Exploration and development company African Pioneer has provided an update on exploration conducted and funded by First Quantum Minerals (FQM) during the six-month period to December 31 over licences in Zambia, with drilling confirming proof of concept that licences are in the right lithology confirming Congo-style mineralisation.
The licences are within both the fold and thrust belt and Western Foreland, and are covered by the option agreement entered into by African Pioneer and FQM and which are held by African Pioneer’s 80%-owned subsidiary African Pioneer Zambia.
As announced previously, FQM has exercised its option over all four licences owned by African Pioneer Zambia.
Four diamond drill holes were completed at the Turaco target for 1 297.1 m.
A 772.3-m-deep diamond drill hole was completed over the Ikatu on an Audio Magneto Telluric generated target, for which African Pioneer is awaiting results.
Nine reverse circulation holes were drilled at the Chipopa target for a total of 780 m, for which African Pioneer is also awaiting results.
During the course of the programme, FQM confirmed its intention to exercise its option as reported in February.
The parties have met and agreed an appropriate ground relinquishment strategy consistent with licence renewal required later in the year, together with an aggressive exploration programme.
“Our joint venture (JV) with First Quantum is ground-breaking. The results generated by this programme confirm proof of concept and the objective now is to continue exploration with the mission to identify the requisite structure and lithology conducive to mineral deposition similar to the Ivanhoe deposits to the north,” says African Pioneer executive chairperson Colin Bird.
“Apart from the well-known regional model, we are identifying mineral occurrences that may lead to other redox fronts which may lead to other opportunities not previously considered prospective. With copper showing 14-month highs and analysts generally agreeing that the trend will continue, our position in the North-west of Zambia is enviable.
“Corporate activity is on the increase, and we are delighted to be working with FQM which is one of the main copper producers and has been hugely successful in Zambia,” he adds.