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(Alliance News) - Thor Mining PLC on Friday said it has signed a binding sheet to acquire interest in the oxide mineral rights from Spencer Metals Ltd over the Alford East copper-gold project in Yorke Peninsula, South Australia.
Thor is set to acquire up to 80% interest directly in the Alford East Project and has been granted the right to explore for minerals on the agreed portions of the exploration licences EL6255 and EL6259.
The agreement means that Thor can earn a 51% interest by funding AUD500,000 expenditure over two years to November 11, 2022 and can earn a further 29% interest to make 80% in total by funding an additional AUD750,000 of expenditure over two years to November 11, 2024.
The Alford East Project is comprised of multiple oxide copper-gold prospects including Alford East, Netherleigh Park and Netherleigh North, each with extensive previous drilling.
"The directors of Thor have taken the view that global copper demand and pricing, with the potential for post Covid-19 economic recovery, should improve substantially in both the short and medium term, and have moved to increase the company's exposure to potential low cost copper production projects," said Executive Chair Mick Billing. "The Alford East project, the directors believe, represents a continuation of the favourable geology which hosts the Alford West resources, which Thor has exposure to via our interest in EnviroCopper Ltd (Thor 30% equity)."
Shares in Thor Mining closed 1.9% down at 1.13 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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