Aim-listed Xtract Resources has confirmed there is scope for the discovery of high-grade Kamoa-style mineralisation at depth, and lower-grade Kolwezi-type mineralisation near surface on its two exploration licences in Zambia.
The licences are being developed in joint venture (JV) with Cooperlemon Consultancy as of August last year.
The two licences are located within the Western Foreland geological district that hosts the Kamoa and Kakula deposits of TSX-listed Ivanhoe Mines in neighbouring Democratic Republic of Congo, as well as the Central Fold and Thrust Belt in northwest Zambia.
The licences, combined, cover 107 000 ha.
Xtract bought a major historic database on the area from Anglo American, which enables a more cost-effective and fast-tracked exploration programme.
Xtract chairperson Colin Bird comments that the company is intensively exploring the licences with the aim of discovering commercial grades and tonnages of copper in a region that is subject to intense competition.
“Northwest Zambia is a proven host for large-scale copper deposits and the geology of our JV ground is highly prospective. Zambia itself has ambitious targets for copper production to underpin its economic progress and Xtract intends to become a part of that story,” he states.
The JV with Cooperlemon comprises Xtract earning a 65% interest in the JV by funding exploration expenditure of at least $2-million over two years.
Should the Phase 1 exploration results prove successful, and confirm the continuity of mineralisation at grades suggesting the potential for future development of a mineral resource containing more than 500 000 t of copper, then Phase 2 will be initiated.
Phase 2 will involve another two years of exploration and a budget of $3-million.
Xtract will be the operator of the licences for the four-year duration.