Thor Mining shares strengthened as Nevada drilling exceeds expectations
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14:45 15 Mar 2017
The company owns the Pilot Mountain tungsten project in the US state of Nevada
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Thor has been drilling out core at the project in Nevada Thor Mining PLC (LON:THR, ASX:THR) chairman Mick Billing said the group's drilling programme has “substantially exceeded expectations”, pushing the shares up 5%.
The company owns the Pilot Mountain tungsten project in the US state of Nevada and recently completed the first round of work on the Desert Scheelite portion.
The highlight was 51-metres of a rock-type called skarn containing scheelite, which is rich in a tungsten bearing material. Nine metres of the sample contained visible sulphide mineralisation.
It was intersected 25-metres to the east and 50-metres closer to the surface than the high-grade Desert Scheelite intersection from the 2012. Called DSDD015, the hole found 17.5 -metres at 5.7% copper equivalent.
While this “very encouraging” drill intersection appears to be comparable with the intersection of DSDD15, Thor says assay results will be required to confirm the actual metal content.
The 15-metres of mineralised skarn from the third hole “is consistent with our expectations and highlights the strong potential for continued extension of Desert Scheelite to the east and at depth”, said Billing.
The company is now planning the follow-up programme at Desert Scheelite.
The objective of this initial programme was to test for extensions to the high grade mineralisation found at DSDD015.
The first hole was designed to test for mineralisation 100-metres vertically above DSDD15, but failed to find mineralisation due to what appears to be fault displacement.
The second targeted mineralisation 75 metres above and 25 metres to the east of DSDD15 and found the 51 metres of visible scheelite mentioned above from 142 metres.
Hole-three targeted a further 25 metres to the east of the and hit mineralisation from around 125 metres.
"Subject to the receipt of assays, the Pilot Mountain drilling program has substantially exceeded expectations,” said Billing.
At 2.30pm, the shares were changing hands for 1.39p, up 0.06p.
