Thor Mining (THR) Shares Plunged 15% on Revised Drill Results

The Thor Mining Plc (LON: THR) share price plunged 15.4% after releasing some additional drilling results from the Kelly’s Prospect, Ragged Range, in Western Australia

Investors reacted negatively to a correction made by the company to previous drilling results. The mining firm revised the drilling results reported on 12 December 2022, which included a 12.2g/t Au sample from drill hole 22RRC052.

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Thor Mining revised the assay figure from 12.2g/t Au to 0.01g/t Au marking a significant downgrade to the previous figure, which triggered today’s massive decline. The downgrade was aligned with the other drill results announced today.

Some of the results from the best intercepts released so far include 8m @ 1.31% Cu and 0.1g/t Au from 4m (22RRRC056), including 3m @ 2.9% Cu and 0.17g/t Au, and 1m @ 0.91 g/t Au from 40m (22RRRC049). 

Investors were disappointed by the results, as evidenced by the decline in Thor Mining shares. 

Nicole Galloway Warland, Thor Mining Plc’s Managing Director, commented: “Disappointingly, due to a testing error at the Bureau Veritas laboratory, the high-grade gold result announced in November was erroneous. Thor is undertaking an investigation into the laboratory error to ensure that the highest standard of procedure and reporting is provided going forward. These latest drill results are encouraging; however, further work is required to fully explain why the high-grade gold and copper in surface rock chips is not repeated in very shallow drill intersections.”

Thor Mining’s prospects do not look as promising as they did earlier this week following today’s corrected drill results. Investors should closely follow the company’s future releases to see if there is an improvement in the quality and size of deposits at its multiple projects. 

*This is not investment advice. 

The Thor Mining share price.

The Thor Mining share price plunged 15.38% to trade at 0.0055p, falling from Wednesday’s closing price of 0.0065p