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(Alliance News) - Thor Mining PLC on Thursday reported a "substantial" initial copper resource estimate of 114,000 tonnes for the Moonta project located in South Australia.
Thor said the estimate is derived from an inferred resource of 66.1 million tonnes of ore at 0.17% copper.
The company also said that the additional 308 drill holes over Wombat, Bruce, and Larwood deposits are to be included in the Moonta resource resource modelling once scheduled quality assurance processes are complete.
"Global copper pricing outlook, despite some recent falls, remains firm. At the date of this announcement of approximately USD5,700 per tonne, this inferred resource demonstrates that the project has considerable potential value," Thor Executive Chair Mick Billing said.
At that price, 114,000 tonnes of copper would fetch USD650 million.
Thor is acquiring up to a 30% interest in EnviroCopper, which in turn is earning from Andromeda Metals Ltd up to a 75% interest in the mineral rights and claims over the northern portion of the Moonta exploration licence area. EnviroCopper ialso s earning, from Terramin Australia Ltd, up to a 75% interest in the mineral rights and claims over the Kapunda copper mine in South Australia.
The EnviroCopper managed resource inventory, when included with the resource estimate for the Kapunda Copper Project, stands at 233,000 tonnes of copper, Thor said.
Shares in Thor were trading 3.2% higher at 0.67 pence each in London.
