Business
Zambian exploration licences joint venture
Zambian exploration licences joint venture.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n\n\n \n24 August 2023\nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\n \nZambian Exploration Licences joint venture\n \nThe Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") is pleased to announce that the Company has entered into a joint venture agreement with Cooperlemon Consultancy Limited in relation to the exploration for copper at large scale exploration licenses 29123-HQ-LEL and 30459-HQ-LEL in Northwest Zambia (the \"Licences\").\n \nHighlights\n \n· The two exploration licences are located within the Western Foreland geological district that hosts the Kamoa - Kakula deposit and the Central Fold and Thrust Belt (\"Fold Belt\") in Northwest Zambia.\n \n· The two licences cover a combined 107,000 hectares area covering ground in a highly prospective part of Northwest Zambia where competition for exploration licences is acute.\n \n· Licence 29123 - HQ - LEL is located to the west of the perceived boundary between the Western Foreland and Fold Belt and Licence 30459 - HQ - LEL is located coincident with the boundary and may also include part of the Fold Belt.\n \n· Company believes there is scope for the discovery of potentially high-grade Kamoa-style mineralisation at depth and lower grade bulk tonnage at or near-surface.\n \n· There has been limited exploration to date and initial fieldwork will commence in September on the two licences with a view to defining potential drill targets as soon as possible.\n \n \nColin Bird Executive Chairman said:\n\" The two 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. It is our intent to commence field work with the objective of identifying 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. We are very excited about the prospects for the joint venture and look forward to updating the market on exploration activities.\"\n \n \n \n \nJoint Venture Agreement\nXtract yesterday entered into a joint venture agreement with Cooperlemon ...