Thor Mining PLC (ASX: THR) is a mining and mineral exploration and development company and it operates in the US, UK, and Australia. The company recently announced the commencement of resource estimation work for several of the deposits at the Moonta Copper Project, located on the Yorke Peninsula in South Australia, approximately 160 kilometres north-east of Adelaide.
In an announcement made on 23rd April 2019, the Board of Thor Mining announced that it has been advised by Enviro Copper Limited of commencement of resource estimation work at the Moonta Copper Project. As per the release, Enviro Copper Ltd via its subsidiary Environmental Metals Recovery Pty Ltd is earning up to a 75 per cent interest in the Moonta Copper project from Andromeda Metals Ltd.
In a Memorandum of Understanding announced in March, Thor Mining would hold a 30 per cent equity in Enviro Copper Ltd prior to the listing on the securities exchange, which is scheduled for later in 2019.
ISR method helps in copper production without any significant disruption to farming, and once it completed, it has little to no impact on the future agricultural land use.
A Memorandum of Understanding (MOU) has been executed between Thor Mining, Environmental Copper Recovery Pty Ltd (holding earn-in rights to 75 percent of that part of the Kapunda Copper project amenable to ISR), and Environmental Metals Recovery Pty Ltd (holding earning rights, subject to due diligence, to 75 percent of Moonta copper project comprising the northern portion of exploration licence EL5984), for the merging of the respective interests, and the formation of Enviro Copper Limited, to hold and advance those interests. Currently, Thor Mining PLC is holding rights to a 60 percent interest in Environmental Copper Recovery Pty Ltd for a consideration of A$1.8 million in project funding.
As per the terms of Memorandum of Understanding, Thor Mining will relinquish its interest in ECR and acquire a 25% interest in Enviro Copper for total funding of A$0.6 million, and it will hold the right to acquire a further 5 percent seed capital interest in Enviro Copper Limited for consideration of an additional A$0.4 million.
Besides this, the company also holds a significant interest in the Bonya Project, located in the Northern Territory of Australia. The company recently commenced the drilling at the Bonya tungsten deposits, from which it is expecting to receive positive results. The program will comprise in the order of 2,500 metres of drilling by Reverse Circulation (RC) method on Samarkand, Jericho, White Violet, and Tashkent deposits, and approximately 200 metres of trench sampling across each of the Marrakesh and Tashkent deposits.
Recently, the company announced the successful recovery of gold from samples of the Kapunda Copper ISR copper project, augmenting previously reported successful recovery of the copper using ISR appropriate test work.
At the time of writing, i.e. on 24th April 2019, AEST 03:11 PM, the stock of the company is trading at a price of A$0.016, with a market capitalisation of ~A$14.71 million. It has 52 weeks high of $0.046 and 52 weeks low of $0.015, with an average volume of ~157,790