Thor's shares tumble after news of Nevada mineralisation intersection

Shares in Thor Mining are down 18% after it drilling at the Pilot Mountain tungsten project in Nevada intersected 51m or mineralisation.

The intersection was from the second drill hole, which was designed to test for extensions to the Desert Scheelite deposit.

"Following this very encouraging result, a previously unplanned third hold hole has commenced targeting a further 25m extension of the Desert Scheelite deposit," said Thor in a statement.

Executive chairman Mick Billing that while Thor awaited assays to have an indication of the grade of mineralisation, and estimation of the true thickness, extension of the zone with an apparent thickening, was an exciting development for the project.

"While the initial planning for this program at Desert Scheelite included plans for only two holes, we are sufficiently encouraged by this result to immediately conduct a third drill hole to test for further extensions," added Billing.

At 10:13 GMT, shares in AIM-listed Thor were down 18% to 1.02p each.