TIDMTHR
RNS Number : 3319V
Thor Mining PLC
09 August 2022
9 August 2022
Thor Mining PLC
("Thor" or the "Company")
OZ Minerals Funding
Kapunda Copper ISR Project, South Australia
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB:
THORF) are pleased to announce that OZ Minerals Limited (ASX:OZL)
("OZL") 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. "
Figure 1: Kapunda Location Map showing Alford West (ECL) and
Thor's Alford East
Background
OZL's Think & Act Differently innovation team, through OZ
Exploration Pty Ltd, a subsidiary of OZL, has committed AUD $2.5
million over 18 months into investigating the potential economic
extraction of copper via ISR at the Kapunda Project (the "Research
Agreement"). This funding expands on previous work by ECL in
cooperation with CSIRO and University of Adelaide under a CRC-P
grant (Commonwealth Research Centre Project) . Any resulting IP
from the Research Agreement will be owned by ECL, and a license
will be granted to OZL which will be worldwide, perpetual,
assignable, irrevocable and royalty free.
The Kapunda ISR Copper-Gold Project is located approximately 90
kilometres north north-east of Adelaide in South Australia (Figure
1). ECL manage the Kapunda project under a Joint Venture with
tenement holder Terramin Ltd (ASX:TZN) ("Terramin") to earn 75%
interest in the mineral rights over metals which may be recovered
via ISR with Thor owning 30% equity in ECL. Terramin and ECR have
estimated a combined Resource of 47.4 million tonnes at 0.25%
copper containing 119,000 tonnes of copper using a 0.05% copper cut
off. This Resource estimate is only in respect of that part of the
Kapunda mineralisation that is considered amendable to ISR (copper
oxides and secondary copper sulphides) and only reports
mineralisation that is within 100 metres of the surface (ASX TZN
Announcement 12 February 2018).
ECL is now working to developing Kapunda into an operational
Copper ISR mine.
About EnviroCopper
Thor holds a 30% interest in ECL which is a public, unlisted
company, with In-Situ Recovery Copper projects at Kapunda and
Alford West , South Australia (Figure 1). ECL manage the Kapunda
Project in Joint venture with tenement holder Terramin to earn up
to a 75% interest in the mineral rights over metals which may be
recovered via ISR. (ASX:THR Announcement 11 November 2020).
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
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 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.
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early stage gold
and nickel results in the Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(1).
Thor also holds 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 and the
Alford West copper project, both situated in South Australia, and
both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020.
Adjacent to 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.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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