Mick Billing, Executive Chairman, commented: “This is a very exciting development in our copper strategy, to develop a potentially large ISR focussed copper business, initially in Australia.”
“The non-invasive production technique of In-situ Recovery of copper has the potential to co-exist without significant disruption to farming and once completed, have little to no impact on future agricultural land use. ISR is an extension of proven technology and has been in use since the 1960’s. With recent technical advances ISR can now offer a lower footprint and is likely to find further application in mineral recovery fields because it can coexist with other land use activities.”
“The Moonta project, hosts oxide copper minerals and some secondary sulphide copper minerals in deep weathered troughs, indicating early stage potential for copper production via ISR methods.”
RESOURCE ESTIMATE COMMISSIONED – MOONTA COPPER PROJECT
The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to announce it has been advised by Enviro Copper Limited (“Enviro Copper”) of commencement of resource estimation work for several of the deposits at the Moonta Copper Project in South Australia.
Enviro Copper Ltd, via its subsidiary Environmental Metals Recovery Pty Ltd (EMR) is earning up to a 75% interest in the Moonta Copper project from Andromeda Metals Ltd (ASX: “ADN”).
· Mining consultancy, Mining Plus engaged to prepare a Mineral Resource Estimate on several of the deposits at the Moonta Copper Project considered amenable to Insitu Recovery (ISR);
· Numerous drill holes into some Moonta deposits over several decades, provide basis for resource estimation;
· Thor Mining PLC to hold up to 30% equity in Enviro Copper prior to listing activities, potentially scheduled for later in 2019;
A map showing the location of the Moonta project may be accessed from the Thor website via the following link:
A Memorandum of Understanding (MOU) announced 5 March 2019, subject to a 90 day due diligence period, was executed between Thor Mining, Environmental Copper Recovery Pty Ltd (“ECR”) (holding earn-in rights to 75% of that part of the Kapunda Copper project amenable to ISR), and Environmental Metals Recovery Pty Ltd (holding earning rights, subject to due diligence, to 75% of Moonta copper project comprising the northern portion of exploration licence EL5984), for the merging of the respective interests, and the formation of Enviro Copper Limited, to hold and advance those interests.
Thor Mining PLC holds rights to a 60% interest in ECR for the consideration of A$1.8million in project funding (A$0.6 million funded to date). Under the MOU, Thor will relinquish its interest in ECR and acquire a 25%, pre-listing, interest in Enviro Copper for total funding of A$0.6million (funds already provided). Further Thor will hold the right to acquire a further 5% seed capital interest in Enviro Copper Limited for consideration of an additional A$0.4 million.
The Agreement is conditional upon satisfactory due diligence in respect of the Moonta project acquisition from Andromeda Metals Limited (ASX: ADN) by Environmental Metals Recovery Pty Ltd (refer ADN announcement to ASX dated 19 December 2018).
The Moonta project comprises steeply dipping zones of copper oxide mineralisation hosted within a deep weathering trough interpreted to extend over 11 kilometres strike length, and potentially beyond. The prospect is entirely under sedimentary cover with variable amounts of geological data from drilling in addition to data from geophysical surveys. Copper mineralisation within the trough is in the order of 50 to 75 metres width with drill intersections in excess of 350 metres deep. In areas where there is enough drill information, grades appear to be in the order of 0.18 – 0.23% copper.
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