Thor Mining shares decreased 4.2% to 0.5p in early afternoon trading on Friday following the company’s recently completed electromagnetic geophysics survey over the nickel gossan at the Krona prospect.
The group confirmed that the survey identified a conductive anomaly at the group’s 100%-owned Ragged Range project in eastern Pilbara, western Australia.
Thor Mining said the shallow conductor beneath the nickel gossan was consistent with sulphides and warranted a drilling test to validate its findings.
According to the mining firm, the nickel gossan is located at the basal contact of the Dalton suite ultramafic unit in the classic location for nickel-copper sulphide mineralisation.
The company noted the shallow conductor would be drill tested including downhole EM as part of the upcoming reverse circulation drilling programme scheduled to start next week at the Sterling Gold prospect.
Thor Mining commented that its next steps would be to conduct an airborne magnetic/radiometric survey which is scheduled to be flown over the east region of the tenure including license areas E46/1340 and E46/1393 in the near term.
The firm said it would continue regional exploration with a focus on both lithium priority areas and copper-gold historic workings in the north-east sector.
“I am encouraged that the first ground geophysics survey at Ragged Range has identified a shallow electromagnetic conductor,” said Thor Mining managing director Nicole Galloway Warland.
“The target is modelled at around 100m below the surface, establishing it a clear drill target for the upcoming RC drilling program.”
“We look forward to drill testing this anomaly as part of our RC drilling program, scheduled to commence at Sterling Prospect next week.”
