Thor Explorations (LON: THX) shares are climbing on Thursday after the company said “robust” drill intersections were returned from the northern extensions of the Makosa mineralised trend at its Douta Project, Senegal.
Exploratory drill sections were completed over a 1,300m northern extension beyond the last line of drilling.
Thor said the results received to date indicate that gold mineralisation continues to the north and remains open-ended.
WELCOME BONUS - Free Share Bundle When You Invest £50!
Get up to £500 cashback for investing with IG.
The results included 15m at 2.42 grams per tonne of gold from 65m (including 10m at 3.21 grams per tonne), 3m at 2.88 grams per tonne of gold from 77m, and 8m at 1.69 grams per tonne of gold from 6m.
Segun Lawson, President and CEO of Thor Explorations, stated: “The drilling results from Makosa North are particularly exciting as they suggest that the Makosa gold system continues further to the north than originally expected. Furthermore, several higher-grade intersections were received that may suggest an increase in grade to the north. In addition, the last section drilled on hole DTRC311 intersected 10m at 1.42g/tAu suggesting that the mineralisation is open-ended to the north.”
The company’s shares are currently trading at 19.5p, up 1.3% after opening the session at 20.7p.
Should you invest in Thor Explorations shares?
Thor Explorations shares are traded on the London stock exchange’s AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are THX shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies