Mick Billing, Executive Chairman, commented: An Inferred Resource estimate containing 114,000 tonnes of copper is outstanding news for our investors, and we look forward to furthering upgrades to this estimate as additional historical drill holes are validated.
The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to announce an initial Mineral Resource Estimate (MRE) containing 114,000 tonnes of copper, considered amenable to In Situ Recovery techniques (“In Situ Recovery” or “ISR”), released 15 August 2019 by EnviroCopper Ltd. (“ECL”).
Thor, as announced on 5 March 2019, is acquiring up to a 30% interest in EnviroCopper, which in turn is earning from Andromeda Metals Limited (ASX: ADN) up to a 75% interest in the mineral rights and claims over the northern portion of the Moonta exploration licence area (EL5984) in South Australia.
EnviroCopper Ltd are also earning, from Terramin Australia Limited (ASX: TZN), up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery techniques
Subject to full earn in Thor would, therefore, hold an effective 22.5% interest in each of the Moonta and Kapunda copper projects.
· An Inferred Resource estimate of 66.1 million tonnes (MT) grading 0.17% copper (Cu), containing 114,000 tonnes of contained copper, at a cutoff grade of 0.05%Cu;
· At a higher cutoff grade of 0.1% Cu the resource stands at 35.4 MT grading 0.26% copper (Cu), containing 93,000 tonnes of contained copper;
· The EnviroCopper managed resource inventory when included with the Mineral Resource Estimate for the Kapunda Copper Project, now stands at 233,000 tonnes of copper;
· The resource estimate is considered preliminary, with an additional 308 drill holes over Wombat, Bruce, and Larwood deposits to be included in the resource modelling once scheduled quality assurance processes are complete;
· ISR processes are not burdened by the normally high capital and operating cost activities of mining, crushing, grinding, and often flotation associated with conventional mining and processing operations. Subject to testwork and feasibility study outcomes at Moonta, there is, therefore, an expectation that copper production from deposits amenable to ISR techniques may be at relatively low cost;
· Further work is required to advance a range of areas prior to commercial development including ongoing local government and community engagement, continuing technical assessment, and various environmental and regulatory issues.
Mick Billing, Executive Chairman, commented:
“An Inferred Resource estimate containing 114,000 tonnes of copper is outstanding news for our investors, and we look forward to further upgrades to this estimate as additional historical drill holes are validated”.
This builds upon the EnviroCopper Kapunda resource of 119,000 tonnes contained Cu, (refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018), with copper emerging as a very significant component of the Thor Mining project portfolio.
“Global copper pricing outlook, despite some recent falls, remains firm. At the date of this announcement of approximately US$5,700 per tonne, this Inferred Resource demonstrates that the project has considerable potential value.”
“Thor holds a 25% interest in EnviroCopper, with rights to increase that equity to 30%, and is therefore very well placed with its interest in this strategically significant project, at a time when new copper opportunities in safe jurisdictions are at a premium.”
“The advancements in ISR and lixiviant technologies offer new methods to extract copper. The ISR method is considered to be a viable method of extracting the copper in this location with minimal disturbance to the existing surface profile.”
Thor and EnviroCopper are committed to ongoing community engagement being fundamental in the development of the Moonta project, and we will engage widely through review and feedback of our plans and processes as we advance this important opportunity”.
“We look forward to updating investors regularly as news on this project becomes available.”
Full RNS Update Link www.share-talk.co.uk/announcements/rns/thor-mining-plc
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