Thor Mining PLC (LON:THR) shares were a bright spot on AIM on Wednesday after the company said assays from the latest stream sediment sampling program at the Ragged Range project in its Pilbara Goldfields tenements in Western Australia have “exceeded management expectations”.
The AIM-listed group said the results from 2020 detail sampling support extend from two 2019 test sites defining a zone of “highly anomalous gold”, with sampling results having also defined an overall broader target zone and demonstrated potential to host a “significant gold bearing system”.
WATCH: Thor Mining's Mick Billing says gold assays at Ragged Range 'exceed expectations'
Thor also said samples defining the 13 kilometre gold target zone are from separate drainage catchments and supported the potential of gold mineralisation along the entire strike length.
Next steps will include further mapping, stream sediment and soil sampling, and a detailed aeromagnetic survey, all of which will commence immediately.
"The Ragged Range gold project shows strong prospectivity over a strike length of up to 13 kilometres based on sample results substantially above background (typically around 5ppb). These results upstream of very positive 2019 sample results indicate we are heading towards gold bearing source rocks", Thor’s chief executive Mick Billing said in a statement.
"Stream sediment samples capture gold eroded over time & washed through creek systems, and become encouraging when values approach 5 [parts per billion]. A cluster of results, in close proximity, significantly higher than this level, including up to 26 times higher, is considered by the directors to be an outstanding outcome. This project is now a high priority for Thor, and next steps will involve further upstream mapping & sampling along with detailed Aeromagnetic survey work, looking for structurally hosted gold deposits", he added.
The shares climbed 14.3% to 0.76p in late-morning trading.
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