The Thor Mining Plc (LON: THR) share price plunged 21% after revealing that it had only completed 50% of the planned maiden Reverse Circulation (RC) drilling program at its Sterling prospect.
The company encountered significant sulphides and identified sericite-pyrite-fuchsite alteration combined with quartz veining, indicating gold mineralisation within the East Pilbara Craton.
Investors were displeased that the firm had only identified low-grade gold in small composites and pathfinder elements that could assist it vector in on the solid gold source.
The massive selloff in Thor Mining shares was fueled by investor disappointment with the results and the company’s continuing investment in completing the drilling program and the Sterling prospect, which could end up disappointing.
Thor’s 3m composite samples returned marginal gold intercepts with a maximum of 0.1g/t Au.
Nicole Galloway Warland, Thor Mining’s Managing Director, commented: “Due to mechanical issues, only half of the planned drilling program at the Sterling prospect has been completed, with 50% of the strong gold anomalies, therefore, remaining untested. Although no significant gold was intercepted in the maiden RC program, this is only the start of our gold campaign at the prospect, with the best ground yet to be tested. Elevated pathfinder elements and broad zones of alteration are positive indicators that we are in close proximity to the gold source.”
“We are currently planning our 2022 field program, with further drilling to complete the original program and new targets identified at the Sterling prospect. Geophysics (airborne and ground surveys) and geochemical sampling programs are planned over our additional gold, nickel and lithium target areas.”
Thor Mining revealed that its Wedding Bell uranium project in the United States was progressing well through the permitting process. It hopes to update investors on any developments within the next few weeks.
The miner had also completed the diamond drilling campaign at its Molyhil critical minerals project in the Northern Territory. The results are expected soon.
Thor Mining shares are down 24.3% this January, and many investors hope that they shall reverse course and rally higher.
*This is not investment advice. Always do your due diligence before making investment decisions.
Thor Mining share price.
Thor Mining share price plunged 21% to trade at 0.474p, falling from Monday’s closing price of 0.600p.
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