Advanced Exploration Drilling Commenced – Kalahari Copper Belt, Botswana

Advanced Exploration Drilling Commenced – Kalahari Copper Belt, Botswana

Cobre Limited (ASX: CBE, Cobre or Company) is pleased to announce the commencement of the next stage of drilling at Kalahari Metals Limited’s (KML) Ngami Copper Project. This initial phase of drilling is designed to test the first of several prospective areas identified on KML’s extensive license holding on the northern margin of the Kalahari Copper Belt (KCB). The programme comprises four diamond holes, planned to test for extensions to encouraging Copper (Cu)-Silver (Ag) mineralisation previously intersected at two separate historical drill targets. Establishing that anomalous Cu-Ag mineralisation is laterally extensive in this initial programme will provide significant motivation for the district-scale potential of this relatively unexplored portion of the KCB.


NCP and Kitlanya West – potential for a new copper district

The NCP is located near the northern margin of the KCB (refer Figure 1) and includes significant strike of sub-cropping Ngwako-Pan / D’Kar Formation contact at which the majority of the known deposits in the KCB occur. The Project is located immediately east of KML’s Kitlanya West licenses- collectively covering a significant portion of prospective KCB stratigraphy. In terms of regional prospectivity, the greater license package includes:

  • Over 500km of prospective sub-cropping Ngwako Pan / D’Kar Formation contact;
  • Strategic location near the basin margin typically prioritised for sedimentary-hosted copper deposits;
  • Outcropping Kgwebe Formation often considered a key vector for deposits in the northeast of the KCB;
  • Well defined gravity low anomalies indicative of sub-basin architecture or structural thickening (a number of the deposits in the KCB are hosted on the margins of gravity lows)1;
  • Relatively shallow Kalahari Group cover (between 0m and ~60m thick); and
  • Numerous soil sample anomalies identified on regional sample traverses.

By combining the vectors above, it is possible to sub-divide the area into a set of ranked targets for follow-up (refer Figure 2). The scale of the license areas and targets highlights the district scale potential of the combined projects.

NCP - Area of interest for the Current Drill Programme

Historically, within the NCP project, two phases of diamond drilling intersected Cu (Ag) mineralisation above the Ngwako-Pan/D’Kar Formation contact. Intersections included 2m @ 1.8% Cu and 8 g/t Ag and 5.2m @ 0.7% Cu2, which are considered highly anomalous relative to typical background Cu intersections along the KCB and may represent the halo of more significant mineralisation. The upcoming drill campaign will focus on testing the lateral continuity of mineralisation intersected during previous drill programmes. The programme will include four diamond core holes each approximately 300m in length, totalling ~1200m. The location of the planned drill programme is illustrated in Figure 3.

Triprop Holdings Ltd updated earn-in agreement

KML has recently extended the earn-in agreement with Triprop Holdings Ltd. The agreement provides KML with an option to acquire 75% of Triprop after incurring USD$800,000 of exploration costs on the Triprop licenses and issuing of £60,000 of Cobre shares to the non-KML shareholders. KML then has the option to acquire the remaining 25% of Triprop based on an independent market valuation.

Commenting on the drill programme, Cobre’s Executive Chairman and Managing Director, Martin Holland, said:

“The Kalahari Copper Belt is one of the most prospective copper belts world-wide. This programme represents the start of Cobre’s new strategy to open up the significant potential within KML’s extensive license holding on the northern margin of the Kalahari Copper Belt. We are thrilled to be recommencing exploration work with both our new KML CEO on board, as well as our experienced, Africa-based technical team, and look forward to providing updates on our exploration progress. Mitchell Drilling International have been commissioned to undertake the drilling and have already mobilised to site, with drilling expected to start shortly. We look forward to updating the market with results as they become available”.

This ASX release was authorised on behalf of the Cobre Board by: Martin C Holland, Executive Chairman and Managing Director.

For more information about this announcement, please contact:
Martin C Holland
Executive Chairman and Managing Director
holland@cobre.com.au

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to exploration results is based on information compiled by Mr David Catterall, a Competent Person and a member of a Recognised Professional Organisations (ROPO). David Catterall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). David Catterall is a member of the South African Council for Natural Scientific Professions, a recognised professional organisation.

David Catterall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


Click here for the full ASX Release

This article includes content from Cobre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
Upward moving blue arrow labeled "ranking."

BHP Overtakes Glencore as Top Mining Brand with US$6.1 Billion Valuation

BHP (ASX:BHP,LSE:BHP,NYSE:BHP) has emerged as mining's new leader in brand value, surpassing longstanding frontrunner Glencore (LSE:GLEN,OTC Pink:GLCNF), according to a recent report from Brand Finance.

The document outlines a 17 percent surge in BHP's brand value, soaring to an impressive US$6.1 billion.

This year-on-year rise was enough to propel BHP to the top spot and dethrone Glencore, whose brand value, while still substantial at US$5.9 billion, experienced a marginal decline of 1 percent from the previous period.

