Deep-South to acquire up to 80% of three copper exploration licences in Zambia
Mineral exploration and development company Deep-South Resources has signed a definitive earn-in agreement with Word Class Minerals Venture (WCMV) to acquire up to 80% of three copper exploration licences in the Zambian Copper belt.
“While reinstating the licence over the Haib copper project, in Namibia, remains our number one priority, we are very enthusiastic about the option to acquire these strategically well situated licences in the heart of one of the most prolific copper belts in the world," says Deep-South chairperson John Akwenye.
The transaction includes the licences for the Luanshya West, Chililabombwe and Mpongwe projects.
Deep-South has paid WCMV an initial $15 000 on signature of the agreement and will pay an additional $15 000 on approval of the transaction by the TSX-V
It will also issue 500 000 of its common shares to WCMV upon approval by the TSX-V.
On the second anniversary of the agreement, Deep-South will pay WCMV a further $30 000 in cash and 250 000 shares.
Before the end of the second anniversary of the agreement, Deep-South will also complete the collection and analysis of 100 soil samples over the identified anomalies on licence LEL 23246 and 350 soil samples over the identified targets on each of Licences LEL 23247 and LEL 23248.
It will then decide whether to proceed with more intensive sampling or to evaluate any drilling targets.
Upon completion of the above, Deep-South will have acquired an undivided interest in 51% of the licences.
In order to acquire a further 29% interest in the licences, Deep-South, at the end of the third, fourth and fifth years of the agreement, will pay WCMV $30 000 for each of the three years and spend at least $1-million in exploration programmes for each of the three years.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
