Early stage exploration by Nzuri Copper in their Fold Thrust Belt joint venture with Ivanhoe Mines in the African Copper Belt has shown why the area is regarded as one of the world’s hottest mineral regions.
Nzuri this week reported a set of highly encouraging results from several targets in the joint venture, which is right on the doorstep of Ivanhoe’s giant, high-grade, Kamoa and Kakula copper discoveries in the Democratic Republic of Congo.
Under the DRC’s mining rules, Ivanhoe was previously forced to relinquish much of the ground now in the joint venture, however the mining giant has partnered with Nzuri to regain an interest over what it still clearly regards as highly prospective ground.
Nzuri’s latest results certainly reinforce that view. The ASX junior reported that new drill intercepts at the Monwezi West Cobalt target had confirmed the presence of significant Cobalt mineralisation, with results including 19 metres at 0.48% Cobalt from a depth of just 20 metres. Within the same intercept was a high-grade zone of 7 metres at the fantastic grade of 1.04% Cobalt.
Reconnaissance work also led to the discovery of previously unknown artisanal workings where cobalt concentrate is produced immediately outside the JV area, highlighting the prospectivity of Monwezi West for new cobalt discoveries.
Great results were also released from exploration at Kasangasi, which is a stratiform copper target in the same style as Ivanhoe’s Kamoa-Kakula discoveries just 17kms away.
Copper mineralisation at Kasangasi has now been mapped by Nzuri over a +400 metre strike length. Furthermore, diamond drill holes have intersected the equivalent rock sequence to Kamoa-Kakula, with visible Copper sulphides such as bornite and chalcopyrite.
Nzuri CEO, Mark Arnesen, said Kasangasi and Monwezi West had emerged as compelling targets for further exploration.
He said; “The company’s systematic and targeted exploration strategy within the Fold Thrust Belt JV is beginning to pay dividends, with the combination of mapping, trenching and geochemical drilling at Kasangasi now supplemented by RC and diamond drilling, helping us to unravel the geology and better understand the potential of this exciting prospect. At Monwezi West, the impressive grades, combined with the shallow nature of the intercepts and their proximity to Kalongwe, make this area a priority for ongoing exploration.”
Earlier this week, Nzuri released an impressive set of numbers in their feasibility study for development of Kalwonge as a foundation project. The study showed the Stage 1 project was expected to produce revenues of US$499m and an internal rate of return of 71%. A lean, simple development means cash could be generated just 12 months after development approval, which would give Nzuri the freedom to make the most of the exciting exploration opportunities that are emerging in the Ivanhoe joint venture.
