The Thor Mining Plc (LON: THR) share price surged 23.5% after identifying multiple lithium exploration targets at its Ragged Range project in Western Australia.
Investors were pleased to learn that the miner had identified the lithium targets from a geological review of the entire project.
The mining company also told investors that the Pilbara Craton has lithium-caesium-tantalum (LCT) enriched pegmatites and currently has two “world-class” deposits known as Wodgina and Pilgangoora.
The two deposits are adjacent to the Split Rock Supersuite (2.85 to 2.83Ma). In addition, the company identified three areas in the Northern part of its tenure.
The company had not previously considered the potential lithium deposits at its Ragged Range project until the recent review.
The findings could not have come at a better time for Thor Mining the recent selloff in its shares after announcing that it had only completed 50% of the planned drilling work at its Sterling prospect.
Thor Mining shares plunged 21% earlier this week on the disappointing Sterling prospect news. Therefore, today’s announcement was what investors needed to bid up its share price.
The company told investors that it had been granted the E46/1393 tenement license, and it had discovered that the area was structurally complex; hence, it could have pegmatites rich in lithium.
Thor intends to conduct airborne radiometrics and magnetics over the North-eastern part of the tenement, including pXRF analysis, detailed geological mapping and sampling rock chips over the lithium targets.
Investors were pleased with today’s news, but there is still a lot we do not know about the lithium deposits starting with the estimated size of the deposit.
Nicole Galloway Warland, Thor Mining’s Managing Director, commented: “Thor's recent geological review of the Ragged Range project, triggered by the granting of E46/1393, has identified exciting lithium-caesium-tantalum targets associated with the highly prospective Split Rock Supersuite. These new targets will be advanced as soon as possible and have the potential for significant exploration discoveries while we continue drill testing further gold exploration targets at the Sterling Prospect.”
“The Pilbara Craton already hosts two “world-class” lithium deposits, and ground with battery metals prospectivity at our 100% owned Ragged Range project is an exciting new development and has the potential to create substantial value for Thor shareholders.”
While today’s rally is impressive, I believe there is still a long road ahead for Thor Mining and its shareholders before the company can reach production stages.
*This is not investment advice. Always do your due diligence before making investment decisions.
Thor Mining share price.
Thor Mining shares surged 23.58% to trade at 0.587p, rising from Wednesday’s closing price of 0.475p.
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