Project developer Terramin Australia (ASX:TZN) has informed Thor that the JORC 2012 inferred resource will be larger than the previous resource estimate (produced in 1992) and cover the part of the deposit amenable to in-situ recovery methods.
Kapunda was originally discovered in 1842 and was Australia’s first copper mine. It closed in 1912. The mine, in South Australia, is 80km from Port Adelaide.
The 1992 resource estimate indicated a resource of 3.7mln tonnes at 1.2% copper, about 44,400 tonnes of contained metal, with additional exploration potential.
Thor, which has an option to acquire a 45% interest in Kapunda, expects trading in its shares in Australia to resume on February 12.
Trading in Thor’s shares on AIM will continue unaffected.
The purchases increase Metal Tiger’s stake to 69.35mln Thor Mining shares which represents 11.24% of the company.