Business
Stage 1 Earn-in Completed at Alford East
Stage 1 Earn-in Completed at Alford East.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5144S\n Thor Mining PLC\n 16 November 2021\n \n \n \n \n 16 November 2021\n \n \n \n \n \n \n \n \n Thor Mining PLC\n \n \n \n Stage 1 Earn-in Completed\n \n \n Alford East Copper-Gold ISR Project, South Australia\n \n \n \n \n \n The directors of Thor Mining Plc (\"Thor\") (AIM, ASX: THR, OTCQB: THORF) are very pleased to advise that Thor has fulfilled its Stage 1 expenditure obligations, as agreed in the Agreement, triggered Stage 1 of the earn-in and entitling the Company to increase its interest to 51% interest in the oxide mineral rights from Spencer Metals Pty Ltd (\"Spencer\") over the Alford East Copper-Gold Project, South Australia.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n § \n Thor to acquire up to an 80% interest directly in the Alford East Project, covering portions of EL6255 and EL6529 (AIM:THR 20 November 2020).\n \n \n \n \n \n § \n Stage 1: Thor has earned a 51% interest by completing the Stage 1 requirements by funding A$500,000 of expenditure and will issue the Stage 1 consideration of A$250,000 in fully paid Thor shares, issued at the 5-day ASX VWAP (volume weighted average price) on the date immediately prior to allotment, together with two free attaching options per share issued, exercisable at $0.03 within 5 years from the date of issue.\n \n \n \n \n \n § \n Stage 2: Thor can earn a further 29% interest (80% in total) by funding an additional A$750,000 of expenditure over a subsequent 2 years and for an additional consideration of A$250,000 in fully paid Thor shares, issued at the 5-day ASX VWAP on the date immediately prior to allotment and two free attaching options per share issued, exercisable at A$0.03 within 5 years from the date of issue (Stage 2 expenditure).\n \n \n \n \n \n Nicole Galloway Warland, Managing Director of Thor Mining, commented:\n \n \n \n \n \n \"Following the recently completed, highly successful drilling program at Alford East, including highlights of 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m and 18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m (21AED005), Thor has successfully earned in to a 51% interest of the project. \n \n \n \"The Company is now progressing with the completion of the Stage 2 earn in, which will result in Thor having an 80% interest in this highly prospective project. This demon...