The project is operated by EnviroCopper, in which Thor is working to acquire a 30% stake, which will add the estimate to a 119,000 tonnes resource from its Kapunda project, also in South Australia.
The combined resource will take EnviroCopper’s managed resource inventory to 233,000 tonnes of copper.
Mick Billing, Thor’s executive chairman, said the “outstanding” result meant copper was emerging as a very significant component of the company’s portfolio, adding that the firm was looking forward to “further upgrades” to the estimate as more historical drill holes were validated.
Billing also said that with copper prices currently remaining “firm” at around US$5,700 per tonne, the new resource demonstrated “considerable potential value” from the project.
The shares were up 7.7% at 0.7p in mid-morning trading.
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