Shares of Thor Mining Plc (LON: THR) surged 16.4% after being awarded a A$300,000 grant by the South Australian Government to develop the Alford East Copper-Gold Project.
The Alford East project was one of 22 projects awarded grants as part of Round 2 of the State’s Accelerated Discovery Initiative (ADI)
The miner will use the funds to expedite the proof-of-concept work for in situ recovery (ISR), including resource drilling, hydrometallurgical and environmental studies. Plans are also underway to start diamond drilling later this month.
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Nicole Galloway Warland, Thor Mining’s Managing Director, said: “The successful grant is a strong endorsement of the technical merits of the project by the South Australian Government. The Alford East Project is an exciting opportunity for Thor shareholders at a time of record copper prices.”
Since late April, Thor Mining shares had performed exceptionally well when Nicole Galloway was appointed the firm’s managing director after Mike Billing relinquished his role as CEO but retained his role as the firm’s chairman.
The miner has made some positive progress this year, given that its shares started trading on the US OTCQB market in mid-March while still listed on the London Stock Exchange and Australian Securities Exchange.
Thor Mining is in an excellent position to advance its Australian projects, with many hoping that mining operations will start sooner rather than later.
Thor Mining share price.
Thor Mining shares surged 16.43% to trade at 1.077p rising from Wednesday’s closing price of 0.925p.