TIDMTHR
RNS Number : 2907M
Thor Energy PLC
13 September 2023
13 September 2023
Thor Energy Plc
("Thor" or the "Company")
Key Environmental Approvals Granted
Kapunda Copper ISR Project, South Australia
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) are pleased to announce that the Government
of South Australia has approved the first stage of in-groundwork on
the Kapunda copper In-Situ Recovery ("ISR") project, South
Australia (Figure 1). This approval was submitted by EnviroCopper
Limited ("ECL"), in which Thor owns 30% of the issued share capital
of ECL.
Highlights:
-- This phase of work - Site Environmental Lixiviant Test
("SELT") will be a Push/Pull trial, involving mixing a
biodegradable solution called a "Lixiviant" with groundwater for
placement within the copper orebody.
-- The lixiviant will reside in-situ for a period while being
sampled and monitored, it will then be extracted, and the site
rehabilitated.
-- The Push/Pull trial will commence in late September 2023.
-- The SELT will provide key information on the ISR assessment
including copper dissolution, copper recovery, hydrogeological
parameters, and rehabilitation data to identify the next major
stage of fieldwork to be conducted, which will be a circulation
trial scheduled for the early stages of 2024.
-- This is a key environmental approval from the Government of
South Australia.
-- This project is a joint venture between ECL and Terramin
Australia Limited, Thor's interest is via its 30% equity in
ECL.
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"Thor is pleased that the Government of South Australia awarded
a key environmental approval to advance the Kapunda Copper ISR
Project.
This in-situ lixiviant "SELT" test is a critical step in the
assessment of the ISR process, determining the copper solubility
hence recovery, as well as hydrogeological parameters from the
Kapunda copper mineralisation.
We believe that the work by ECL will complement our longer-term
focus on the green energy transition. The recent addition of copper
to the critical minerals list by the Government of South Australia
reiterates the importance of copper in driving the global
transition towards cleaner and more sustainable energy.
The Government of South Australia implemented a copper strategy
in 2016 with the aim of trebling copper production by 2030, so we
are confident our strategy combined with the work being carried out
by ECL will align with their objective.
We look forward to updating the market on the development of the
Kapunda Project."
Photo 1: Well house and bores for push/pull tests, Kapunda
EnviroCopper Limited, Kapunda Project:
Thor holds a 30% equity interest in the private Australian
company, EnviroCopper Limited. In turn, ECL has entered into an
agreement to earn, in two stages, up to 75% of the rights over
metals which may be recovered via ISR contained in the Kapunda
deposit from Australian listed company, Terramin Australia Limited
(ASX: TZN), and rights to 75% of the Alford West copper project
comprising the northern portion of exploration licence EL5984, held
by Andromeda Metals Limited (ASX: ADN). Any funding is non-dilutive
to Thor's 30% interest in ECL.
In 2022, OZ Minerals Limited (("OZ") (now part of BHP Limited))
agreed to collaborate with ECL to investigate the ISR of copper at
Kapunda. OZ has committed AUD$2.5m over 18 months to further extend
the previous work undertaken in cooperation with CSIRO and the
University of Adelaide under a Commonwealth Research Centre Project
grant. Any funding is non-dilutive to Thor's 30% interest in
ECL.
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website :
Figure 1: Kapunda Location Map (Left) and Schematic of ISR
process (Right)
The Board of Thor Energy Plc has approved this announcement and
authorised its release.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207
Joint Broker) 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Tel: +44 (0) 20
Bessie Elliot 3004 9512
Updates on the Company's activities are regularly posted on
Thor's website: https://thorenergyplc.com which includes a facility
to register to receive these updates by email, and on the Company's
Twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource Estimate(1). Thor also holds
a 30% interest in Australian copper development company
EnviroCopper Limited, which in turn holds rights to earn up to a
75% interest in the mineral rights and claims over the resource on
the portion of the historic Kapunda copper mine and the Alford West
copper project, both situated in South Australia, and both
considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020. Thor
executed a A$8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
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