Thor Mining Plc (AIM, ASX: THR, OTCQB: THORF) has fulfilled its Stage 1 expenditure obligations for the Alford East Copper-Gold Project in South Australia.
As a result, Stage 1 of the earn-in has been triggered entitling the company to increase its interest to 51% interest in the oxide mineral rights from Spencer Metals Pty Ltd.
Highlights:
▪ Thor to acquire up to an 80% interest directly in the Alford East Project, covering portions of EL6255 and EL6529
▪ 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 five-day ASX VWAP on the date immediately prior to allotment, together with two free attaching options per share issued, exercisable at A$0.03 within five years from the date of issue.
▪ 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 five years from the date of issue. “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,” Managing Director, Nicole Galloway Warland, said.
“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 demonstrates our confidence in Alford East and the value it can bring to the company.
“We look forward to keeping shareholders updated on the progress of the Stage 2 earn-in and our continued exploration of the project.”
The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529.
The Alford East Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralisation, within a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within metamorphic units on the edge of the Tickera Granite, Gawler Craton, SA.
Utilising historic drill hole information, Thor completed an inferred Mineral Resource Estimate (MRE)
▪ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
▪ 71, 500oz of contained gold
Based on the nature on the oxide mineralisation, the deposit is considered amenable to In Situ Recovery (ISR) techniques.
For further information please visit: https://www.thormining.com/
