Discovery Metals Limited (DML) this week punched the air at the news that its seven prospecting licenses have been renewed in the Ngamiland area.
The seven licenses were granted in October 2005 and the renewal covers Boseto copper project, which is expected to start mine construction in December.
“Renewal of these Prospecting Licenses is an important milestone towards our goals of commissioning the Boseto Copper Project in the first half of 2012 and to the potential discovery of another Boseto style project within a similar timeframe,” Brad Sampson, DML Managing Director said.
As part of the renewal process, the Botswana Stock Exchange (BSE) quoted exploration outfit has relinquished some areas that are not considered to be prospective.
Apart from these licenses in the Ngami area, DML also holds additional seven prospecting licenses that were granted in July 2008, in the Ghanzi District.
Discovery Metals has prospecting licenses covering 9,656 km2 along the Kalahari Copperbelt. It has identified a number of exploration targets and is progressing with a US$ 5 million (about P33 million) exploration programme.
The company said it was committed to progressing exploration on all seven of the renewed tenements as quickly as possible.
It added that several historic prospects and two new and significant geochemical anomalies represent current exploration targets and a regional geochemical programme is underway to explore for additional targets.
Discovery Metals is an AIM/ASX/BSE listed copper exploration and development company focused on the emerging Kalahari Copperbelt in north-west Botswana.
The company is currently developing its 100 percent owned Boseto Copper Project towards production in the first half of 2012.
Last month it revealed Boseto construction will begin in the last quarter of 2010 putting smiles on shareholders that there will now be production.
It said it has instructed its Engineering Procurement and Construction (EPC) contractors Sedgman Limited to begin construction at Boseto copper project.
Segman’s assignment for Boseto Copper Project that is 80 km from Maun includes Front End Engineering Design (FEED) and related metallurgical testing for the copper flotation plant.
Subject to DML’s approval, the scope of works will then be expanded to include detailed design, procurement and construction of the plant and associated infrastructure, including the borefield development. The total estimated value of all works is approximately USD$85 million (about P862 million).
The Kalahari Copperbelt sediment-hosted mineralisation of the Boseto Copper Project is similar in style to the well known, extensive copper deposits of the Central African Copper Belt of Zambia and the Democratic Republic of the Congo.
Construction is scheduled to commence later this year and be completed by late 2011.
