TNT Mines has been quick to get an early exploration team into the field at its promising new East Canyon uranium-vanadium project in the USA. The East Canyon project is situated in the Dry Valley, East Canyon District in Utah where the USA’s only licensed conventional uranium mill resides.
The area is well versed on the mining of both uranium and vanadium with a history of both commodities being mined as far back as 100 years ago.
TNT’s share price has quadrupled since the start of last month in anticipation of a successful first pass at the project that contains numerous historical uranium and vanadium mine workings.
These include the None Such mine that was previously owned and operated by the Vanadium Corporation of America.
According to TNT, 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.
An old location map produced by the previous owners shows drill hits ranging from two feet grading 0.83 per cent vanadium pentoxide and 0.127 per cent U3O8 to seven feet grading 1.07 per cent vanadium pentoxide and 0.237 per cent U3O8.
TNT has engaged a Utah based geological consulting outfit to undertake mapping and sampling of the existing mines that were confirmed by the project’s previous owner, Vanacorp, to contain visible high-grade uranium-vanadium mineralisation.
The Perth based company said the old workings are accessible and in good condition. During 2018 and 2019, Vanacorp picked up 26 samples from eight different sites across the project that returned assays as high as 0.47 per cent U3O8 and 9.21 per cent vanadium pentoxide.
TNT Executive Director Brett Mitchell said: “Low-cost mapping and sampling of these selected areas will allow us to better define our follow up exploration activities including the initial drilling program in the second half of 2020.”
Soon after TNT announced the acquisition of the East Canyon project, it brought on Geologist, Neil Inwood as its technical advisor. Mr Inwood brings global uranium experience to TNT, having held a uranium specialist position with Coffey Mining. He has held a CP/QP position for various companies including Bannerman, Deep Yellow, Atom Energy, U3O8 Corp, Vimy Resources, Energia Minerals and Wildhorse Energy.
TNT has paired Mr Inwood with Nevada-based Geologist, Cherie Leeden, who is the cofounder and former MD of ASX-listed Battery Metals. Ms Leeden has also held roles with LionOre Mining, Rio Tinto, Strike Resources and Advaita Power Resources.
TNT now has an in-country team working on its project that is within a short trucking distance of Energy Fuels’ operating White Mesa uranium,-vanadium mill, potentially opening the door for toll treating.
The White Mesa mill was commissioned in 1980 and refurbished in 2007 and has a licensed capacity of about 3000 tonnes of uranium per year. Up until 2019, it produced over 17,000t of uranium from 125 different mines and over 20,000 tonnes of vanadium.
The world Nuclear Association said that some ore is trucked over an astounding 1000km to the mill - TNT’s project is a mere 50km drive on a sealed highway.
As TNT looks to gain momentum at its East Canyon project, American President Donald Trump recently tabled $USD150m for the creation of a US uranium reserve to give it more localized autonomy for the sought after product.
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