The company will acquire up to 80% of Alford East which comprises numerous oxide copper-gold prospects – namely Alford East, Netherleigh Park and Netherleigh North – which have each seen extensive drilling in the past.
It is described as hosting multiple substantial ‘walk up’ drill-ready targets.
"The directors of Thor have taken the view that global copper demand and pricing, with the potential for post-COVID19 economic recovery, should improve substantially in both the short and medium term, and have moved to increase the company's exposure to potential low cost copper production projects," said Mick Billing, executive chairman.
"The Alford East project, the directors believe, represents a continuation of the favourable geology which hosts the Alford West resources, which Thor has exposure to via our interest in EnviroCopper Ltd (Thor 30% equity)."
"Several prospects at Alford East have substantial drilling history, providing evidence of both extensive mineralisation, and geology of a type, which subject to further work, appears potentially amenable to Insitu Recovery (ISR) techniques."