The directors of Thor Mining Plc have advised that Thor has fulfilled its Stage 1 expenditure obligations, as agreed in the agreement, and triggered Stage 1 of the earn-in, entitling the company to increase its interest to 51% in the oxide mineral rights from Spencer Metals Pty Ltd over the Alford East Copper-Gold Project, South Australia.
- Thor to acquire up to an 80% interest directly in the Alford East Project, covering portions of EL6255 and EL6529 (see news release 20 November 2020).
- Stage 1: Thor has earned a 51% interest by completing the Stage 1 requirements by funding AUS$500 000 of expenditure and will issue the Stage 1 consideration of AUS$250 000 in fully paid Thor shares, issued at the five-day ASX VWAP (volume weighted average price) on the date immediately prior to allotment, together with two free attaching options per share issued, exercisable at US$0.03 within five years from the date of issue.
- Stage 2: Thor can earn a further 29% interest (80% in total) by funding an additional AUS$750 000 of expenditure over a subsequent two years and for an additional consideration of AUS$250 000 in fully paid Thor shares, issued at the five-day ASX VWAP on the date immediately prior to allotment and two free attaching options per share issued, exercisable at AUS$0.03 within five years from the date of issue (Stage 2 expenditure).
Nicole Galloway Warland, Managing Director of Thor Mining, commented: “Following the recently completed, highly successful drilling programme at Alford East, including highlights of 72.7 m at 1% copper (Cu) and 0.19 g/t gold (Au) from 6.3 m and 18.2 m at 2% Cu and 0.34 g/t Au from 15.8 m (21AED005), Thor has successfully earned in to a 51% interest of the project.
“The company is now progressing with the completion of the Stage 2 earn in, which will result in Thor having an 80% interest in this highly prospective project. This demonstrates our confidence in Alford East and the value it can bring to the company.
“We look forward to keeping shareholders updated on the progress of the Stage 2 earn-in and our continued exploration of the project.”
Read the article online at: https://www.globalminingreview.com/finance-business/16112021/thor-mining-completes-stage-1-earn-in/