Jim's Mining Letter - July 9, 2024

Thor Energy (THR.L THR.ASX THORF T5M.F) announced that drilling has commenced at the Alford West Copper ISR Project in South Australia. This project is held by EnviroCopper, in which Thor holds a 26.3% interest. The drilling program comprises three water bores for hydrogeological baseline assessment, and subsequent push-pull and tracer testing as part of the first phase of in-situ recovery site environmental lixiviant trials. This is the first step in assessing whether the Alford West orebodies are amenable for sustainable recovery of copper using ISR, a low impact, small footprint form of metal recovery that significantly reduces the surface impacts and allows rehabilitation of the land back to its original farming state. This work at Alford West follows on from Thor's successful drilling and copper recovery hydro-metallurgical work at its adjacent Alford East Copper ISR Project. If these ISR trials are successful, they will significantly increase the potential to extract economic copper via ISR along the Alford Copper Belt. This area of known copper oxide resources extends over 50 kilometres along the contact between the Tickera Granite and the Wallaroo Metasediments. The Alford West Copper ISR Project includes the Bruce, Larwood and Wombat deposits with a Mineral Resource Estimate of 66.1 million tonnes @ 0.17% Cu containing 114,000 tonnes of contained copper. This is said to have the potential to be a future green copper-producing opportunity for South Australia.

Great Southern Copper (GSCU.L E9E.F) announced that, following a four month due diligence period, it has finalised signing of the purchase option agreement for the Cerro Negro exploitation concessions which includes the historical Mostaza copper-silver-gold mine. The purchase option agreement finalised allows the company to acquire 100% ownership. Seven tabular bodies (lenses) of high-grade copper-silver-gold mineralisation have been identified to date. A historical non-JORC mineral resource estimate for Lens 1 and 2 reported 190,600 tonnes of measured and indicated sulphide with grades of 1.2% copper, 80 grammes/tonne silver and 0.45 grammes/tonne gold, plus an additional 63,000 tonnes of inferred sulphide resource at depth. Historical drilling of 25 holes (totalling 1,024 metres) at Mostaza indicated mineralisation is open at depth and along strike. Only 14 holes reached target depth and deepest drilling was to only 92 metres. Untested alteration-mineralisation has been traced at surface along strike for up to 4 kilometres. The style and type of alteration and mineralisation is indicative of the potential for porphyry copper type deposits. A permitting process has been commenced by the company for drilling authorisation. Exploration programmes will employ geological mapping, geochemistry, geophysics, petrography and other appropriate techniques, with a view to defining targets for drill testing as soon as permitting allows.

Sovereign Metals (SVM.ASX SVML.L SVMLF SVM.F) announced that its shares have commenced trading on the OTCQX under the ticker symbol SVMLF. The company previously traded on the OTC Pink Market and has been upgraded to the OTCQX as it meets higher standards. Sovereign is focused on becoming a market leader in supplying two critical minerals to global markets: titanium, in the form of rutile, and graphite. The company’s 100% owned Tier-One Kasiya Rutile-Graphite Project, located in the southeast African country of Malawi, is both the world’s largest known rutile deposit and second-largest flake graphite deposit. Sovereign’s strategic investor, Rio Tinto, provides assistance and advice…more

Ramelius Resources (RMS.ASX RMLRF RRZ.F) announced that it has achieved a production record of 293,033 ounces for 2024, at the upper end of upgraded guidance of 285,000 – 295,000 ounces and well in excess of the original guidance of 250,000 – 275,000 ounces published in July 2023. Given this production performance, the company expects the full year all-in sustaining costs will be at the lower end of the upgraded guidance range of A$1,550 – 1,650/ounce. During the quarter, Ramelius generated underlying free cash flow of A$137.3 million, made an initial strategic investment of A$87.7 million in Spartan Resources (SPR.ASX 6G40.F) and paid A$10.1 million for the Musgrave acquisition stamp duty, ending the quarter with cash & gold of A$446.6 million. Subsequent to quarter end, the company made a second purchase of Spartan shares, amounting to A$92 million, and now holds 17.9% of Spartan.

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