30th Jul 2018 10:24
LONDON (Alliance News) - Shares in Thor Mining PLC surged Monday as the company said Environmental Copper Recovery SA Pty Ltd has been awarded a research grant for its project in South Australia.
Shares were trading 9.9% higher at 2.34 pence each.
Thor mining is buying up to a 60% stake in Environmental Copper Recovery, which holds rights to earn up to a 75% interest in the mineral rights and claims of the Kapunda copper mine.
Environmental Copper Recovery has been awarded a AUD2.9 million for Kapunda by the Australian government ministry for science, jobs and innovation, Thor said.
The funding from the grant was awarded to cover costs in respect of an in-situ recovery process to extract copper and "potentially" gold from the deposit.
"This is a significant boost for the Kapunda project which is being funded by Thor. This grant funding will provide for acceleration of field work and other technical, environmental and social studies for the project while maintaining the contributions by Thor at sustainable levels," Thor Executive Chairman Mick Billing said.
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