9.5 C
Alba Iulia
Saturday, July 4, 2020

Xtract Resources signs exploration deal for Zambia Copper project

Economy Xtract Resources signs exploration deal for Zambia Copper project

Xtract Resources PLC says it has concluded a memorandum of agreement with a consortium to jointly undertake exploration works on licence 8370-HQ-SML in Kajevu, Kasempa, North Western Province.

The copper-gold licence at the Matrix project has a breccia vein system which extends for at least three kilometres, with an initial target section of 800 metres.

Xtract said the purpose of the agreement is to identify a copper-gold resource within the next two years. The exploration works programme is expected to cost up to USD1 million, which will be jointly funded.

As part of the agreement, Xtract will also acquire a 50% stake in the project.

“The iron oxide copper gold exploration potential in Zambia has not been fully explored and several highly prospective opportunities exist. We have identified the Matrix project as being high in potential and are currently investigating other areas which possess similar potential,” said Executive Chair Colin Bird.

Bird continued: “In developing our activities into Zambia, we are providing a country balance and also introducing copper as a commodity hedge against gold. The board of Xtract believes that the fundamentals for copper in the future are stronger than have been experienced for a considerable time.”

[Read 872 times, 1 reads today]


Comments are closed.

- Advertisement -

Latest News

Pope appoints new Bishop of Ndola

Pope Francis names Bishop Benjamin Phiri as the Bishop of the Diocese of Ndola, Zambia. Pope Francis on Friday appointed...

Christians Fighting the Christians Clause in Bill 10 are Cowards

Mr. Chishala Chilufya a seasoned political consultant based in Chipata and a member of the Redeemed Methodist Church has strongly castigated Christians and church...

To Alliance or Not to Alliance in 2021 General Elections

By: Anthony Bwalya - UPND Member I have to declare an interest from the onset: as a member of the United Party for National Development...

MMD Joins Petition to De-Register Parties that have not held Conventions to elect Leaders

The Opposition New Hope Movement for Multi-party Democracy (MMD) has been joined to a petition where Legal advocate Benjamin Mwelwa wants the Constitutional Court...

Zimiseleni Admits Players Will Miss Fans During July 18 League Restart

Lusaka Dynamos defender Zimiseleni Moyo has admitted that it will be hard for both players and fans as the 2019/2020 FAZ Super Division season...

More Articles In This Category

- Advertisement -
[Read 25 times, 1 reads today]