BeMetals to Accelerate Copper Exploration at Pangeni Project in Zambia with JOGMEC Exploration Investment

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[{"type":"text","content":"BeMetals to Accelerate Copper Exploration at Pangeni Project in Zambia with JOGMEC Exploration InvestmentVANCOUVER, BC / ACCESSWIRE / March 23, 2021 / BeMetals Corp. (TSXV:BMET)(OTCQB:BMTLF)(Frankfurt:1OI.F) (the \"Company\" or \"BeMetals\") is pleased to announce it has entered into a Joint Exploration and Option Agreement with Japan Oil, Gas and Metals National Corporation (\"JOGMEC\") that provides an initial investment of US$1.5 million for money-in-the-ground exploration at the Pangeni Copper Project (\"Pangeni\" or the \"Project\" or the \"Property\") in Zambia with additional ongoing pro-rata contributions. The Pangeni Project is located on the prospective western extension of the Central African Copperbelt in Zambia (the \"Zambian Copperbelt\") where copper mineralization discovered on the Property is covered by a thin veneer of Kalahari sand (See Figure 1). This investment from JOGMEC further strengthens our ability to advance the Project using our existing technical and local community relationships with both Copper Cross Zambia Limited and Pangeni Mineral Resources Limited, respectively the optionees of this Property. BeMetals is planning to report the analytical results of its 2020 aircore and core drilling exploration programs in the coming weeks when available for release.Highlights:JOGMEC to initially invest US$1 million into copper exploration at the Project by March 31, 2021, by way of a cash payment to BeMetals for exploration activities completed in the 2020 field program and a further US$0.5 million by December 31, 2021 with additional pro-rata funding required for future exploration programs to earn and maintain its interest in the ProjectUpon completion of the above investment, JOGMEC will have earned 27.8% interest of BeMetals' option of up to 72% interest in the Property, which interest is to be maintained through ongoing 27.8% pro-rata funding of the Project's future exploration expenditures. This 27.8% interest in BeMetals' option equals approximately a net 20% stake in the overall Project with BeMetals retaining rights to approximately 52% of the overall Project. In addition provided that JOGMEC maintains certain interest in the Project until December 31, 2024, it shall be entitled to both a right of first offer and a right of first refusal for up to 50% of any mine production from the Property (See se...

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