Thor Energy ups stake in Alford East project to 80pc

(Sharecast News) - Thor Energy increased its stake in the Alford East Copper Oxide Project to 80% on Friday, following the completion of the stage two expenditure obligations. The AIM-traded company initially held a 51% interest in the project's copper oxide mineral rights from Spencer Metals.

It said the development allowed it to acquire an additional 29% interest in Alford East, encompassing portions of the EL6255 and EL6529 licences.

Spencer received AUD 0.25m (£0.13m) in consideration, consisting of 9,259,260 fully-paid Thor shares issued at 2.7 Australian cents each.

Additionally, 18,518,520 unlisted options exercisable at 30 Australian cents within the next five years were included in the stage two spend.

Thor Energy said it would soon receive geophysical data and interpretation from Fleet Space Technologies, specifically covering the northern section of Alford East.

"As exploration accelerates at our Alford East Copper-REE Project in collaboration with Fleet Space Technology, Thor is excited to have completed its stage 2 Earn-in resulting in an 80% interest in this highly prospective project," said managing director Nicole Galloway Warland.

"This demonstrates our confidence in the Alford East Project and the value we believe it can bring to the company.

"We look forward to keeping shareholders updated on the Alford East project, including progress on the ANT surveys."

At 1400 GMT, shares in Thor Energy were barely changed, down 0.001% at 1.55p.

Reporting by Josh White for Sharecast.com.