Mining development company Xtract Resources has entered an agreement with consultancy company Cooperlemon Consultancy to restate its existing joint venture (JV) and expand exploration efforts in Zambia.
The addendum was entered on May 29 and adds three additional large-scale exploration licenses to the JV’s two existing highly prospective licenses in Northwest Zambia.
In aggregate, the five licenses cover an area of 173,586 hectares in the Western Foreland geological district. Exploratory work is set to begin in the second half of the year, potentially leading to the development of significant mineral resources similar to those found in the neighboring Kamoa-Kakula deposits.
According to Xtract Resources, potential drill targets will be defined as soon as possible.
Under the restated agreement, Xtract Resources will commit an additional $500,00 to each of the three additional licenses over an initial two-year period, bringing the company’s total commitment the project to $3.5 million.
