Thor Mining PLC - exploration and development company in Australia and the US - Says soil samples from Ragged Range project in Eastern Pilbara, Australia, show 114 parts per billion of gold, well above the background level. Samples taken over 1.2 kilometre strike length at the Sterling project area. Plans further geophysics surveys for Ragged Range tenement to produce gold, copper and nickel exploration targets. Notes prospect area track currently being upgraded to allow for access without a helicopter.
Managing Director Nicole Galloway says: "These latest results are very promising for Thor as the gold anomalism in soils supports the stream sediment results, with gold clusters and trends forming in the Sterling prospect. This confirms the significant exploration potential for a quality gold discovery at Ragged Range."
Adds, it was awarded a further AUD160,000 grant from the Western Australia government under its exploration incentive scheme for drill testing at the Sterling prospect. Plus, new application for tenement E46/1393, which produced small amounts of high grade copper and gold between 1950 and 1977.
Current stock price: 0.90 pence, up 2.3 % on Wednesday afternoon
Year-to-date change: up 12%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Thor Energy (THR)