Thor Mining PLC (LON:THR) said it has identified significant magnetic targets from the airborne survey at its Ragged Range Project in Western Australia.
Of these, Sterling is the principle initial target and is approximately 500km long and between 300 and 500 metres in width.
Three isolated, strong magnetic anomalies had no simple geological explanation in the magnetics and are the main follow-up targets, Thor added.
The Ragged Range area is structurally complex with many phases of folding and shortening of the prospective Euro Basalt, the junior added, which leads to the creation of space, significantly increasing the potential to host gold mineralisation.
Mick Billing, Thor’s executive chairman added: “The Sterling Prospect appears to be a target of some substance, with a strike length of up to five kilometres and multiple anomalous stream sediment gold assays.
“Next steps will consist of detailed soil sampling over this, with reconnaissance soil sampling over the other shallow magnetic anomalies.”
“The simple thrust model for quartz-carbonate veins hosting significant gold mineralisation at the Sterling Prospect makes a compelling target for drilling.”