Thor Mining to acquire interest in Alford East Cu-Au project
2020-11-24 11:58:33 [Print]
UK-headquartered Thor Mining is set to acquire an interest of up to 80% in the Alford East copper-gold project, located in the Yorke Peninsula, South Australia.
The company announced that it had executed a binding term sheet for Thor Mining to acquire an interest in the mineral rights from Spencer Metals. The agreement grants Thor Mining the right to explore for minerals on agreed portions of Spencer's exploration licenses and to conduct feasibility and development activities in relation to those licenses. Thor Mining can earn an interest of up to 80% over two stages via funding expenditure on these activities.
Thor Mining paid an upfront cash consideration of AUD30,000 ($21,969) upon execution of the binding term sheet. In the first stage, Thor can earn 51% interest by funding AUD500,000 (approximately $366,000) over the next two years to November 2022, as well as an additional consideration of AUD250,000 (approximately $183,000) in fully paid Thor Mining shares. In the second stage, Thor Mining can earn a further 29% interest by funding $750,000 of expenditure over the following two years to November 2024, as well as another consideration of AUD250,000 in shares.
The Alford East Project comprises numerous oxide copper-gold prospects, all of which with have extensive previous drilling work completed. The project covers the northern extension of the Alford Copper Belt, and to the southwest of this extension, EnviroCopper – a company Thor holds 30% equity in – last year reported an inferred mineral resource of 66.1Mt at 0.17% copper for three of its deposits.
The company announced that it had executed a binding term sheet for Thor Mining to acquire an interest in the mineral rights from Spencer Metals. The agreement grants Thor Mining the right to explore for minerals on agreed portions of Spencer's exploration licenses and to conduct feasibility and development activities in relation to those licenses. Thor Mining can earn an interest of up to 80% over two stages via funding expenditure on these activities.
Thor Mining paid an upfront cash consideration of AUD30,000 ($21,969) upon execution of the binding term sheet. In the first stage, Thor can earn 51% interest by funding AUD500,000 (approximately $366,000) over the next two years to November 2022, as well as an additional consideration of AUD250,000 (approximately $183,000) in fully paid Thor Mining shares. In the second stage, Thor Mining can earn a further 29% interest by funding $750,000 of expenditure over the following two years to November 2024, as well as another consideration of AUD250,000 in shares.
The Alford East Project comprises numerous oxide copper-gold prospects, all of which with have extensive previous drilling work completed. The project covers the northern extension of the Alford Copper Belt, and to the southwest of this extension, EnviroCopper – a company Thor holds 30% equity in – last year reported an inferred mineral resource of 66.1Mt at 0.17% copper for three of its deposits.
Copper Conc. 20%min Delivered China
Unit:RMB/mt Cu
China copper concentrate producers' output statistics by province by month
Unit: mt
