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Thor Mining PLC said it anticipates positive returns from Kelly's Ridge, after initial drilling revealed high-grade intercepts.
Thor Mining is an Australia-focused exploration and development company. It owns 100% of the Ragged Range project, where Kelly Ridge is located, in Pilbara, Western Australia.
Recent drilling returned high-grade gold from the silicified altered contact along Kelly's Ridge, including the best intercept to date of 4 metres at 12.2 grams per tonne of gold, from 194 metres at Hole 22RRC0052.
The company emphasised that these were only results from a few selected intervals in the first four holes of the ten hole programme.
It expects to receive all gold and multi-element assay data over the coming weeks.
"We are delighted to share these high-grade intercepts from Kelly's Ridge," said Managing Director Nicole Galloway Warland.
"This confirms the potential of the site as indicated by historical drilling. Furthermore, with more drilling results to come, we are looking forward to gaining further understanding of the project. We anticipate more positive news to be shared with the market in due course."
Thor Mining shares were trading 13% higher at 0.54 pence each in London on Friday morning.
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