Business
Thor Increases Interest in EnviroCopper
Thor Increases Interest in EnviroCopper.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9535E\n Thor Mining PLC\n 11 November 2020\n \n \n \n \n 11 November 2020\n \n \n \n \n \n THOR MINING PLC\n \n \n THOR INCREASES INTEREST IN ENVIROCOPPER TO 30%\n \n \n \n \n \n The directors of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to advise that the Company has increased its equity interest in private Australian company EnviroCopper Limited (\"ECL\") to 30%.\n \n \n Thor has paid the final tranche A$185,000 in completion of the A$400,000 additional earn-in agreement, and has provided notice to ECL to exercise its right to the increase its holding. Thor is to be issued additional shares in ECL to take the equity holding to 30%, with these additional shares expected to be issued by 16 November 2020.\n \n \n Highlights\n \n \n · \n Thor increases its equity in EnviroCopper Ltd to 30%\n \n \n · \n EnviroCopper Limited has earned its initial farm-in interest in 50% of the Kapunda project, and has provided notice that it will now proceed to a 75% interest\n \n \n · \n A very active period of field activities including drilling at both Kapunda and Alford West, are scheduled over the next six months\n \n \n Mick Billing, Executive Chairman of Thor Mining, commented: \n \n \n \"This additional investment in EnviroCopper represents outstanding value for Thor and Thor investors.\"\n \n \n \"Through EnviroCopper we hold interests in resources totalling 233,000 tonnes of copper insitu (Table A, & Table B) with substantial upside for copper and the potential to also extract gold.\"\n \n \n \"Global copper prices have improved strongly in recent weeks and, with the optimism that a COVID 19 vaccine may be available in 2021, this rebound shows signs of the acceleration which comes with economic recovery.\" \n \n \n \"EnviroCopper have scheduled a host of field activities at both Kapunda and Alford West during the next few months, expected to add considerable value to each project. While the additional investment by Thor will be utilised on some of this work, the bulk of the expenditure requirement through to mid-2021 is funded, particularly at Kapunda, by the previously reported Australian government grant.\" \n \n \n \n \n \n EnviroCopper Limited has entered into an agreement to earn, in two stages, up to 75% of the rights over metals which may be ...