Zamare announces transfer of licence 27219-HQ-LEL (Kalene Hills)
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Zamare Minerals Plc is pleased to announce that it has completed the transfer of licence 27219-HQ-LEL (Kalene Hills) in NW Zambia, and the licence is now held by its subsdiary, Kalene Minerals (Zambia) Limited.
This licence in far NW Zambia covers the south-western continuation of the Western Foreland style of rocks which hosts the massive Kamoa-Kakula mine and orebody in the Democratic Republic of Congo (DRC). The Kamoa-Kakula orebody is the fourth largest and highest-grade copper resource globally, with a NI 43-101 resource of 1,387 million tonnes at 2.74% copper. After initial production in Q2 2021, the mine is forecast by Ivanhoe to reach an annualised production rate of 600,000 tonnes by Q4 2024. The Western Foreland has been described by Robert Friedland Founder of Ivanhoe Mines as “A whole new mineral province” which has the potential to host multiple copper discoveries.
Ivanhoe control almost all of the exploration licences within this new ‘mineral province’ in the DRC. However, the geology does not stop at the border and the same lithologies continue into Zambia and the Kalene Hills licence.
It is a characteristic of Kamoa-Kakula and the Western Foreland Trend that there is little or no surface expression of the high grade copper mineralisation present at depth. This in large part explains why such a large orebody as Kamoa-Kakula was not found by earlier phases of exploration. Initial surface geochemical results were limited and required that Ivanhoe use geophysics and drilling effectively on low-level surface anomalies. Zamare’s exploration stategy for Kalene Hills is likely to use a similar approach to that successful at Kamoa-Kakula. At Kalene, younger Kalahari cover is also present in part. This again means that geophysics and drilling will be important exploration tools, although soil geochemistry remains a useful and very cost effective first pass tool.
The next step, now the licence is fully owned by Zamare, is to file an Environmental Project Brief (“EPB”) with the Zambia Environmental Management Agency (“ZEMA”), which is mandatory on all exploration licences in Zambia. The Company has successfully obtained EPB’s on all its other licences and has already done extensive work in preparation for filing this one.
After obtaining the EPB Zamare will commence exploration work by commissioning a systematic soil sample programme and field mapping. Roger Murphy, Managing Director of Zamare, said “ We are very pleased to have completed the transfer on this very strategic licence. It has taken longer than expected due to a reorganisation at the Zambian Mining Cadastre which meant it was closed for much of 2022. We now will finalise the forward work program which we have already spent much time on planning whilst we waited for this transfer. This licence has world class potential and we are very excited about exploring on it.”
The information contained in this press release is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this press release or its accuracy, fairness or completeness.
This press release (and the information contained herein) does not contain or constitute an offer to sell, or the solicitation of an offer to acquire or subscribe, for shares ("Shares"), or otherwise invest in the capital of Zamare Minerals Plc (the "Company") in any jurisdiction where such offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on the Company.
10 August 2023
