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(Alliance News) - Thor Mining Ltd shares rose on Monday, after it revealed "encouraging" drilling results at the Douta Gold project.
The Douta Gold project is located in Senegal, and currently encompasses the Makosa gold deposit.
The Australia-focused exploration and development company noted results from its exploration programme, which was designed to upgrade parts of the existing resource, as well as test a new target in the north of the license, known as Sambara.
"Initial results suggest that Sambara could potentially develop into a supplemental high-grade resource," Thor explained.
Shares in Thor rose 6.6% to 16.25 pence each in London on Monday morning.
Drilling results at Sambara include 6 metres at 4.80 grammes per tonne gold from 65 metres.
The firm also noted drilling at Makosa's extremity revealed a high-grade intersection, "which indicates that robust mineralisation extends at depth".
Makosa drilling results include 8 metres at 4.77 grammes per tonne gold from 62 metres.
"We are pleased to report a successful initial drilling campaign on the Sambara prospect. Significantly, this has established that gold mineralisation is developed in the northern parts of our exploration permit. We look forward to advancing exploration on this discovery which we hope will supplement the Makosa resource," said Chief Executive Officer Segun Lawson.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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