15th Dec 2022 11:43
(Alliance News) - Thor Mining PLC on Thursday said gold and copper have been reported in drilling results from the Kelly's Prospect at its 100% owned Ragged Range project, but it said a previous positive result had been an error.
The London-based Australia-focused exploration and development company said drilling had returned anomalous gold and copper values associated with felsic and dacitic porphyry intrusions into the Euro Basalt at the Kelly's prospect in the Eastern Pilbara, Western Australia.
Thor Mining said results showed an eight metre intercept at 0.1 grammes of gold per ton and 1.31 copper, including a three metre intercept at 2.9% copper and 0.17 grammes of gold.
The company also found 0.91 grammes of gold per tonne in a one metre intercept, and 0.1 grammes of gold per tonne in a four metre intercept, which also contained 0.3% copper, 0.9% lead and 0.2% zinc.
Managing Director Nicole Galloway Warland said: "These latest drill results are encouraging; however, further work is required to fully explain why the high-grade gold and copper in surface rock chips is not repeated in very shallow drill intersections."
Thor Mining said a 12.2 grammes of gold per tonne sample that was announced in November was an error. The result produced was based on the laboratory making a sample swap with an internal standard, the company said. The actual assay result indicated that there was less than 0.01 grammes of gold per tonne.
"Disappointingly, due to a testing error at the Bureau Veritas laboratory, the high-grade gold result announced in November was erroneous. Thor is undertaking an investigation into the laboratory error to ensure that the highest standard of procedure and reporting is provided going forward," Galloway Warland said.
Thor Mining shares were down 15% trading at 0.29 pence per share on Thursday morning in London. The stock is down 55% over the past 12 months.
By Harvey Dorset, Alliance News reporter
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