- Write by:
-
Sunday, May 24, 2020 - 1:38:49 PM
-
887 Visit
-
Print
Mining News Pro - TNT Mines has entered into a binding share sale agreement to acquire Vanacorp Aust and its wholly-owned US subsidiary, Vanacorp USA.
Vanacorp USA owns 200 unpatented lode claims that are prospective for uranium and vanadium, together called the East Canyon project, which is located in the East Canyon/Dry Valley mining district, in Utah.
The East Canyon claims cover 16 km2 of prospective land, which includes historic workings such as the None Such mine previously owned by Vanadium Corporation of America (VCA).
VCA historically found mineralised intercepts ranging from two feet at 0.83% vanadium oxide and 0.127% uranium oxide, to seven feet at 1.07% vanadium oxide and 0.237% uranium oxide.
Advertisement
More recently, Vanacorp collected 26 samples from eight sites on the project, which returned assays as high as 9.21% vanadium oxide and 0.47% uranium oxide.
TNT expects the transaction to be finalised before the end of May.
TNT will welcome Vanacorp founder Peter Woods as a nonexecutive director upon settlement of the acquisition. As part of his remuneration package, Woods will be issued with 2-million unlisted options exercisable at 25c apiece and 2-million unlisted options exercisable at 35c apiece.
Both these options expire on June 30, 2023 and will be subject to shareholder approval at a general meeting of shareholders that TNT plans to host in June.
Short Link:
https://www.miningnews.ir/En/News/535325
Australian mining group Berkeley Energia will take its dispute with Spain to international arbitration after the country ...
India launched the second part of its critical minerals auction worth an estimated 30 trillion rupees (about $362 ...
France said in October it wants to give landlocked Mongolia, which is situated between Russia and China, “the means to ...
Uranium project developers see a stronger outlook for prices and supply pacts after the world’s top producer of the ...
Uranium miners extended a rally that’s made them the best-performing Australian stocks this year after the world’s ...
Niger temporarily suspended the granting of new mining licenses, the first step in an audit of its mining sector as it ...
Denison Mines and joint venture partner Orano Canada said on Wednesday they will restart the McClean Lake mine, located ...
Uranium-mining stocks are poised to extend their red-hot run in 2024 as a supply crunch sends the price of the yellow ...
Toro Energy has unveiled plans to grow its Wiluna uranium project in Western Australia with the integration of two of ...
No comments have been posted yet ...