Thor Mining Plc (LON: THR) have seen their shares slip during Wednesday trading despite a new discovery being made in Western Australia operations.
Shares are currently trading at 0.24p per share, having slipped 4.08% across Tuesday trading. 6/11/19 13:46BST.
The miner said “visible gold” was found in 13 out of 44 sediment trap sites selected, with maximum gold occurrence of 20 “very fine” grains from one trap site.
Thor Mining said a follow-up field evaluation is likely to comprise detailed stream sediment sampling, soil sampling and geological mapping.
The AIM (INDEXFTSE: AXX) listed gold miner, reported a new discovery during Wednesday trading and as a result gave optimism for gold production in the long term.
Last week, it was reported that Thor Mining were set to raise £510,000 through share placing.
The money that was raised was set to finance activities in the copper mining sector, one of their smaller divisions compared to their main gold operations.
Thor Executive Chair Mick Billing said “The use of proceeds will be directed towards continuing to develop, primarily, our flagship Molyhil project, including drilling, scoping, and permitting studies at nearby Bonya, and field pump and recovery trials at EnviroCopper.”
It was also reported that London listed firm Metal Tiger Plc (LON: MTR) said it had bought shares in Thor, buying 22.5 million shares valued at £45,000.
“These preliminary results are very exciting, and we look forward to confirmatory laboratory assays. To obtain results of this calibre in an initial reconnaissance survey is an excellent result”, said Thor’s executive chairman, Mick Billing.
Thor Mining is still in its early days, and as growth occurs Thor will have stiff competition amidst a blooming gold mining market.
Established names such as Hoschchild (LON: HOC) Mining have given strong reassurance to shareholders amidst an uncertain trading update.
Whilst Serabi Gold (LON: SRB) reported a strong third quarter performance as they update shareholders.
