Business
Strategic Development: Australian Copper Interests
Strategic Development: Australian Copper Interests.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8731R Thor Mining PLC 05 March 2019 \n\n5 March 2019\n \nTHOR MINING PLC\nSTRATEGIC DEVELOPMENT - AUSTRALIAN COPPER INTERESTS\n \nThe Board of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR), is pleased to announce the Company has signed a Memorandum of Understanding (MOU) (the \"Agreement\") for the vending of its interest in the Kapunda Copper Project into a new copper focused Company, Enviro Copper Limited (\"Enviro Copper\").\nIt is intended that Enviro Copper will seek a listing on a recognised securities exchange in the near term.\n \nHighlights:\n· Enviro Copper will be a new, copper focused entity which will hold earn in rights for up to 75% of both the Kapunda Copper Project and the Moonta Copper Project;\n· Following the acquisition of the Kapunda and Moonta Copper Project interests Enviro Copper will aim to develop an expanded portfolio of low environmental impact Insitu Recovery (\"ISR\") copper opportunities, initially in South Australia;\n· Thor Mining PLC to hold up to 30% equity in Enviro Copper prior to any listing activities and eligible Thor Mining Shareholders will hold first option to invest in any listing of the new entity;\n· Enviro Copper Limited will have a portfolio comprising;\n· Kapunda Copper Project, hosting an ISR amenable Inferred Mineral Resource Estimate of 119,000 tonnes contained copper, also with Australian Government CRCP Grant funding of A$2.85million to demonstrate feasibility;\n· Moonta Project, the northern portion of with an ISR amenable Exploration Target of between 238 Mt and 310 Mt at a grade range of 0.18% to 0.23% Copper (between 428,000 and 713,000 tonnes of contained copper). Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource;\n· A key strategic target will be the timely development of the Kapunda Copper Project into production, demonstrating the operational viability of ISR. This experience will then be applied at the larger scale Moonta Copper Project and to additional n...