Xtract adds new exploration licences in joint venture agreement

The addendum adds three additional large-scale exploration licences in Northwest Zambia to the joint venture.

Highlights:

• The existing joint venture is in relation to large scale exploration licences 29123-HQ_LEL and 30459-HQ-LEL in Northwest Zambia (the “Original Licences”).
• The Additional Licences and the Original Licences are:
  • Located within the Western Foreland geological district that hosts the Kamoa – Kakula deposit and the Central Fold and Thrust Belt (“Fold Belt”) in northwest Zambia.
  • All in a highly prospective part of NW Zambia where competition for exploration licences is acute and in aggregate form a combined area over the five licences of 173 586 ha.
• The Company believes there is scope for the discovery of potentially high-grade Kamoa-style mineralisation at depth and lower grade bulk tonnage at or near-surface.
• There has been limited exploration to date on the Additional Licences and initial fieldwork will commence early in the second half of the year with a view to defining potential drill targets as soon as possible.

Colin Bird, Executive Chairman, said:

“It is no secret that I am enthusiastic on both copper and Zambia as a mining jurisdiction. We are therefore very pleased that we have been able to add the three Additional Licences to Xtract’s joint venture with Cooperlemon particularly given that they are adjacent to one of our original joint venture licences with Cooperlemon. All the joint venture licences are well situated within the Western Foreland geological district that hosts potential Kamoa style mineralisation as confirmed by recent exploration and drilling on nearby licences. It is our intent to commence field work on the three additional licences with the objective of identifying potential drill targets for Kamoa style mineralisation and also for Kolwezi style mineralisation which has the potential for near surface copper and possibly cobalt mineralisation. We look forward to updating the market on exploration activities.”

Read the article online at: https://www.globalminingreview.com/mining/03062024/xtract-adds-new-exploration-licences-in-joint-venture-agreement/