JOHANNESBURG (miningweekly.com) – London-listed Lithic has been granted five new uranium prospecting licences in Zambia, the explorer said on Tuesday.

Chalimbana Resources, Lithic’s majority controlled joint-venture (JV) company, holds the uranium rights to the new licences, which grants the company a seven-year exploration tenure under the new Zambia Mines and Minerals Development Act.

The new licences will replace portions of existing JV licences held by Zambezi Resources.

Lithic said in a statement that the new licences, which it would manage and sole fund, covered the most prospective areas for uranium mineralisation identified through its geographical surveys and field activities undertake over the past year.

“Not only does the creation of new title over these obviously prospective areas significantly extend the length of time our licences have to run, but also provides additional security over our existing investment by moving ownership of the licences into a specific JV company controlled by Lithic,” said MD Jim Kerr.

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