(Alliance News) - Thor Mining PLC said Friday its associate EnviroCopper Ltd has commenced field pumping tests at the Kapunda copper project in South Australia.
The company said EnviroCopper has entered into an agreement to earn up to 75% of the rights over metals which may be recovered via in-situ recovery in Kapunda deposit.
Thor Mining holds 25% stake in EnviroCooper, with rights to increase that interest to 30%.
The company said the testwork program is funded under the Australian Government Ministry of Science Jobs and Innovation grant of AUD2.85 million.
Executive Chair Mick Billing said: "This program is a key milestone in further demonstrating the technical viability of the Insitu Recovery process at Kapunda."
"The Thor investment in EnviroCopper Limited is becoming one of increasing importance as the resource base at both Kapunda and Moonta grows, technical hurdles are addressed, and prospects for commercial viability continue to develop," Billing said.
Thor Mining shares were down 4.0% in London at 0.23 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Thor Energy (THR)