Thor Mining (ASX: THR) has received a price and volume query from the ASX after shares rose to an intra-day high of $0.02 yesterday, a 54% increase on the previous day’s closing price of $0.013.
The ASX also noted an increase in the volume of shares traded over the same period, with nearly 8 million shares changing hands yesterday alone, prior to the company entering a trading halt.
Thor said in its response that the company holds some incomplete information in respect of drill results at the Spring Hill project in the Northern Territory, and speculation about these results may explain the movement in the recent trading of securities of Thor.
“The company is not in a position to release that information and has requested a trading halt, due to expire on 17th September, at which time it will release that which is available,” Thor explained.
“However the information available to be released is incomplete, does not contain all assays from any holes, and for one hole there are no assays yet available.”
Thor has previously discovered near surface gold mineralisation of up to 12 grams per tonne (g/t), above the intended Hong Kong lode target, in its 2012 drilling program.
Spring Hill has a JORC Resource of 3.6 million tonnes at 2.34g/t for a contained 274,000 ounces of gold, and has not been tested to more than 150 metres in depth.
There is significant potential to increase the open pit Resource by drilling beyond 150 metres depth.
Thor also offered alternative explanations for the sudden increase in the company’s share price on both the ASX and the Alternative Investment Market of the London Stock Exchange, including speculation concerning offtake and finance arrangements for the Molyhil Tungsten and Molybdenum Project.
“Discussions in respect of these arrangements are continuing and no announcement is imminent,” the company said.
Thor also acknowledged shares could have been “oversold” in recent weeks, with a natural movement towards a more fair price.
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