A permitted U.S. mine-to-metal platform — restoring two historic mines in Colorado's San Juan Mountains for domestic precious and critical metals production.
Thorin Resources is a private U.S. company that owns the Camp Bird and Revenue-Virginius mines in Ouray County, Colorado — a single contiguous district with over a century of underground development, modern surface infrastructure, and an active path to near-term production.
The mines were historic producers of gold, silver, and base metals. Metallurgical analysis has since identified a far wider spectrum of value — including platinum-group metals such as platinum, palladium, rhodium, and iridium — across both the underground resource and a century of accumulated surface tailings.
That combination is rare: permitted U.S. ground, decades of prior capital already in the rock, and a metal basket aligned with national priorities for domestic supply.
Thorin pursues cash flow and value along two complementary tracks — conventional underground mining and the processing of high-grade surface tailings accumulated over a century of operations.
A century of surface tailings feeds the same recovery circuit — Track 02 — turning legacy material into critical-metal output.
A development-first restart: advance the Montana Drift to open and expand the reserve base, then bring the enlarged resource into production through Revenue-Virginius's existing underground workings and permitted flotation mill.
A domestic mid-stream pathway to recover platinum-group metals, gold, and silver from tailings already at the surface.
Thorin is advancing an emerging joint venture with a U.S. critical-minerals technology partner to build a critical-metals pilot plant — proving the recovery flowsheet at scale and providing the path toward commercial production from domestic feedstock.
A consolidated holding spanning roughly 2,009 patented and 752 unpatented claim acres in the heart of the San Juan Mountains.
The Revenue-Virginius underground was the subject of a feasibility-study technical report prepared by SRK Consulting (U.S.), Inc. for the prior operator — establishing proven and probable reserves across silver, gold, lead, and zinc.
| Reserve Category | Tons (kst) | Ag (oz/t) | Au (oz/t) | Pb (%) | Zn (%) |
|---|---|---|---|---|---|
| Proven | 251 | 24.48 | 0.06 | 5.16 | 1.93 |
| Probable | 326 | 26.07 | 0.06 | 4.74 | 2.29 |
| Proven & Probable | 577 | 25.38 | 0.06 | 4.93 | 2.13 |
Source: NI 43-101 Technical Report Feasibility Study, Revenue-Virginius Mine, prepared by SRK Consulting (U.S.), Inc. for the prior operator (Ouray Silver Mines, Inc. / Aurcana Silver Corporation), effective December 31, 2021. Reserves estimated at a net-smelter-return cut-off of US$392 per short ton; mineral reserves are reported inclusive within mineral resources. Contained-metal figures are derived from reported tonnage and grade and do not reflect metallurgical recovery or payable metal. Thorin Resources, LLC is not the issuer of this report and has not independently verified or updated these estimates; they are presented here as historical estimates of the prior operator.
Existing Revenue-Virginius Measured & Indicated resource — the base the Montana program is built to expand.
The Montana Corridor is the southern structural keystone of the Revenue-Virginius system — the access platform that makes an integrated, multi-vein underground operation physically reachable. It is the next development phase of the same plan, not a separate mine.
This ground has never been developed or systematically explored. For over a century the district's claims were split among separate operators, with no single owner able to plan across them — until Thorin took control of both the Revenue-Virginius and Camp Bird mines and their contiguous claims under one operator.
The clearest physical link between the two mines is the Yellow Rose, the district's longest mapped vein at roughly 16,000 feet of surface trace — with historic production at the Camp Bird end, modern resource definition at the Revenue-Virginius end, and exposure at Camp Bird's Level 14 portal. Opening Montana is what makes mining that full district-scale relationship possible.
The Montana Drift program's logic is deliberate: open this ground first, at a fraction of the capital a production restart requires, and grow the reserve base an estimated 3–4× before committing to full production. A further ~320,000 tons of Inferred material at 30.7 oz/t silver (~10 Moz contained) will be tested by an infill drilling program during the campaign to upgrade it into higher-confidence categories.
The Montana Corridor is presented as an integrated underground development and planning target, not a mineral reserve or resource. The Measured & Indicated and Inferred figures stated above are for the existing Revenue-Virginius resource (Measured & Indicated inclusive of the proven & probable reserve) and are derived from the prior operator's NI 43-101 inventory together with internal management estimates. Inferred Mineral Resources are reported at a lower level of geological confidence; they may not be converted to Mineral Reserves, and there is no certainty that the planned infill drilling will upgrade them to higher-confidence categories or that any portion will prove economically mineable. The corridor structures, zones, and the 3–4× growth objective are development targets that have not been classified under NI 43-101 or S-K 1300 and have not been verified by an independent Qualified Person. Actual results will depend on further development, drilling, and technical work.
The United States now treats its mineral supply chain as a matter of national security — moving from policy to capital deployment across the Department of Energy, the Department of War, and others.
There is no realer thing than critical minerals. VP J.D. Vance · Critical Minerals Ministerial, Feb 2026
Roughly 60 minerals are designated critical — underpinning defense, energy, advanced manufacturing, and semiconductors. Thorin sits at the intersection of three durable tailwinds as a permitted domestic operator with a credible processing pathway.
Platinum, palladium, rhodium, and iridium alongside historic gold and silver — documented by multiple independent laboratories.
Real-asset exposure on U.S. ground with active permits and existing infrastructure — not a greenfield story.
Proposals submitted to the DOE and Department of War, with collaborative submissions alongside national labs and academia.
In this deposit, the iron sulfides — pyrite and marcasite — appear not as the sharp, well-ordered cubes of a slow, high-temperature system, but as rounded, globular, and framboidal aggregates, much of it poorly crystalline or amorphous. That texture is diagnostic. It tells us the mineralization did not freeze out of a cooling magma the way platinum-group metals do in classic layered intrusions like the Bushveld or Stillwater complexes. It precipitated rapidly, at low temperature, from supersaturated fluids — the signature of a hydrothermal system rather than a deep magmatic one.
That distinction carries direct economic consequences. Where PGMs are concerned, these textures point to metals that were mobilized and re-concentrated rather than locked in place from the start. Platinum and palladium travel in low-temperature fluids as bisulfide and chloride complexes; when those fluids meet a sharply reducing trap — the same chemistry that drops amorphous iron sulfide out of solution — the complexes break down and the metals come down with them. Poorly crystalline sulfides are unusually good at this. Their high surface area and reactive surfaces make them chemical sponges, scavenging trace PGMs by adsorption or co-precipitating them as sub-micron inclusions within the sulfide matrix.
The result is the kind of environment capable of producing strongly concentrated, localized precious-metal anomalies — but one where much of that value is carried as “invisible” metal: ultra-fine clusters and lattice-bound atoms rather than coarse, easily liberated platinum-group minerals. That is both the opportunity and the challenge. It concentrates value, and it shapes the recovery strategy, which has to be built around fine-grained, sulfide-hosted metal rather than conventional gravity or coarse-liberation approaches.
For partnership, offtake, federal-program, and media inquiries, reach the Thorin team directly.
Detailed technical reports, financial models, and offering materials are confidential and made available to qualified parties through a secure data vault following execution of a non-disclosure agreement.
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