INVESTOR UPDATE

Alligator Energy Invests into South Australian In-Situ Recovery Copper

EnviroCopper’s Leon Faulkner with copper sample from current test work at Kapunda ISR Project

 

Read the full ASX release
The directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a strategic investment by Alligator Energy Limited into EnviroCopper Ltd (“ECL”) to further develop In- Situ Recovery (“ISR”) copper projects. Thor currently holds a 30% equity interest in ECL.

Highlights

  • Alligator will make an initial investment of A$0.9m for 7.8% of ECL, with the exclusive option to make further staged strategic investments to increase its ownership in ECL to 50.1%.

  • ECL is currently advancing ISR trials for environmentally sustainable copper extraction at its flagship Kapunda copper project and has similar plans at its Alford West copper project to help meet copper demand for the green energy transition.

  • BHP Ltd (previously OZ Minerals) continues to fund part of ECL’s field investigations, including a Site Environmental Lixiviant Trial (“SELT”) of Copper ISR at Kapunda (AIM/ASX: 9 August 2022).

  • ISR has been successfully (and economically) used to extract copper in several projects both in Australia and the US. It offers distinct economic advantages and environmental benefits over conventional open pit/crush/heap leach for shallow oxide copper projects.

  • ECL’s experienced ISR team has undertaken significant research and exploration funded under aCommonwealth Govt CRC-P grant of A$2.8m, for R&D and approvals for test work into ISR of shallow fractured rock aquifer hosted oxide copper deposits.

  • A technical advisory committee will be formed, enabling Alligator to assist ECL with its planned In-Situ trial work across all projects and an ability to jointly apply any intellectual property (“IP”) that is developed.

  • The South Australian Government’s copper strategy of targeting 1Mtpa of copper production per annum provides a positive backdrop to the potential of ISR copper test work.

  • Following the initial investment by Alligator of A$0.9m, and also taking into account the dilution deriving from the announcement also made this morning of the agreement by ECL with Andromeda Metals Ltd, Thor’s 30% holding in ECL will be diluted to 26.5%.

The A$0.9m investment by Alligator Energy into ECL justifies the decision made by Thor in its early investment of A$1.0m in return for the initial 30% equity stake Thor had in ECL. Thor has every confidence that Alligator will not only provide ECL with the financial resources to advance the Alford West copper ISR project, but also provide some key technical support during the resource definition and approvals process.

Thor is looking forward to working in partnership with Alligator Energy in developing the Alford West Copper ISR Project, as well as investigating other potential copper ISR projects in Australia. We look forward to updating the market and our shareholders with further developments.

Read the full ASX release

WATCH: Learn more about how ISR works.

WATCH: Site Environmental Lixiviant Trials are currently underway at the Kapunda Copper ISR Project in South Australia. EnviroCopper’s Leon Faulkner took a moment to explain the aims of the test work. 

ABOUT THE

ALFORD COPPER PROJECTS

Thor Mining has an interest in several projects in the copper belt near Alford on the Yorke Peninsula in South Australia and further to the east at Kapunda.

LATEST

NEWS

SAEMC – Investor Presentation (December 2023)

Thor Energy Plc is pleased to provide investors with a chance to view the presentation slides from the Investor Presentation titled “Alford East: Accelerating Exploration with Fleet Space Technologies”, delivered by MD Nicole Galloway Warland, at the Annual General Meeting on the 29th of November 2023.

Read More »

GET THE
LATEST NEWS
DELIVERED STRAIGHT
TO YOUR INBOX