TIDMTHR
RNS Number : 9535E
Thor Mining PLC
11 November 2020
11 November 2020
THOR MINING PLC
THOR INCREASES INTEREST IN ENVIROCOPPER TO 30%
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR) are pleased to advise that the Company has increased its
equity interest in private Australian company EnviroCopper Limited
("ECL") to 30%.
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 (Table A, & Table B) 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
("Terramin" ASX: "TZN"), and rights to 75% of the Alford West
copper project comprising the northern portion of exploration
licence EL5984, held by Andromeda Metals Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website:
https://www.envirocopper.com.au/
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.
Table A: Kapunda Resource Summary 2018 (Reported 12 February
2018)
Resource Copper Metal (Cu) - Copper Metal (Cu) -
Gross Net Attributable (15%)
-------------------- --------------- ---------------------------- ------------------------------
Mineralisation Classification MT Grade Contained MT Grade Contained
% Cu (t) % Cu (t)
Copper Oxide Inferred 30.3 0.24 73,000 4.5 0.036 10,950
Secondary copper
sulphide Inferred 17.1 0.27 46,000 2.565 0.0405 6,900
------------------- ---------------- ------ ------- ----------- ------- -------- -----------
Total 47.4 0.25 119,000 7.11 0.0375 17,850
---------------- ------ ------- ----------- ------- -------- -----------
Notes:
-- EnviroCopper hold 50% in this resource and are earning a 75%
interest, and Thor now holds 30% of EnviroCopper.
-- All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off grade used of 0.05% Cu.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Table B: Alford West Copper Mineral Resource Estimate (Reported 15 August 2019)
Volume Tonnes Cu (%) Contained Au (g/t) Au (kOz)
(Mm3) (Mt) Cu (t)
Inferred Wombat 20.91 46.5 0.17 80,000
--------- ------- ------- ------- ---------- --------- ---------
Bruce 5.51 11.8 0.19 22,000
-------------------- ------- ------- ------- ---------- --------- ---------
Larwood 3.48 7.8 0.15 12,000 0.04 10
-------------------- ------- ------- ------- ---------- --------- ---------
Total 29.9 66.1 0.17 114,000
------- ------- ------- ---------- --------- ---------
Notes:
-- Figures are reported gross and there is no net attributable
to Thor. EnviroCopper are earning a 75% interest in this resource,
and Thor holds 30% of EnviroCopper.
-- Figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off grade used of 0.05% Cu.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Scheduled Project Activities
During the next three to six months Thor expects a particularly
active period of field activities by ECL on these projects, with
results being reported from:
Kapunda
-- Additional borehole hydrogeological testing, in follow up of 2019 hydrogeological work
-- Gold testing drilling
-- Site Environmental Lixiviant Test (SELT) commencement.
Alford West
-- Initial borehole hydrogeological testing to measure flow
& connectivity characteristics within the deposit.
FURTHER INFORMATION ON ENVIROCOPPER LIMITED
Thor has paid the final tranche A$185,000 in completion of the
A$400,000 additional funding requirement. As per the agreement with
ECL, Thor's advance is being converted into new shares in ECL,
increasing Thor's interest by 5% to a total of 30% of ECL.
For the year to 30 June 2020, ECL reported an unaudited net
profit of approximately A$557k (approximately GBP308k) and net
assets of A$1,295k (approximately GBP716k).
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company Secretary
1935
Samantha Harrison/Niall +44 (0) 207 Grant Thornton Nominated Adviser
McDonald 383 5100 UK LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Competent Persons Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc in applied geology (Hons) and who is a
Member of The Australian Institute of Geoscientists. Ms Galloway
Warland is an employee of Thor Mining PLC. She has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she
is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
About Thor Mining PLC
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 2018(1) 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 deposits(2).
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
recovery . 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 recovery
.
Thor holds 100% of the Pilot Mountain tungsten project in Nevada
USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(3) 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."
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018, and 29
January 2020
(3) Refer AIM announcement of 13 December 2018 and ASX
announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement
of 12 February 2018
Refer ASX and AIM announcement of 15 August 2019
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