Thor Mining PLC - Australia-focused exploration and development company - Says OZ Minerals Ltd agrees to provide AUD2.5 million, around GBP1.4 million, funding support for technical investigations into in situ recovery technology at EnviroCopper Ltd, Kapunda copper-gold ISR project in South Australia. Thor holds a 30% stake in ECL, and the funding will be non-dilutive to its holding. The funds will be used to continue studies into the potential economic extraction of copper resources via ISR, Thor says.
"This is a validation of the previous work by ECL on In-Situ Recovery of copper at the Kapunda project, in cooperation with the Commonwealth Scientific & Industrial Research Organisation and the University of Adelaide under a CRC-P grant," says Managing Director Nicole Galloway Warland.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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Thor Energy (THR)