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Shares of Thor Mining Plc (LON: THR) fell 3.78% despite issuing a positive update about its Alford East copper-gold project, where the maiden drilling programme is still on track to be completed on time and budget.
The mining and exploration company said that it was expanding access roads to the site so that its workers could have easy access to it without having to use a helicopter.
Once the access roads are upgraded, Thor Mining will speed up its fieldwork and soil sampling programmes, which should be completed much faster.
Thor Mining also reported “highly significant” results from soil surveys at the Sterling Prospect in the Ragged Range area, followed by an infill soil programme and regional stream sediment sampling later this month.
Investors initially cheered the announcement before the company’s shares reversed course and headed lower into negative territory.
Thor Mining is well-positioned to capitalise from the rising copper prices amid elevated global demand. However, the firm is still far from producing actual copper ore that can generate revenues, given that it is in the exploration stages at its various projects.
Nicole Galloway Warland, Thor Mining’s managing director, said: “At a time when the copper price is at decade highs, Thor is fast-tracking the exploration and In Situ Recovery development of the Alford East project,”
*This is not investment advice.
Thor Mining share price.
Thor Mining shares plunged 3.78% to trade at 0.79p, falling from Monday’s closing price of 0.82p.
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