Hi Sujeet,
Unfortunately both options didn’t work. I ended up selecting “Show Excerpt (Image Top)” under the “Archive Content Layout” heading in Appearance -> Customise -> Theme Options -> Layout Options. This would show the full image size 480×480 on top but doesn’t seem to work if you select “Show Excerpt (Image Left)” or “Show Excerpt (Image Right)” oddly, even with “No Sidebar: Full Width” layout selected. You can take a look again and you will see the changes.
It’s a shame, but I appreciate your help.
Thank you.