Thor Mining PLC (LON:THR) shares moved higher on Thursday as the group reported that results collected from historic stream sediment samples correlated with a gold trend at the Pilbara goldfield tenements in Western Australia.
The AIM-listed firm said the sampling results had confirmed a 13 kilometre anomalous gold trend along the eastern thrust faulted mafic/ultramafic contact, adding that sample delineating the gold target zone are from separate drainage catchments, supporting the potential of gold mineralisation along the entire strike length.
Thor said widespread anomalous gold is also prevalent across the adjoining tenement EL46/1355, which the company currently has under application, while an airborne magnetic survey is underway with follow up geochemical sampling program including infill stream sediment sampling, mapping and rock chip sampling scheduled to commence during October.
"It is very pleasing to find further evidence of anomalous gold along the 13 kilometre target zone previously identified from this historical work", Thor executive chairman Mick Billing said in a statement.
"Evidence of anomalous gold within the new licence application area also adds potential value to the total Ragged Range suite of tenements. We look forward to the results of the airborne magnetic survey in progress, and the next phase of sampling, scheduled to begin shortly", he added.
Shares in the firm were 6.2% higher at 1.1p in early deals.