Shares of Thor Mining Plc (LON: THR) spiked 11.26% higher after announcing that it had completed the initial drilling programme at its Alford East project, where it discovered high-grade gold and copper deposits.
The mining company noted that initial assays from the first two drill holes highlighted a grade uplift along the north-south trending controlling structure. The assays also revealed that the quality of the gold deposits was higher than the cut-off grade used in its resource estimates.
Thor mining completed nine drill holes resulting in a total drilled depth of 878 metres, with the company awaiting the assay results from the remaining seven drill holes. Therefore, today’s results were based on initial assays from the first two drill holes.
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The mining company’s shares quickly pulled back from their daily highs as investors remained sceptical of its prospects. Thor Mining raised £800,000 earlier this month via a private placement that diluted existing shareholders.
Thor Mining’s share price has been on a downtrend since mid-June, and it seems like the shares will require a significant fundamental trigger before we can see a sustained rally.
Nicole Galloway Warland, Thor Mining’s Managing Director, said: “The new geological model and drill targeting is paying off. The uplift in copper and especially gold grade, adjacent to what appears to be a controlling structure is very exciting and beyond the Directors expectations, suggesting potential for an extended zone of higher-grade copper and gold along this structure.”
Thor Mining share price.
Thor Mining shares spiked 11.26% higher to trade at 0.751p, rising from Tuesday’s closing price of 0.675p.