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Thor Mining lifted by initial copper resource estimate at Moonta project

The exploration firm reported a "substantial" resource estimate of 114,000 tonnes of contained copper

Thor Mining PLC - Thor Mining unveils initial copper resource estimate for Moonta project
Thor's chairman Mick Billing said that current copper prices gave the project “considerable potential value”

Thor Mining PLC (LON:THR) shares were lifted on Thursday after it unveiled a “substantial” initial copper resource of 114,000 tonnes at its Moonta project in South Australia.

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.

WATCH: Thor Mining reports initial copper resource of 114,000 tonnes at Moonta project

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.

--Adds share price--

Quick facts: Thor Mining PLC

Price: 0.34 GBX

AIM:THR
Market: AIM
Market Cap: £3.66 m
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