Thor Mining Plc (ASX: THR) is into the field of mineral exploration and development. The company is quoted on the AIM Market of the LSE and ASX in Australia. The company holds complete ownership of the advanced Molyhil tungsten project in Australia. For this project, an updated feasibility study was conducted in August 2018, and the study had suggested attractive returns.
The company, today on 3rd April 2019, updated regarding a successful extraction of gold from samples of the Kapunda Copper ISR copper project. These results are from the research activities conducted on the Kapunda samples by an organisation called CSIRO. This organisation is a part of the CRC-P* project, which has been funded by the Australian Commonwealth government for the Kapunda project owned by ECR. It is notable here that Thor is acquiring a 60% interest in ECR.
While Kapunda Copper Project was predominantly a copper mine, there have been gold assays recorded from historical holes and surface sampling. The positive extraction of gold from the samples from historical drilling have exhibited the proof of concept at the Kapunda project by means of techniques appropriate for In-situ Recovery (ISR) test work. The outcomes supplement the previously reported successful recovery of copper using ISR appropriate test work. There have been limited gold assays conducted on the historical drilling, which has been done at Kapunda. However, results for 28 surface and drill core samples are historically reported to range from 0.6 to 5.54 deadweight tonnage per ton, which results in approximately 0.93 to 8.58 grams per tonne. Moreover, additional test work is prearranged to measure gold recovery and commercial feasibility of the projected development at Kapunda.
Mr. Mick Billing, company’s Executive Chairman, commented that this is an unanticipated advantage for the Kapunda project and possibly a very noteworthy project enrichment.
He further added that there aren't enough assay results and information, which could permit a gold resource to be mounted to the previously published copper resource. However, the information that the management has collected proposes the occurrence of gold relatively consistently across much of the Kapunda deposit. He emphasised upon the fact that the directors of ECR and the directors of Thor are studying these options in light of this novel with potentially and strategically critical information, and will provide supplementary updates in the times to come.
On the stock-performance front, the stock has posted the YTD return of -29.17%. The company also has posted returns of -34.62% and -29.17% over the past six and three months, respectively. At the time of writing, i.e. on 3rd April 2019 AEST 03:02 P.M., the stock of the company is trading at a price of A$0.015, down 11.765% during the day’s trade with a market capitalisation of ~A$12.19 million. The stock opened the trading day at A$0.016, which was also the intraday high, and touched the intraday low of A$0.015 with a daily volume of ~432,479. It had a 52-week high price of $ 0.051 and a 52 weeks low price of $ 0.015, with an average volume of 102,645 approximately.
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