The AIM-listed explorer reported a mineral resource estimate for the project of 177,000 tonnes of contained copper and 71,500 ounces of contained gold, although it added that the estimate includes only oxide copper-gold mineralisation considered amenable to In Situ Recovery (ISR) techniques.
As a result of the estimate, Thor said there is “clear potential for resources growth, along strike and at depth”.
"The copper-gold Alford East Project results have exceeded our expectations for a Maiden Mineral Resource Estimate. There have been more than 500 recorded drill holes into these deposits, and it is a tremendous bonus to be able to apply proven ISR technology thinking to produce this initial resource estimate", Thor executive chairman Mick Billing said in a statement.
"Significant growth potential exists for this resource, both at depth, and along strike and, while we commence testing activities to demonstrate the potential for ISR production, we will concurrently work towards increasing this resource. Our objective will be to work towards technical feasibility of ISR production, which will be designed to allow continuation of traditional farming activities, as much as possible during operations, and following the end of the project life, with the land effectively undisturbed", he added.
Shares in Thor jumped 4.9% to 1p in early trading on Tuesday.