INVESTOR UPDATE

Key Environmental Approvals Granted At Kapunda Copper ISR Project

Read the full ASX release

The directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the South Australian Government has approved the first stage of in-ground work on the Kapunda copper In-Situ Recovery (“ISR”) project, South Australia by 30% owned EnviroCopper Limited (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, where it will then be extracted, and the site rehabilitated.
  • The Push /Pull trial will commence late September.
  • 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 South Australian Government.
  • This project is a joint venture between ECL and Terramin Australia Limited, in which Thor holds 30% equity in ECL

Thor is pleased to see the Government of South Australia award 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 this 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 South Australian Government reiterates the importance of copper in driving the global transition towards cleaner and more sustainable energy.

The South Australian Government implemented a copper strategy in 2016 to aspire copper production to be trebled by 2030, so we are confident our strategy combined with the work being carried out by ECL, will align with their objective.

WATCH: Learn more about how ISR works with this 2min explainer

About 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). 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 ECR to investigate the ISR of copper at Kapunda. OZ has committed $2.5 million over 18 months to further extend the previous work undertaken in cooperation with CSIRO and University of Adelaide under a Commonwealth Research Centre Project grant. Funding is non – dilutive to Thor’s 30% interest in ECL.

Read the full ASX release

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.

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