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Shares of Thor Mining Plc (LON: THR) rallied 16.9% higher after kicking off the environmentally friendly drilling campaign at its Kapunda Copper project in Southern Australia.
MineEx CRC is leading the drilling programme and will utilise an innovative Coiled Tube technology among other environmentally friendly mining technologies.
Thro Mining also released an updated investor presentation highlighting its critical projects in mining-friendly jurisdictions in the United States and Australia.
The miner has uranium and vanadium projects in the United States and Copper and Gold projects in Australia with significant revenue potential once they reach the mining stages.
The company’s Alford East, Alford West and Kapunda projects in Australia target copper deposits and are currently in technical feasibility.
Thor Mining’s Ragged Range project in Western Australia is primarily a gold project, while its Molyhill project in the Northern Territory targets Tungsten and Molybdenum deposits.
The firm’s Wedding Bells project in Colorado, US, is primarily a uranium and vanadium mining operation.
Nicole Galloway Warland, Thor Mining’s Managing Director, said: “It's great to see mineral exploration collaborations between industry, government and research organisations, such as this Coiled Tubed (CT) drilling program between EnviroCopper and MinEx CRC,”
She added that Kapunda’s location is an ideal testing ground for the breakthrough coil tubed (CT) drilling technique. The company also intends to collect geological information on the copper-gold mineralisation to determine the next steps in the project’s development.
Investors cheered the two announcements, as evidenced by the stock’s rally, but I wouldn’t buy the miner’s shares at current prices since they seem a bit extended. Instead, I would wait for a pullback.
*This is not investment advice.
Thor Mining share price.
Thor Mining shares rallied 16.89% to trade at 1.052p, rising from Thursday’s closing price of 0.90p.
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 THR shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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