Thor Mining gained 13.3 per cent in the ASX today after announcing mineral resource estimation has begun at several of its copper deposits.
An estimation has begun at the Moonta Copper Project in South Australia, advised under Enviro Copper Limited. The project is located approximately 160 kilometers north-east of Adelaide.
The Moonta project is rich in copper oxide mineralisation and extends over 11 kilometers. Currently, known copper grades in the project exist between 0.18 percent to 0.23 percent.
Thor Mining Executive Chairman Mick Billing says the Moonta project is the first step in developing the company as an In Situ Leach (ISR) copper focused business.
ISR is the mining process of recovering minerals through boreholes into a deposit on site.
“The non-invasive production technique of [ISR] of copper has the potential to co-exist without significant disruption to farming and once completed, have little to no impact on future agricultural land use.
“With recent technical advances ISR can now offer a lower footprint and is likely to find further application in mineral recovery fields because it can coexist with other land use activities,” said Billing.
Enviro holds 75 percent interest in the Moonta project. Thor Mining currently owns 30 percent equity in Enviro Copper.
Enviro Copper was formed earlier this year in a Memorandum of Understanding between Thor Mining, Environmental Copper Recovery, and Environmental Metals Recovery.