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TNT Mines begins initial exploration program at East Canyon Uranium-Vanadium Project in Utah

The work program started ahead of schedule following up previous high-grade assay results of 0.47% uranium and 9.21% vanadium.

TNT Mines begins initial exploration program ahead of schedule at East Canyon Uranium-Vanadium in Utah
The first phase of exploration will also feature investigation of historical drill holes

TNT Mines Ltd (ASX:TIN) has begun exploration works ahead of schedule at the East Canyon Uranium-Vanadium Project in the East Canyon – Dry Valley district of southeast Utah, USA.

The company has engaged a Utah-based mineral acquisition and exploration services firm to undertake geological mapping and geochemical sampling of several underground workings located on the East Canyon claims that feature visible high-grade uranium and vanadium mineralisation.

Combined with information gleaned from the review of historical data, this work will help to characterise local mineralised trends within the East Canyon claims and assist in the generation of high-priority targets for follow-up exploration activities and drilling planned for Q3 and Q4 2020.

Asset has “many favourable attributes”

Executive director Brett Mitchell said: “It is great to hit the ground running at East Canyon and commence work ahead of schedule.

“The asset has many favourable attributes including the presence of visible high-grade mineralisation in numerous historical workings that remain in relatively good condition and can be accessed by technical personnel.

“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.”

Binding agreement to acquire Vanacorp

On May 11 the company signed a binding agreement to acquire Vanacorp Aust Pty Ltd (Vanacorp) and its wholly-owned US subsidiary Vanacorp USA LLC, which owns a 100% interest in the 200 unpatented lode claims that make up the East Canyon Project.

TNT subsequently entered into a formal share sale agreement with the shareholders of Vanacorp to finalise the full terms of the acquisition.

Important source of uranium and vanadium

The East Canyon Project, which covers 164 square kilometres lies within the extended Uravan Mineral Belt, an important source of uranium and vanadium ore in the US for more than 100 years.

It is also within trucking distance (50km via major highway 191) of the only fully permitted and fully operational conventional uranium-vanadium mill in the US, Energy Fuels Inc.’s White Mesa Mill.

Quick facts: TNT Mines Ltd

Price: 0.22 AUD

Market: ASX
Market Cap: $7.59 m

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