Thor Mining - Good news this morning on extraction tests

Tuesday, 28th August 2018 09:18 - by Rajan Dhall

Thor Mining announced the results for the extraction of copper from Kapunda Copper Project core samples in Australia. 

Highlights

·     Up to 78% copper recovery within 2 days of bottle roll leach testing;

·     Extraction agent (lixiviant) was glycine, a biodegradable amino acid, elsewhere used in the food and pharmaceutical industries;

·     Other lixiviants scheduled for near-term testing;

·    Testwork activities funded under the recently announced Australian Commonwealth Research Centre Project Grant (CRC-P).

Price has started to recover on the daily charts backed by some decent volume. For me, a confirmation of a change in trend to the upside is always when a new lower high and higher high has been made. Today we have the potential to do this and if we break the 2.58p level and close above and we could all that a technical change in trend. Elsewhere, the 3p level also looks strong, there was some previous resistance higher and consolidation around Feb. The RSI is just above mid-range and has recently turned lower after price gapped down on Thursday last week, a key point on this indicator is the fact that the bullish divergence played out (around July) and now we are breaking higher.

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.