- Cobre (CBE) begins its next stage of drilling at Kalahari Metals’ (KML) Ngami copper project in Botswana
- The initial phase of drilling will investigate the first of several prospective areas identified on KML’s license holding on the northern margin of the Kalahari Copper Belt
- The program will involve four diamond holes which will test for extensions to copper-silver mineralisation that were previously intersected in two separate historical drill targets
- Meanwhile, KML has extended an earn-in agreement with Triprop Holdings, providing KML with an option to acquire 75 per cent of Triprop
- Cobre shares have ended the day 38.5 per cent in the green, closing at 5.4 cents
Cobre (CBE) has begun its next stage of drilling at Kalahari Metals’ (KML) Ngami copper project in Botswana.
The base metals explorer currently owns a 51 per cent stake in KML, after a share purchase deed with Metal Tiger (MTR) was penned in June.
The initial phase of drilling will aim to investigate the first of several prospective areas identified on KML’s license holding on the northern margin of the Kalahari Copper Belt.
The program will involve four diamond holes drilled for roughly 1200 metres, which will test for extensions to copper-silver mineralisation that were previously intersected in two separate historical drill targets.
Cobre’s Executive Chairman and Managing Director Martin Holland said the Kalahari Copper Belt is one of the most prospective copper belts world-wide.
“This program represents the start of Cobre’s new strategy to open up the significant potential within KML’s extensive license holding on the northern margin of the Kalahari Copper Belt,” Martin Holland said.
“Mitchell Drilling International have been commissioned to undertake the drilling and have already mobilised to site, with drilling expected to start shortly.”
Meanwhile, KML has extended an earn-in agreement with Triprop Holdings, providing KML with an option to acquire 75 per cent of Triprop.
The earn-in will incur US$800,000 (A$1.1 million) of exploration costs on the Triprop licenses and see the issuing of £60,000 (A$105,300) of Cobre shares to the non-KML shareholders.
KML then has the option to acquire the remaining 25 per cent of Triprop based on an independent market valuation.
Cobre shares ended the day 38.5 per cent in the green, closing at 5.4 cents.