Business
Kakuyu copper project Zambia
Kakuyu copper project Zambia.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n For immediate release\n \n \n \n \n 15 December 2022\n \n \n \n \n \n \n \n \n \n Xtract Resources Plc\n \n \n \n (\"Xtract\" or the \"Company\")\n \n \n \n Kakuyu copper project Zambia\n \n \n \n \n \n \n The Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") is pleased to announce that it has concluded a joint venture agreement (the \"\n \n Agreement\n \n \" or \"\n \n JV\n \n \") providing an initial 60% interest in the Kakuyu copper project in Zambia (\"Kakuyu Project\"). The Kakuyu Project is located approximately 53km north-west of the town of Mumbwa, Central Province of Zambia and has a small historic open pit. The JV's partner holds the small-scale mining licence 29805-HQ-SML, along with an adjoining area under application and the Agreement provides the Company with the potential for near term production.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n \n ·\n Copper oxide and sulphide mineralisation occurs within a fault-controlled setting, with workings extending over a strike length of about 800m\n \n \n \n \n \n ·\n The Agreement provides Xtract with an initial 60% interest in the Kakuyu Project in Zambia with local partners Oval Mining Limited and Kakuyu Limited (the licence holder)\n \n \n \n \n \n ·\n The JV plans to commence small scale mining in the existing historic open pit\n \n \n \n \n \n ·\n Pre-stripping has commenced to expose additional in-pit mineralisation and to target extensions to the numerous mineralised structures identified\n \n \n \n \n \n ·\n 60% net profit interest will accrue to Xtract from mining operations, with a 70% interest accruing for any additional mineral resources discovered during the course of Xtract's exploration programme\n \n \n \n \n \n ·\n Site visits from various internal and external geological and mining personnel identified a number of mineralised structures offering strike extension potential. These are currently being cleared prior to more detailed evaluation\n \n \n \n \n \n ·\n The search for further mineralisation beyond the current pit limits has already commenced with two exploration teams on-site conducting licence-wide geochemical surveys and detailed mapping. New targets will be drill-tested e...