Xtract Resources has expanded its joint venture (JV) with Cooperlemon Consultancy by incorporating three new large-scale exploration licences in Northwest Zambia.
This addition is set to bolster the existing collaboration focused on copper exploration in the region.
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In this regard, the parties signed an addendum to restate their existing JV agreement.
The new licences, along with the original two, are located in the Western Foreland geological district, known for hosting significant deposits such as Kamoa – Kakula.
Covering 173,586ha, these licences are in a highly prospective zone for copper discovery.
The company has expressed confidence in the potential for uncovering high-grade, Kamoa-style mineralisation at depth, as well as lower-grade, bulk tonnage near the surface.
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By GlobalDataWith limited prior exploration of the new licences, initial fieldwork is slated to begin in the latter half of the year to identify drilling targets.
Under the revised terms of the JV, Xtract commits to an exploration expenditure of at least $500,000 on each new licence over two years, in addition to the $2m for the original licences.
This brings the company’s total investment to $3.5m.
Should the exploration yield positive results, indicating a substantial copper resource, a JV will be established to further develop the new licences.
Xtract is poised to fund these exploratory efforts through its existing resources and ongoing operations.
Xtract Resources executive chairman Colin Bird said: “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.
“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.”
