Thor Mining PLC (ASX:THR, LON:THR) has raised £337,500 through the placement of 15 million shares at £0.0225 to clients of Simple Investments, to fund exploration at the prospective Dundas and Spring Hill gold projects in Australia.
The gold, tungsten and molybdenum explorer and developer will also allocate some of the funds to the Molyhil tungsten/molybdenum project in the Northern Territory.
Exploration at Molyhil will test for depth extensions and to re-examine the Molyhil project 2007 Feasibility Study, with the project currently on care and maintenance.
Thor is moving exploration forward quickly, and this week announced the start of a 65 hole rotary air blast maiden drilling program at Dundas.
The work is planned to last 10 days and is targeting a 6 square kilometre anomaly identified from surface sampling last year.
Assays are expected in late March or early April.
The potential of the company has been recognised by Growth Equities & Company Research, which has initiated coverage of the stock with a ‘Speculative Buy’ recommendation at a share price of around £0.023, with a £0.051 target price.
In its report, the research agency said Thor is advancing two gold projects in Australia, both of which have the serious potential to be multi-million ounce plays.