Xtract Resources says its two Zambian exploration licences have the potential for high-grade Kamoa-style mineralisation at depth and lower-grade Kolwezi-type mineralisation near the surface.
The licences have been under development in a joint venture (JV) with Cooperlemon Consultancy since August of last year.
Both permits are in the Western Foreland geological district, which hosts Ivanhoe Mines' Kamoa and Kakula deposits in DRC and the Central Fold and Thrust Belt in northwest Zambia.
Xtract obtained a large history database from Anglo American to speed up and lower the cost of exploration.
Xtract chairperson Colin Bird said that the company is actively exploring the licences to uncover commercially viable amounts of copper in a highly competitive location.
“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 said.
The JV with Cooperlemon allows Xtract to obtain a 65% interest in the JV by investing a minimum of $2 million in exploratory expenses over two years.
Phase 2 will commence if the Phase 1 exploration results are successful and confirm the continuity of mineralisation at grades indicating the possibility for future development of a mineral resource containing over 500,000 t of copper.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
