Shares in Thor Mining (LSE:THR) enjoyed a boost of more than a fifth on Friday morning after the company delivered a promising gold update from Australia at a time when the precious metal is trading at record highs.

Thor was sitting at 0.47p, its highest value since the beginning of the year, at writing after announcing that sample panning of geochemical samples from its Pilbara Goldfield tenements had unearthed visible gold.

The £4.6 million firm said that 17 of 32 stream sediment samples had visible gold in panning, while two of the tenements' 2019 sample sites showed the yellow metal in "multiple follow-up stream sediment samples".

The timing of the news is highly fortunate, with gold currently trading above US$1,900 an ounce as investors around the world rush into safe-haven assets amid unprecedented macro uncertainty.

Thor's executive chairman Mick Billing said finding visible gold in multiple sites at Pilbara in very close proximity to previous gold samples is "very encouraging".

"This appears to be a highly successful follow-up, to the previous, very successful, sampling program," he added. "We look forward eagerly to confirmatory gold assays along with assays of the potential nickel site samples".

The latest round of results come after Thor successful revealed gold, nickel, and chromium assays from preliminary geochemistry reconnaissance at Pilbara back in January. Three of these samples assayed above 0.3g/t gold, while one even reached as high as 0.9g/t gold. Elsewhere, the company located anomalous nickel and chromium at the project of 1,272 parts per million and 2,075 parts per million respectively.

Friday's results come amid a busy period for Thor, which only last week revealed positive test results for its Kapunda copper in-situ-recovery ("ISR") project – also in Australia.

A hydrogeological testing programme at the project was successful, with a tracer test showing fluid movement from well to well in a "relatively short time period". This is essential for the ISR process, and Thor now believes that cost savings could arise from reducing the number of well at the project to optimise production.

Some zones within the Kapunda deposit have previously been reported to host highly promising gold values, including 95 metres at 3.06g/t.

Thor holds a 25% interest in EnviroCopper, which – in turn – holds an agreement to earn, in two stages, up to 75% of the rights over metals that may be recovered via ISR at Kapunda.

Author: Daniel Flynn

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