Xtract Resources says drilling conducted on the Silverking Project located in the Mumbwa District of the Central Province of Zambia has confirmed high copper grades in the first three holes.
“Our early excitement at the discovery of significant intercepts of massive sulphide mineralisation in the drill core has been confirmed with impressive copper grades in the first three holes,” said Xtract executive chairperson Colin Bird.
“High copper grades are backed up by significant silver assays peaking at grades in excess of 200g/t Ag which at current silver prices, represent a by-product value potentially sufficient to cover the majority of future mining costs.”
He said the exploration team has stepped out from the initial target and has commenced drilling to test possible extensions and the depth and extent of the body.
“In addition, new previously unrecognised structures that may also host copper-silver mineralisation are being evaluated,” said Bird.
“Preliminary modelling of an open pit has commenced, and the model will be adjusted depending on the results of deeper drilling.”
Silverking is subject to an option and joint venture agreement with Oval Mining Limited, which enables Xtract to earn up to a 70% interest in the Silverking copper mine and accompanying exploration licence.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
