SYDNEY, AUSTRALIA: The directors of Thor Mining Plc announced that OZ Minerals Limited will provide funding support for technical investigations into In Situ Recovery (ISR) technology at the EnviroCopper Ltd (ECL), Kapunda copper-gold ISR Project, in South Australia. Thor owns 30% equity in ECL.
Project highlights:
- OZL has committed AUD$2.5 million over 18 months to support ISR research at the Kapunda project.
- Funding is non-dilutive to Thor’s 30% interest in ECL.
- OZL funding will continue studies into the potential economic extraction of copper resources via ISR.
- Collaboration between ECL and OZL will commence this quarter.
- Anticipated outcomes will be shared IP, for ECL and OZL to extend to further projects, within South Australia and Australia.
- ECL’s plan is to develop a Mining Lease application for the Kapunda project.
Nicole Galloway Warland, Managing Director of Thor Mining, commented: “We are very pleased to announce this collaboration between EnviroCopper and OZ Minerals, with OZL committing funds to continue the investigation at Kapunda Project into the potential economic extraction of copper via the low-footprint In-Situ Recovery mining technique.
This is a validation of the previous work by ECL on In-Situ Recovery of copper at the Kapunda project, in cooperation with The Commonwealth Scientific and Industrial Research Organisation (“CSIRO”) and the University of Adelaide under a CRC-P grant (Commonwealth Research Centre Project).
The OZ Minerals funding is non-dilutive hence will not impact Thor’s 30% equity interest in EnviroCopper.”