The Thomson Resources (ASX:TMZ) share price is rocketing 38% today

The Thomson Resources share price is rocketing higher today, up 38%. We take a look at the company’s latest update.

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The Thomson Resources Ltd (ASX: TMZ) share price is rocketing higher today, up 38.4% to 18 cents in late morning trade.

This follows the company’s market update today on its activities for the December 2020 quarter.

What did Thomson Resources report?

Minerals explorer Thomson Resources today reported the advancement of its precious and base metals projects in Queensland and New South Wales.

Thomson advised it has completed due diligence at the Hortons Gold Project near Tenterfield, New South Wales. It’s acquiring the project from Syndicate Minerals, a private company. According to the release, Hortons has “multiple intrusion related gold targets across multiple prospects” for future drilling.

Thomson has also started auger drilling at its Chillagoe Gold Project. Assays are pending for 465 samples taken from 10 prospect areas. It noted that rock taken from its Laverock workings contained copper oxide azurite, which is a surface indicator of weathered copper sulphide ores.

Meanwhile, the company revealed it had completed the phase 2 reverse circulation drilling program at its Yalgogrin Gold Project, totalling 6 holes for 720 metres. This follows up the “significant intercepts” from its July 2020 maiden drilling program.

It also completed 2,000 metres of reverse circulation drilling at its Harry Smith Gold Project, testing a range of targets. One of the targets was a follow up from previous high-grade results including, 17m at 5.2 g/t Au from 28m, 9m at 9g/t Au and 54m at 1 g/t Au.

Thomson also provided updates on its silver projects, including the Cannington Silver Project in Queensland.

In November, Thomson announced that it had submitted an EPM application for 6-blocks 10kms west of the Cannington Silver mine owned by South32 Ltd (ASX: S32). In November Thomson also entered into a binding term sheet to acquire 100% of Caesar Resources, which holds around 90 sqkm of land near the Cannington Silver mine. That acquisition was completed in December. Thomson reports it now has a land area of 111.5sqkm in “this prolific silver region”.

The company had cash of $5.4 million as at 31 December.

Thomson Resources share price snapshot

Thomson Resources shareholders have certainly had a happy new year so far.

Including today’s 38.4% intraday gains, the Thomson Resources share price is up 47.5% in 2021. Investors who bought shares 12 months ago are sitting on a tidy gain of 450%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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