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Thor Mining's EnviroCopper outlines 114,000-tonne resource at Moonta project

Thor Mining PLC's 25% owned EnviroCopper Ltd. outlined an initial mineral resource for the Moonta project in South Australia of 66.1 million tonnes at 0.17% copper containing 114,000 tonnes of copper.

The company said Aug. 15 that the resource is considered amenable to in situ recovery techniques.

At a higher 0.1% copper cutoff grade, the resource stands at 35.4 Mt at 0.26% copper containing 93,000 tonnes.

EnviroCopper's total managed resource inventory, including the 119,000-tonne contained resource for the Kapunda project in South Australia, now stands at 233,000 tonnes of copper.

In early March, Thor Mining signed a memorandum of understanding to vend its interest in the Kapunda project into new copper-focused company EnviroCopper.

The MOU was signed with Environmental Copper Recovery Pty. Ltd., which holds 75% earn-in rights over Kapunda, and Environmental Metals Recovery Pty. Ltd., which holds 75% earn-in rights over Moonta, to merge their respective interests under EnviroCopper.

Thor Mining has the option to hold up to 30% equity in EnviroCopper before any listing takes place, and its shareholders will hold first option to invest in any listing.