EnviroCopper’s geophysics survey at the Kapunda mine site. PHOTO: supplied
AUSTRALIAN-based exploration and ASX-listed company Thor Mining has announced it has increased its equity interest in EnviroCopper Limited by five per cent to 30 per cent.
EnviroCopper Ltd, which via subsidiary Environmental Copper Recovery Pty Ltd, holds an agreement to earn, in two stages, up to 75 per cent of the rights over metals which may be recovered at the Kapunda mine, from Australian listed company Terramin Australia Ltd.
It comes as EnviroCopper commences a very active period of field activities at Kapunda, including drilling, as part of an ongoing research project funded by the Australian Government.
The project is investigating the potential for a copper mining operation, via the process of In-Situ Recovery (ISR), as well as possible gold recovery, after testing, carried out earlier this year, discovered higher than expected levels of copper, as well as some gold.
Thor Mining executive chair Mick Billing said the additional investment in EnviroCopper represents outstanding value for Thor and Thor investors.
“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,” he said.
“Global copper prices have improved strongly in recent weeks and, with the optimism that a COVID 19 vaccine may be available in 2021, this rebound shows signs of the acceleration which comes with economic recovery.
“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.”
During 2018, the Australian Government Ministry for Science, Jobs and Innovation announced an offer to ECR for research funding of over $2.85 million for the Kapunda In-Situ Copper and Gold Recovery Trial.
Field activities at Kapunda, scheduled for the next three to six months, include additional borehole hydrogeological testing, in follow up of 2019 hydrogeological work, gold testing drilling, and the start of a ‘Site Environmental Lixiviant Test (SELT)’.
