Perth-based miner Integrated Resources has signed a conditional farm-in agreement of up to 85 per cent of four permits with more than 3000 square kilometres of prospective copper-filled land in Zambia.
Integrated obtained the permits located in the North-Western province of Zambia in the Kasempa district, an area the company believes to be the next hot spot for mining, exploration and investment.
A signing fee of US$120,000 will be paid from existing cash reserves coupled with a US$50,000 exclusivity fee that was paid in December 2013.
For the initial interest of 51 per cent in all tenements, Integrated will need to spend US$325,000 over 15 months, followed by $US500,000 over 24 months for an additional 34 per cent of the permits.
The flagship project, Kalengwa South, covers 557 square kilometres with the other three permits compromising the Kalengwa East project totalling 2,632 square kilometres.
Up to 39.4 per cent copper and 9.02 grams per tonne gold have been reported in historical trench sampling within the permit areas; along with drill results of up to 7.3 per cent copper over 3.2 metres.
The company has engaged an in-country manager who was previously employed as a technical executive for a major mining company operating in Zambia.
Shares in Integrated have doubled since open, trading at .02 cents per share as of 8:15am, WST.
