Thor Mining PLC (LON:THR) (ASX:THR) has announced “very positive” preliminary results over 27.4 metres from the first drill hole at the Good Hope deposit at the company's wholly-owned Pilot Mountain tungsten project in Nevada.
In a statement, the AIM-listed firm said the results have been derived using a portable XRF instrument, and should be considered preliminary and subject to confirmation in subsequent laboratory assay.
WATCH: Thor Mining upbeat on back of first Good Hope drill hole results
The group said the drilling highlights were encountering 1.1% of copper, 1.3% of zinc, and 0.19% of tungsten trioxide at 27.4 metres.
It also noted that there was unexpected mineralisation from the surface followed by 10m of higher tenor mineralisation from 17.5m, broadly confirming expectation based upon historical drilling.
Thor also highlighted visible oxidised copper minerals malachite and azurite along with fluorescing scheelite.
Mick Billing, Thor’s executive chairman said: "Very pleasing initial results from the first hole at Good Hope. While these XRF results are subject to laboratory assay, which may alter these results, this is very encouraging. “
READ: Thor Mining kicks off new tungsten drill programme in Nevada
He added: "Good grade mineralisation commencing at surface is always very good news, as is the intersection of higher grade material where historical results estimate they should extend.”
Billing also noted that recent improvements in metal prices, with “tungsten up 29% this year, copper at US$6,500/tonne and Zinc above US$3,000/tonne are also particularly good signs."
The group said drilling continues at both Good Hope, and at Desert Scheelite.