Thursday saw Thor Mining (LSE:THR) reveal an initial mineral resource estimate of 114,000ts copper at the northern portion of the Moonta exploration licence in South Australia. Thor is acquiring a 30pc interest in a new vehicle called EnviroCopper that is, in turn, earning a 75pc stake in the Moonta project from Andromeda Metals (ASX:ADN)
The resource, which is amenable to low-cost in-situ recovery (ISR) techniques, is thought to mark only the beginning of Moonta’s potential. Indeed, an additional 308 drill holes over deposits called Wombat, Bruce, and Larwood are due to be included in resource modelling once scheduled quality assurances are complete.
The update takes EnviroCopper’s total managed resources inventory to 233,000ts of copper, with the business also earning-in to a 75pc stake in the historic Kapunda copper mine in South Australia. Subject to full earn in Thor would hold an effective 22.5pc interest in each of the Moonta and Kapunda copper projects.
Upon revealing the news, Thor’s executive chairman Mick Billing described the Moonta resource as ‘outstanding news’ for the company’s investors, adding: ‘The advancements in ISR and lixiviant technologies offer new methods to extract copper. The ISR method is considered to be a viable method of extracting the copper in this location with minimal disturbance to the existing surface profile.
‘Thor and EnviroCopper are committed to ongoing community engagement being fundamental in the development of the Moonta project, and we will engage widely through review and feedback of our plans and processes as we advance this important opportunity. We look forward to updating investors regularly as news on this project becomes available.’
In the video below from Visual News Services, Billing describes the significance of Thursday’s news in more detail: