Thor Energy, EnviroCopper Ltd to acquire Australia exploration licence

Thor currently a holds 30% equity interest in ECL.

Agreement Highlights:

• Consolidation of the Alford West Joint Venture and other ISR amenable targets within Exploration Licence 5984 with 100% of the ownership transferring to ECL.
• Andromeda is to receive 5% of the current ECL capitalisation (203 008 shares), plus AUS$50 000 in cash.
• Andromeda will also receive deferred consideration as a 10% share of any successful mining operations ‘Royalty Tenement Operating Cashflow’ on the Alford West Project area (not exceeding AUS$15 million) and Moonta Project area (not exceeding AUS$15 million).
• Upon successful completion of a Site Environmental Lixiviant Test, Andromeda will be issued a further 2.5% of ECL capitalisation (101 504 shares).
• Once a mining lease is granted, Andromeda will receive a further cash payment of AUS$150 000 with royalty payments from operating cash flow.
• Thor currently holds 30% equity in ECL, with the initial 5% payment to Andromeda diluting Thor to 28.6%.

Nicole Galloway Warland, Managing Director of Thor Energy, commented:

“The consolidation of EL 5984 allows ECL to actively pursue In-Situ Recovery copper investigations at the Alford West Project area, whilst considering new discoveries across the tenement. Thor looks forward to ECL expanding its exploration options for ISR of copper, as well as advancing site investigations at the Alford West Project.

“As the Alford Copper Belt extends through both Thor’s Alford East project, and the Alford West area, all investigative activities are a positive advancement to the In-Situ Recovery assessment of the area.”

Read the article online at: https://www.globalminingreview.com/mining/29122023/thor-energy-envirocopper-ltd-to-acquire-australia-exploration-licence/