Kalahari Metals increases exploration licence shareholding across Kalahari copperbelt
Kalahari Metals Limited (KML) has completed the due diligence around the joint venture (JV) in Botswana with Aim-listed Metal Tiger, which will see the companies collaborate on 4 661 km2 across five exploration licences in the Kalahari copperbelt.
KML will acquire up to 25% of the licences for $100 000 and has the option to acquire the remaining 75% by issuing shares valued at about $700 000 to Metal Tiger.
The licences comprise Kitlanya East, which has three licences located south of MOD Resources’ T3 deposit and Cupric Canyon Capital’s chalcocite zone deposit; and Kitlanya West, which has two licences located along strike of KML’s Ngwako copper project and abuts the Namibian border on the northern limb of the Kalahari copperbelt.
Kitlanya East will target mineralised redox boundaries proximal to basin boundaries and basement horst blocks, which are interpreted to extend through the project area. Soil cover is thin and a first phase soil sampling programme is scheduled to start immediately.
Kitlanya West has the potential for copper related to structural domes interpreted from historical airborne electromagnetic (AEM) geophysics survey data. These domes will be similar targets to those providing exciting copper intersections in the Metal Tiger/MOD JV areas.
Regional AEM geophysics test lines are planned to be flown over the PL070-072/2017 Kitlanya East permits during the initial soil sampling programme to help identify drilling targets for 2019.
KML now holds interest in a total of 12 highly prospective exploration licences across 8 724 m2 of the Kalahari copperbelt.
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