Thor Energy associate EnviroCopper has agreed to acquire all of Exploration Licence 5984 on the Yorke Peninsula, South Australia from Andromeda Mining.
The move consolidates the Alford West joint venture and other in-situ prospects within the licence, Thor said.
Andromeda will receive shares equal to 5% of the current EnviroCopper capitalisation, A$50,000 in cash as well as deferred considerations based on milestones being achieved.
Thor’s current 30% equity stake in ECL will be diluted to 28.6% following the 5% payment to Andromeda.
Nicole Galloway Warland, Thor Energy’s managing director, said: "The consolidation of EL 5984 allows ECL to actively pursue In-Situ Recovery copper investigations at the Alford West Project area whilst considering new discoveries across the tenement.
"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 In-Situ Recovery assessment of the area."