Thor Mining (LSE:THR) is currently trading at 0.4p after announcing strong initial sampling results from its 100%-owned Pilbara Goldfield tenements in Western Australia.
On Thursday, the company revealed that three samples from a preliminary geochemistry reconnaissance programme at the projects assayed above 0.3 grams per tonne (“g/t”) gold, while one assayed above 0.9 g/t gold. Thor also encountered anomalous nickel and chromium up to 1,272 parts per million (“ppm”) nickel and 2,074 ppm chromium.
The work involved collecting stream sediment samples from 44 sites to broad, project-wide coverage and followed a successful programme of panning announced in November last year. These earlier efforts provided strong evidence of gold prospectivity, with visible gold in 13 of the 44 sediment trap sites sampled.
Thor said that the latest round of work provides “further support” for the Pilbara Goldfields’ gold potential while also indicating that the tenements could be prospective for nickel and chrome. As executive chairman Mick Billing put it:
“Very encouraging results from our initial reconnaissance survey on this ground, with plenty of follow up targets, focussing on gold, nickel & chrome. The elevated nickel & chrome samples either side of the ultramafic ridge on the western side of the licence area is particularly intriguing.”
Billing added that the next phase of work is likely to involve further detailed stream sediment sampling along soil sampling and geological mapping to confirm and extend existing results. Thor acquired the Pilbara tenements last year when it purchased two private companies – Pilbara Goldfields and Hamersley Metals.
Meanwhile, this month has also seen Thor announce a series of high-grade tungsten and copper assays at its Bonya deposits 30 kilometres to the east of its flagship Molyhil project. On this, Billing said:
"The Bonya tungsten deposits are delivering robust results which we believe can add significantly to the economic life and commercial outcomes of the nearby proposed Molyhil project. The Bonya project hosts additional tungsten and copper deposits, and these will be tested in due course, however our initial focus is likely to remain with the White Violet tungsten deposit, the Samarkand tungsten/copper deposit, and the Bonya copper deposit. It is hoped that these can extend the Molyhil project life of mine towards 10 years."
Author: Daniel Flynn
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