Among Thor Mining's (LON:THR) suite of assets it currently holds a 25% interest, with the right to increase to 30%, in EnviroCopper Limited, a private Australian company that is earning into a 75%-interest of the Kapunda and Moonta copper projects, located in South Australia.
EnviroCopper is currently assessing the potential to extract copper from both using in-situ recovery (ISR), which is a low-cost and low environmental impact method of mining.
Using peer group-based multiples Long puts the value of both projects in the range of £9.8mln to £10.5mln on an unrisked basis.
Taking into account the exploration target for Moonta, he says that increases to £23.4mln to £37.9mln on an unrisked basis.
Click here to read Ryan's note on Thor Mining - ISR Copper Projects