Thor Mining PLC (AIM:THR, OTCQB:THORF, ASX:THR) said it fulfilled its Stage 1 spending obligation over the Alford East copper-gold project in South Australia, increasing its interest in the project to 51% as set out in an earn-in agreement.
Thor spent A$500,000 (£273,000) on the project and issued A$250,000 in Thor shares to complete its Stage 1 requirement. It can earn a further 29% interest by spending an additional A$750,000 over a subsequent two years and for an additional consideration of A$250,000 in Thor shares.
"Following the recently completed, highly successful drilling program at Alford East…Thor has successfully earned in to a 51% interest of the project,” said managing director Nicole Galloway Warland.
READ: Thor Mining returns further significant copper and gold intercepts at Alford East
"The company is now progressing with the completion of the Stage 2 earn in, which will result in Thor having an 80% interest in this highly prospective project. This demonstrates our confidence in Alford East and the value it can bring to the company,” she added.