Cape Lambert reported cobalt, zinc and copper tailings at their Kipushi project in the Democratic Republic of the Congo today. The company reported at Kipushi estimates of copper-cobalt tailings of 2.3Mt at grades of 0.33 cobalt and one copper.
Further drilling also revealed zinc-cobalt tailings of 2.1Mt at 0.14 cobalt and 1.2 zinc for a total of 4.4Mt. ,Resource value has been evaluated at $1 billion with only half of the tailings at Kipushi actually mined.
The company drilled 47 holes for a total of 432m during the second half of 2018. Assay results were received at the end of January this year.
The Kipushi project is half owned by Cape Lambert, as it is operated under the 50/50 joint venture company Soludo Lambert Mining SAS, formed by Lambert and Paragon Mining SARL.
Recent contractual agreements have allowed for a boost of interest in the site for Soludo to 70 per cent ownership. Lambert settled deals with Paragon and Patience mining companies for the increase.
Lambert will make a payment of US$500,000 to Patience within 21 days. Cape Lambert Executive Chairman Tony Sage says the company’s focus will be shifted to the Kipushi project.
“The resource together with the exploration target is significantly larger than expected and the planned changes to the plant design should result in a more efficient and more profitable project overall to the benefit of all shareholders,” he said.
Cape Lambert’s market cap currently sits at $16.21 million, trading shares at 1.6 cents a piece as of this morning.