Dec 21 2011
Thor Mining has seen a gentle rise in its share prices since the company announced that mineralization at its Spring Hill gold project showed positive results. The announcement came after it shared its results of a diamond drilling exploration program at the site.
Mick Billing, the executive chairman for Thor Mining said that these results provide confidence in the potential for early development of an open pit gold mining operation at Spring Hill, and also reinforced their belief that the resource may be substantially larger than initially estimated.
The executive chairman added that more drilling is scheduled for 2012 along with studies to assess the potential for early commencement of mining operations. The Spring Hill prospect is located 150 km south of Darwin in the Northern Territory of Australia. Thor Mining increased its stake in the Spring Hill project in August to 80% after acquiring an additional 25 % stake in the project.
Additional drilling is slated to test extensions to the known existing resource. There will also be testing of mineralization close by and now the company will also perform a scoping study to access the potential for accelerated mine development.
Thor Mining is an exploration and development company that focuses on gold and base metals. They have also begun developing tungsten and molybdenum in another project in the Northern Territory of Australia. Most of their portfolio is based in the Northern Territory of Australia and Western Australia.