Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Th0r Mining's (LON: THR) share price is on the rise Monday after it told investors that diamond drilling has started at the Molyhil tungsten-molybdenum Project, in the Northern Territory, Australia.
The 1000m diamond drilling program will comprise 2-3 drill holes and test a newly identified magnetic target next to the Molyhil magnetite skarn, host to the tungsten-molybdenum-copper mineralisation.
The company has already been awarded A$110,000 from the Northern Territory Government as part of the Resourcing the Territory, Geophysics, and Drilling Collaborations program.
Nicole Galloway Warland, Managing Director of Thor Mining, said:
“We are excited to be starting this exploration drilling at our Molyhil Project in the Northern Territory, where we are testing a newly identified, large magnetic target adjacent to the known tungsten-molybdenum-copper mineralisation.
“The Molyhil resource is highly magnetic (high percentage of magnetite) and this newly identified target is interpreted to be an off-set of this mineralisation.
“The depth to target of only 270m from surface and the location underneath the current pit design has the potential to be a game changer for the Project.”
Thor Mining's share price rose to a high of 0.886p following the news. In September, its stock price rallied over 16% after it kicked off drilling operations at its Kapunda Copper project.
Thor Mining 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 Thor Mining shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .