With the payment of a final A$185,000 investment tranche, completing a A$400,000 agreement, the London-listed companies interest in EnviroCopper increases to 30%.
At the same time, EnviroCopper has earned its initial 50% interest in Kapunda, and, now moves into the phase that would see it earn up to 75%.
EnviroCopper is set for a very active period of field activities, Thor noted, including schedule drilling at both the Kapunda and Alford West projects over the next six months.
“This additional investment in EnviroCopper represents outstanding value for Thor and Thor investors,” said Mick Billing, Thor Mining chairman in a statement. “Through EnviroCopper we hold interests in resources totalling 233,000 tonnes of copper insitu with substantial upside for copper and the potential to also extract gold.”
Billing added: “EnviroCopper have scheduled a host of field activities at both Kapunda and Alford West during the next few months, expected to add considerable value to each project.
“While the additional investment by Thor will be utilised on some of this work, the bulk of the expenditure requirement through to mid-2021 is funded, particularly at Kapunda, by the previously reported Australian government grant.”