Thor Mining upbeat on latest soil results from Ragged Range

The AIM-traded firm reported high gold in-soil values, including 348 parts of gold per billion and 153 parts per billion, identified in both the central and southern areas of the Sterling Prospect, which were both well above background readings of five parts per billion.

Gold was panned 100 metres down slope of sample 21RRS377, reporting 74.1 grams of gold per tonne in pan concentrate.

It said the gold in-soil anomalies extended materially along strike at both the Sterling Central and Sterling South areas, with zones more than 1.2 kilometres in length, remaining open to the north and south.

A 3,000 metre maiden reverse circulation (RC) drilling programme was set to start in early October, designed to test the high gold soil and stream anomalies.

Thor noted that it had been awarded AUD 0.16m (£0.09m) from the Western Australia government under its EIS co-funded grants program, to drill test stream and soil gold anomalies at Sterling.

Infill soils and geochemical data analyses were continuing, with field mapping and regional soil and stream sampling programmes to run alongside the scheduled RC drilling over priority targets within the anomalous 13 kilometre gold corridor at the prospect.

“The latest results from our surface geochemistry have defined eight new robust drill- ready targets at Sterling Prospect, Ragged Range,” said managing director Nicole Galloway Warland.

“These results confirm our geological model of shear hosted gold associated with the mafic-ultramafic contact.

“The directors believe that Ragged Range has significant exploration potential, with all the right ingredients to host significant gold deposits and we look forward to commencing our maiden RC drilling program at the Sterling Prospect next week.”

At 1441 BST, shares in Thor Mining were up 2.11% at 0.92p.