Shares in Thor Mining leapt on Wednesday following new published results from its Spring Hill gold project south of Darwin in Australia's Northern Territory.
The results specifically covered near-surface sections of the holes at the Spring Hill project which are part of a three pronged approach to test different gold resource options.
The SHDD008A hole returned 11.0 metres (m) at 5.1 grams/tonne (g/t) gold (Au) from 65 metres, including 6.0m at 10.2g/t Au from 66.0m. The SHDD011 hole delivered 59.0m at 1.4g/t Au from 1.0m, and 26.0m at 0.7g/t Au from 71.0m, while the SHDD012 hole returned 5.0m @ 0.6g/t Au from 59.0m.
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Diamond drilling extensions for each hole will provide core for the main target area of each hole, the firm said, while the diamond tail for the deep Callie hole extending from SHDD009's pre-collar is nearing completion at more than 900 metres depth.
The programme is directed to test the overall continuity of the gold mineralising system below the known Hong Kong lode. As a result, the 2012 holes will aim deeper and have a broader spacing than the drilling carried out last year.
Three holes are planned for this component of the programme totalling 1,050 metres, with the first 100 metres of each hole using reverse circulation (RC) drilling, and the deeper portion with diamond drilling.
Mick Billing, Executive Chairman of Thor Mining, said: "We are delighted with this early level of mineralisation in the near surface sections of our drilling. While our main targets are below the areas drilled thus far, the extensive gold mineralisation above and east of these is very welcome."
The share price rose 15.79% to 1.10p by 08:40.
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