Thor Mining (LON: THR) have updated shareholders on Monday about its Bonya project, adjacent to its Molyhill project in Northern Australia.
Shares of Thor Mining are currently trading at 0.25p, and have spiked 9.6% on Monday. 25/11/19 14:25BST.
Thor Mining have been in and out of investor headlines, as the firm reported a new discovery at the start of this month.
Additionally, rival firm Metal Tiger Plc (LON: MTR) announced it had bought shares in Thor Mining buying 22.5 million shares valued at £45,000.
The opportunity for Metal Tiger to buy shares in Thor came after Thor used a share placing plan to raise £510,000 in late October.
The Bonya project is held in joint venture between Arafura Resources Ltd (ASX: ARU), which owns 60%, and Thor, which owns 40% and acts as project manager, with each party contributing to the cost according to their equity.
The mining firm said that eleven holes were drilled at the White Violet deposit, and a further eight holes at Samarkand.
Thor added that the completion of the program would lead to 1,386 meters drilled in total.
Mick Billing, executive chair of Thor Mining, said: “Our consistent objective for drilling at Bonya is to add to the Molyhil area mining inventory, and aim for a minimum life of ten years open pit mining and processing.”
“These results, subject to assay and follow up resource work, area very positive step towards that objective,” Billing added.
There have been updates in the mining sector, and firms have been active amid periods of volatility in shares.
Firms such as Bluejay Mining (LON: JAY) and Amur Minerals (LON: AMC) have also used share placing to raise funds for projects.
Established names such as Hochschild Mining (LON: HOC) have seen their shares crash since Friday after they cut their annual profit expectations.
Certainly, the update provided will please shareholders of Thor Mining. After the full report is published, it will be then deduced as to whether the Bonya operations delivered as Thor expected.