The new inferred resource, commissioned by Environmental Copper Recovery SA Pty Ltd and by Terramin Australia (ASX:TZN) relates to the part of the resource that is recoverable by way of in-situ leaching techniques.
Thor is earning up to a 60% interest in ECR, which in turn is earning, from Terramin, up to a 75% interest in the mineral rights and claims over the leachable portion of Kapunda. Subject to full earn in, Thor would therefore hold an effective 45% interest in Kapunda.
The overall resource currently amounts to 47.4mln tonnes grading 0.25% copper.
That resource grade is well within the recommended ranges for in-situ recovery of copper and preliminary investigations of hydro geological parameters appear favourable.
Because in-situ recovery processes are not burdened by the normally high capital and operating cost activities of mining, crushing, grinding, and flotation, there is a general expectation that production from shallow deposits amenable to in-situ techniques may be at relatively low cost.
"An inferred resource estimate containing 119,000 tonnes of copper is well above expectations and is outstanding news for our investors," said chairman Mick Billing.
"Global copper prices have moved upwards strongly over the past 12 months, and we expect this trend to continue. However, at the price at the date of this announcement of approximately US$7,000 per tonne, this inferred resource demonstrates that the project has considerable potential value".