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.
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