Wednesday, February 21, 2024

Cobre see high copper yields in Botswana

Cobre, the Australian Securities Exchange (ASX) listed exploration growth company, has reported high-grade copper yields at its Botswana project.

The mining explorer this week announced significant high-grade copper-silver assay results from its site located in the prolific Kalahari Copper Belt (KCB).

“These results highlight the potential for an economic deposit to be uncovered at Comet and our developing district within the KCB more broadly. Importantly, we believe that, based on these latest assay results, there is much more to come,” said Martin Holland, Cobre’s executive chairman and managing director.

He added that the copper intersection corroborates the company’s previously reported visual estimates, further reaffirming the company’s exploration methodology and the technical team on the ground. Holland said the focus continues to be aimed at identifying new targets and proving up the high-grade zones within the area.

Based on results, there is potential for several similar structurally controlled high-grade zones to occur along the 4km length of the Comet Target, the company said in the statement, adding that drilling is ongoing.

In August, Cobre announced that the department of mines has renewed the five exploration licenses for an additional two years, making the exploring company buoyant that it will strike fortunes.

The renewal of the licenses held through Triprop Holdings are subject to a binding earn-in agreement with Kalahari Metals Limited – the major shareholder in Triprop Holdings. Kalahari Metals Limited is a joint venture company between Metal Tiger, which holds a 50.01 percent interest while Cobre holds the remainder of the shareholding.

Cobre has already been exploring approximately 8,100 km2 of tenements within  the prolific Kalahari Copper Belt, one of the most prospective areas in the world for copper exploration, which the company hopes its enriched, high-grade copper discoveries and high-grade development pipeline will underpin copper’s future growth in the electric vehicle and renewable energy sectors.

In the same month, the company raised A$7 million (P61.7 million) through share placement to investors in order to fund exploration work in Botswana. Funds raised will be used to fast-track exploration on the package held by Kalahari Metals, where Cobre recently signed a share purchase deed to acquire the remaining 49 percent of the company, which it does not already own, subject to shareholder approval.

Besides the exploration work in the Kalahari Copper Belt, Cobre has doubled down on the Ngami Copper Project (NCP) and Kitlanya West licenses in Botswana with an infill diamond drilling campaign — designed to define a new copper deposit at Ngami – and a soil sampling program over Kitlanya, which will investigate the regional opportunities of the Kalahari Copper Belt.


Read this week's paper