Business
Copper Project Q & A - March 2019
Copper Project Q & A - March 2019.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2437S Thor Mining PLC 08 March 2019 \n\n8 March 2019\nTHOR MINING PLC\nCopper Project Q & A - March 2019\n \nThe Board of Thor Mining Plc (\"Thor\" or the \"Company\") (Aim, ASX: THR) is pleased to release the following Q&A document which reflects some of the questions received from shareholders following the Company's recent announcements.\n \nQ What impact does the establishment and listing of EnviroCopper Limited have for the cash and funding requirements of Thor Mining?\n \nA The original cash commitment to be made by Thor for the Kapunda project was A$1.8 million over three years of which the Company has expended A$0.45 million to date. \nThe terms for the Memorandum of Understanding (\"MOU\") for the establishment of EnviroCopper provide a total Thor funding requirement (including the A$0.45 million spent) of A$0.6 million to secure 25% of EnviroCopper, and a further A$0.4 million to increase that equity to 30%. \nThe Company's cash commitments in respect of Kapunda have therefore reduced significantly, despite now having exposure to a significantly larger copper play.\n \nQ What will the asset base of EnviroCopper look like, assuming this goes forward?\n \nA EnviroCopper would initially have two exciting Insitu Recovery (\"ISR\") copper projects in South Australia. \n· Kapunda with 119,000 tonnes of contained copper metal within an existing ISR amenable JORC compliant inferred resource and funded through feasibility via Australian Government CRCP grant funding (A$2.85 million); plus \n· Moonta with sufficient potential scale to become a medium size long term copper producer and an ISR amenable exploration target of between 428,000 and 728,000 tonnes of contained copper.\nMore projects will potentially emerge, however that is for the future. But the potential scalability ...