Hawkstone Mining, in which Thor Mining PLC (LON:THR) has a 1.075% stake, has announced “further positive drilling results” from its Big Sandy lithium-clay deposit in Arizona, USA.
Aussie-listed Hawkstone had already reported results from 26 holes in the 37-hole drill programme which has, so far, successfully outlined extension to the primary lithium mineralisation over a strike length of 850 metres (m).
READ: Thor outlines next steps for Jervois Vanadium Project
All eight holes from the latest batch of results hit “significant lithium intercepts”, including 21.0m at 2,176 parts per million lithium (ppm Li) in hole DHQ1 and 21.0m at 2,329 ppm Li in DHQ15.
Drilling of the final three holes is underway, Hawkstone said.
“Hawkstone's Big Sandy project has continually delivered exceptional results as the company has successfully progressed through the 37-hole diamond drill program,” said Hawkstone managing director Paul Lloyd.
“The Hawkstone board looks forward to updating the market regarding assay results from the final 3 diamond drill holes before progressing to its maiden JORC Resource in late September 2019.”
Thor executive chairman, Mick Billing, added: “We welcome the consistent flow of positive news from the Big Sandy drilling program noting that the program is continuing.”
Thor holds 7.42 ordinary shares in Hawkstone, representing 1.075% of its issued share capital. It will be allotted a further 7.81mln Hawkstone shares if Hawkstone reports a mineral resource estimate, on the Big Sandy deposit, of at least 30 million tonnes at a grade of over 2,000ppm Lithium (Li), using a lower cut-off grade of 1,000ppm Li, by September 2021.
Thor shares were up 5.5% to 0.71p early on Tuesday afternoon.