23rd Jan 2014 11:38
LONDON (Alliance News) - Thor Mining PLC Thursday said further screen fire assay tests at its 51% owned Spring Hill project in Australia have achieved a 50% increase in gold grades.
The Australian gold, tungsten and molybdenum explorer and developer said that results from 34 samples below 2.0 grams per tonne of gold passed through a fire screen assaying process averaged 57% more gold.
The company said that in 17 samples between 0.5 grams per tonne and 1.0 grams per tonne the process increased grades by 79% on average from 0.72 grams per tonne to 1.29 grams per tonne gold.
Screen fire assays study large pulverised samples which have been passed through a fine screen that are generally identified to contain coarse gold.
The results add to fire screen assay test results announced earlier this month on assays of over 2.0 grams per tonne gold, which averaged a 37% increase in grade.
On eight samples between 2.0 and 2.5 grams per tonne of gold, the average grade increased by 107% to 4.75 grams per tonne gold from 2.29 grams per tonne of gold.
Thor said in its first tests that 21 samples above 4.0 grams per tonne of gold were increased 8% by the process to 17.91 grams per tonne of gold from 16.54 grams per tonne.
The company also previously announced it is exercising its rights to increase its interest in the Spring Hill site to 80% from Western Desert Resources Ltd.
Thor Mining shares were up 12% to 0.318 pence, putting it in the top ten AIM movers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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