Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has increased its interest in the Alford East copper oxide project in South Australia to 80% from 51% after fulfilling stage 2 of its farm-in obligations.
Vendor Spencer Metals received Thor shares worth A$250,000 (2.7c) plus options for double that amount exercisable at 30c over the next five years.
On completion of this acquisition, Spencer will hold a free carried 20% interest until the decision to mine.
Thor added it will shortly be receiving the ANT survey geophysical data and interpretation from Fleet Space Technologies covering the northern part of the Alford East project.
Nicole Galloway Warland, managing director, said the stake acquisition demonstrated Thor’s confidence in Alford East and the value it can bring to the company.
"We look forward to keeping shareholders updated on the Alford East project, including progress on the ANT Surveys," Galloway Warland added.