Thor Mining increases equity interest in EnviroCopper

Thor Mining increases equity interest in EnviroCopper 1

LONDON: Thor Mining Plc has increased its equity interest in private Australian company EnviroCopper Limited (ECL) to 30 percent, a news release said.

Thor has paid the final tranche A$185,000 in completion of the A$400,000 additional earn-in agreement, and has provided notice to ECL to exercise its right to the increase its holding.

Thor is to be issued additional shares in ECL to take the equity holding to 30%, with these additional shares expected to be issued by 16 November 2020.

Highlights

·      Thor increases its equity in EnviroCopper Ltd to 30%

·      EnviroCopper Limited has earned its initial farm-in interest in 50% of the Kapunda project, and has provided notice that it will now proceed to a 75% interest

·      A very active period of field activities including drilling at both Kapunda and Alford West, are scheduled over the next six months

Mick Billing, Executive Chairman of Thor Mining, commented: “This additional investment in EnviroCopper represents outstanding value for Thor and Thor investors.”

“Through EnviroCopper we hold interests in resources totalling 233,000 tonnes of copper insitu with substantial upside for copper and the potential to also extract gold.”

“Global copper prices have improved strongly in recent weeks and, with the optimism that a COVID 19 vaccine may be available in 2021, this rebound shows signs of the acceleration which comes with economic recovery.”

“EnviroCopper have scheduled a host of field activities at both Kapunda and Alford West during the next few months, expected to add considerable value to each project.  While the additional investment by Thor will be utilised on some of this work, the bulk of the expenditure requirement through to mid-2021 is funded, particularly at Kapunda, by the previously reported Australian government grant.”

EnviroCopper Limited has entered into an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via in-situ recovery (ISR) contained in the Kapunda deposit from Australian listed company, Terramin Australia Limited, and rights to 75% of the Alford West  copper project comprising the northern portion of exploration licence EL5984, held by Andromeda Metals Limited.

During 2018, the Australian Government Ministry for Science, Jobs and Innovation announced an offer to ECR for research funding of A$2,851,303 for the Kapunda In-Situ Copper and Gold Recovery Trial.  Funds from this grant are now expected to cover the major portion of costs of the program scheduled to mid-2021.

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits².

Thor is also acquiring up to a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴. Thor also holds rights to earn a 75% interest in portion of the Alford West copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery⁵.

Thor holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.

At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned.”

“Thor holds mineral claims in  the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results.”

https://www.envirocopper.com.au/

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