Australian copper development company EnviroCopper, in which Aim- and ASX-listed Thor Energy holds a 30% stake, has entered into an agreement with Andromeda Metals to acquire the latter's exploration licence 5984 on the Yorke Peninsula, in South Australia.
Once the transaction is complete, EnviroCopper will hold 100% of the exploration licence.
"The consolidation of exploration licence 5984 allows EnviroCopper to actively pursue In-Situ Recovery (ISR) copper investigations at the Alford West project area while considering new discoveries across the tenement. Thor looks forward to EnviroCopper expanding its exploration options for ISR of copper, as well as advancing site investigations at the Alford West project.
"As the Alford Copper Belt extends through both Thor's Alford East project, and the Alford West area, all investigative activities are a positive advancement to the ISR assessment of the area," says Thor Energy MD Nicole Galloway Warland.