Thor Mining announce South Australian government funding

Highlights

• Thor Mining awarded AUS$300 000 from the South Australia government under the ADI.
• Thor's Alford East Project was one of 22 projects to receive funding in Round 2 of the initiative, as announcement by the Minister for Energy and Mining, Hon Dan van Holst Pellekaan MP on 20 May 2021.
• These funds will be applied to Proof-of-Concept work for In situ Recovery (ISR), including resource drilling, hydrometallurgical, and environmental studies.
• Diamond drilling programme to commence late May 2021.

Nicole Galloway Warland, Managing Director of Thor Mining, commented: "This is a fabulous result for Thor and its shareholders as it validates the high-quality Alford East Project. The successful grant is a strong endorsement of the technical merits of the project by the South Australian government.

“The Alford East Project is an exciting opportunity for Thor shareholders at a time of record copper prices.

“The AUS$300 000 funding will significantly expedite our exploration and development programme for the Alford East ISR Project, with diamond drilling commencing shortly with the objective to increase the resource size and commence hydrometallurgical studies.

”We acknowledge and thank the Department of Energy and Mining (DEM) and the SA government for this positive exploration initiative."

The ADI aims to encourage innovation and collaboration to advance exploration activities in South Australia. It provides a government contribution towards exploration activities, through supporting the potential discovery of new mineral and ground water resources, while delivering a number of other economic and social benefits to the State.

Successful applications for Round 2 of the initiative were announced by the Minister for Energy and Mining, Hon Dan van Holst Pellekaan MP on 20 May 2021. A total of almost AUS$4.5 million in new funding has been award to 22 companies, with Thor Mining granted AUS$300 000.

Next step: exploration and development activities

Potential to grow the Alford East copper-gold mineral resource estimate remains along strike and at depth. Historic air core and reverse circulation drilling within the project area stopped within the mineralised oxide copper-gold zones with only limited deeper diamond holes continuing through the oxide copper mineralisation. A 2000 m diamond drilling programme is scheduled to commence late May, designed to follow up on the depth extent of the oxide mineralisation, adjacent to these mineralised diamond holes. In addition, drill holes will be placed along strike of the eight identified mineralised zones to confirm strike extent and continuity of the mineralisation.

Read the article online at: https://www.globalminingreview.com/finance-business/20052021/thor-mining-announce-south-australian-government-funding/