Business

Aussie firm completes copper study

TRYNESS MBALE, Lusaka
ARGONAUT Resources, an Australian firm, has completed a feasibility study to identify the value of its flagship copper project in Solwezi and has defined new target areas in its licence area.
Argonaut’s investment of US$2.4 million in the Lumwana West project and the subsequent payment of US$1.1 million to secure Mwombezi Resources Limited’s shares have given the company a major stake in the mine.
Early this year, the mine signed an agreement with a major Chile-based copper producer, Antofagasta, which fully funded the Lumwana West project.
According to a statement posted on the company’s website and obtained by the Daily Mail on Monday, the holes were drilled at five prospect areas plus the Nyungu deposit.
“The firm has completed 5,220 metres of diamond core drilling for 22 holes of its flagship copper project in Solwezi.
“Mineralised intervals received to date for drilling at West Mwombezi and Kavipopo have explained targeted geochemical and geophysical anomalies but have fallen short of returning economic drill intercepts,” the statement reads.
During the last quarter, Argonaut collected 6,750 soil samples from the Lumwana West area, predominantly, over new regional targets.
The soil sampling defined promising new targets in the Kabikupa and Kamafamba areas and significantly extended the known strike of the Mufuka target.
Argonaut Resources has a number of projects in South Australia, Queensland, Laos and Zambia, which are in advanced exploration and feasibility stages.

Tender

Facebook Feed