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(Sharecast News) - Thor Mining announced an initial mineral resource estimate containing 114,000 tonnes of copper, considered amenable to in situ recovery techniques, from its investee company EnviroCopper on Thursday.
The AIM-traded firm had announced on 5 March that it was acquiring up to a 30% interest in EnviroCopper, which was earning up to a 75% interest in the mineral rights and claims over the northern portion of the Moonta exploration licence area in South Australia from Andromeda Metals.
EnviroCopper was also earning up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery techniques, from Terramin Australia.
Subject to full earn-in, Thor would therefore hold an effective 22.5% interest in each of the Moonta and Kapunda copper projects.
It said the initial mineral resource estimate included an inferred resource estimate of 66.1 million tonnes grading at 0.17% copper, containing 114,000 tonnes of contained copper at a cut-off grade of 0.05%.
At a higher cut-off grade of 0.1% copper, the resource stood at 35.4 million tonnes, grading at 0.26% copper, containing 93,000 tonnes of contained copper.
The EnviroCopper managed resource inventory, when included with the mineral resource estimate for the Kapunda Copper Project, now stood at 233,000 tonnes of copper.
Thor said the resource estimate was considered preliminary, with an additional 308 drill holes over Wombat, Bruce, and Larwood deposits to be included in the resource modelling once scheduled quality assurance processes were complete.
In situ recovery processes were not burdened by the "normally high" capital and operating cost activities of mining, crushing, grinding, and often flotation associated with conventional mining and processing operations, the Thor board explained.
It said that, subject to testwork and feasibility study outcomes at Moonta, there was an expectation that copper production from deposits amenable to in situ recovery techniques could be at relatively low cost.
Further work was required to advance a range of areas prior to commercial development, it added, including ongoing local government and community engagement, continuing technical assessment, and various environmental and regulatory issues.
"An inferred resource estimate containing 114,000 tonnes of copper is outstanding news for our investors, and we look forward to further upgrades to this estimate as additional historical drill holes are validated," said Thor Mining executive chairman Mick Billing.
"Global copper pricing outlook, despite some recent falls, remains firm.
"At the date of this announcement of approximately $5,700 per tonne, this inferred resource demonstrates that the project has considerable potential value."
15 Nov 2023 11:41
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