Xtract Resources has entered into an addendum to restate the existing joint venture agreement with Cooperlemon Consultancy about the exploration of copper in Zambia.
The addendum adds three additional large-scale exploration licenses in Northwest Zambia to the joint venture.
Xtract believes there is scope for the discovery of potentially high-grade Kamoa-style mineralisation at depth and lower-grade bulk tonnage at or near the surface.
It said there has been limited exploration to date on the additional licences and initial fieldwork will commence early in the second half of the year to define potential drill targets as soon as possible.
"It is no secret that I am enthusiastic about both copper and Zambia as a mining jurisdiction. We are therefore very pleased that we have been able to add the three additional licences to Xtract's joint venture with Cooperlemon particularly given that they are adjacent to one of our original joint venture licences with Cooperlemon,” said Xtract chairperson Colin Bird.
“All the joint venture licences are well situated within the Western Foreland geological district that hosts potential Kamoa style mineralisation as confirmed by recent exploration and drilling on nearby licences.”
He said they intend to commence fieldwork on the three additional licences to identify potential drill targets for Kamoa-style mineralisation and also for Kolwezi-style mineralisation which has the potential for near-surface copper and possibly cobalt mineralisation.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
