21st Oct 2020 11:45
(Alliance News) - Shares in Thor Mining PLC jumped on Wednesday after the miner said a sampling program has identified visible gold at the Pilbara Goldfield tenements in Western Australia.
Shares in the Australian miner were up 36% at 1.20 pence each in London.
The company said in the third phase of gold geochemical sampling at Pilbara, 13 of the 54 stream sediment sites had visible gold in panning.
Visible gold in panning is consistent along the interpreted 13 kilometer anomalous gold corridor, trending along the thrust faulted mafic/ultramafic contact, the company explained.
Subject to the geochemical results and the modelling of the recent airborne magnetic survey, Thor Mining plans to undertake a soil sampling program over priority targets within the anomalous 13 kilometer gold trend to delineate coherent gold trends prior to drill testing.
Chair Mick Billing said: "Another step closer in the process of narrowing down Ragged Range drill target selection, with visible gold again found in the stream sediment samples consistently along the 13 kilometre corridor of anomalous gold. We look forward to the laboratory assays from this work."
By Tapan Panchal; [email protected]
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