Keep reading...Show less

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

  • Consolidated copper production is expected to average 153,000 i tonnes per year over the next three years, representing a 16% increase from 2023 and demonstrating Hudbay's strong and stable operating portfolio with three long-life operations in tier-one mining jurisdictions in the Americas.
  • Strong complementary gold exposure with consolidated gold production expected to average 272,500 i ounces per year over the next three years, reflecting strong production in Manitoba and a contribution from Pampacancha high grade gold zones.
  • Enhanced operating platform with the recent acquisition of Copper Mountain, positioning Hudbay as the fourth largest copper producer and the fifth largest gold producer in Canada in 2023 ii .
  • Constancia's expected mine life extended by three years to 2041 as a result of mineral reserve conversion and the addition of a further mining phase at the Constancia pit.
  • Snow Lake's expected mine life maintained until 2038 with average annual gold production of 185,000 i ounces expected over the next three years.
  • Exploration activities in Peru focused on advancing drill permitting for highly prospective satellite properties near Constancia.
  • Commenced largest annual exploration program in Snow Lake consisting of geophysical surveys and drill campaigns testing the newly acquired Cook Lake claims, former Rockcliff properties and near-mine exploration at Lalor.
  • Developing access drift at the 1901 deposit in Snow Lake, located within 1,000 metres from the underground ramp to the Lalor mine, with a focus on confirming the optimal mining method for the base metal and gold lenses and converting inferred mineral resources in the gold lenses to mineral reserves.
  • Continuing to de-risk Copper World after enhanced pre-feasibility study published in 2023 and remaining state level permits expected in 2024.
  • Advancing Flin Flon tailings reprocessing opportunities through metallurgical test work and early economic evaluation to potentially produce critical minerals and precious metals while reducing the environmental footprint.
  • Entered into an option agreement with Marubeni Corporation relating to three exploration projects located near Hudbay's Flin Flon processing facilities.

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today released its annual mineral reserve and resource update and issued new three-year production guidance. All amounts are in U.S. dollars, unless otherwise noted.

"Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's high-quality operating platform with annual production of more than 150,000 tonnes of copper and 270,000 ounces of gold from three long-life mines located in tier-one mining friendly jurisdictions in the Americas," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "We saw strong reserve conversion in Peru after successful geotechnical work confirmed the addition of another mining phase at Constancia, extending the mine life to 2041, and we continued to progress drill permitting activities for the high-potential exploration satellites in Peru. Manitoba exploration efforts are focused on advancing the largest geophysical and drilling program in our history in Snow Lake to test the newly acquired land claims for another anchor deposit and extend the mine life well beyond 2038. Our Copper Mountain mine has a robust copper production profile over its 21-year mine life as reflected in the recent technical report. We already have a resilient operating platform delivering stable copper production and complementary gold production, and we expect to continue to add to our robust production outlook by leveraging our proven track record of delivering value through exploration and development as we advance our quality pipeline of growth assets."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Trilogy Metals Announces Date of Annual Shareholders Meeting and Provides Update on Ambler Access Road

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or "the Company") will hold the Company's 2024 Annual General Meeting of the Shareholders ("AGM") on Wednesday, May 22, 2024 at 10:00 am Pacific Time at the office of the Company, Suite 1150, 609 Granville Street, Vancouver, British Columbia .

All current directors will stand for re-election at the AGM. Other items of business include the approval of unallocated entitlements under the Company's 2012 Equity Incentive Plan. Pursuant to Toronto Stock Exchange rules, all unallocated options, rights and entitlements require shareholder approval every three years following institution of the plan.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
True North Copper

TNC Announces Institutional Placement

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to advise that it has signed binding documentation with Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund for a placement of A$5 million comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement).

Keep reading...Show less
Forte Minerals President and CEO Patrick Elliott.

Forte Minerals CEO Highlights Strategy for Prospecting, Acquiring Prolific Assets at Low Cost

Forte Minerals’ (CSE:CUAU) ability to discover and acquire exploration properties at a low cost in Peru has been largely accomplished through two strategies: seeking relinquished properties when the market is down, and employing remote sensing technology for discoveries, according to the company’s president and CEO, Patrick Elliott.

"Through low market times, we thrive on property acquisitions, deals, negotiating," he said. "It's usually around a time when other companies are relinquishing properties. A lot of the majors go through these periods whereby exploration gets the first cut. ... So we remain very flexible to be able to pick up these properties for nothing."

Elliott was commenting on the company’s recent acquisition of two properties in Peru — the Alto Ruri gold prospect and the Cerro Quillo gold-copper-molybdenum prospect — for a one-time cash payment of only US$25,000.

Keep reading...Show less
True North Copper

TNC Operational Update - Cloncurry Copper Project’s Mining Restart

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to provide an operational update on the mining restart at its 100% owned Cloncurry Copper Project (CCP).

Keep reading...Show less

Latest Press Releases

Related News

×