 and 660 million pounds of vanadium pentoxide at an average grade of 1.3 per cent, according to TNT.
As a bonus, the project also lies within an easy trucking distance of the USA’s only licensed conventional uranium vanadium mill, the White Mesa mill, providing a potential toll treatment source for any future discoveries.
TNT’s ground is dotted with historical uranium-vanadium workings and a 2018-2019 work program by Vanacorp identified uranium rich geological horizons and sampling returned numbers such as high as 0.47 per cent U3O8 and 9.21 percent vanadium pentoxide.
With non-fossilised fuels set to form a wave over industry and the price of uranium now starting to move, TNT’s move looks to be well timed.
And with a plethora of old workings and former mines littered across the ground, it is hard to think that TNT’s exploration work will come up with nothing.
Watch this space.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
