https://www.miningweekly.com
Copper|Exploration|Resources|Surface
Copper|Exploration|Resources|Surface
copper|exploration|resources|surface

Xtract confirms new licences in Zambia show promising copper potential

8th February 2024

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (23/02/2024)
23rd February 2024 By: Martin Creamer
Magazine round up | 23 February 2024
Magazine round up | 23 February 2024
23rd February 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.141 0.174s - 92pq - 3rq
Subscribe Now