Xtract Resources inks deal on new copper JV in Zambia.
AIM-listed Xtract Resources has signed a new joint venture to mine copper in a 107,000-hectare area in Northwest Zambia.
Source: Sharecast
The partnership, with Cooperlemon Consultancy Limited, relates to licenses 29123-HQ-LEL and 30459-HQ-LEL located within the Western Foreland geological district that hosts the Kamoa-Kakula deposit and the Central Fold and Thrust Belt.
Xtract will earn a 65% stake in the joint venture and spend up to $2m on exploration over an initial two-year period, expected to start next month.
If proven successful, and tests indicate a resource of at least 500,000 tonnes of contained copper, there will be a second two-year exploration period, at a cost of $3m to Xtract.
Executive chair Colin Bird said: "We are very excited about the prospects for the joint venture and look forward to updating the market on exploration activities."
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.