Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Xtract reports progress at Zambia joint venture

(Sharecast News) - Xtract Resources updated the market on its copper exploration joint venture in Zambia with Cooperlemon Consultancy (CL) on Thursday, alongside its broader copper exploration strategy in the region. The AIM-traded firm said the joint venture, which it first announced on 24 August 2023, was focussed on advancing exploration efforts within the promising large-scale exploration licences 29123-HQ-LEL and 30459-HQ-LEL in Northwest Zambia.

It highlighted the strategic positioning of the two exploration licences within the Western Foreland geological district, which also hosts the renowned Kamoa-Kakula deposit and the Central Fold and Thrust Belt in Northwest Zambia.

Covering a combined area of 107,000 hectares, the licences occupied a highly prospective region where competition for exploration rights is notably intense.

Licence 29123-HQ-LEL is situated to the west of the perceived boundary between the Western Foreland and Fold Belt, while licence 30459-HQ-LEL coincides with the boundary and could encompass part of the Fold Belt itself.

Xtract said it anticipated the potential discovery of high-grade Kamoa-style mineralisation at depth, alongside lower-grade Kolwezi-type mineralisation at or near the surface within the licences.

The start of exploration activities had been initiated through the recent acquisition of a significant historical database originally compiled by Anglo American.

Xtract said the database acquisition would enable it to execute a cost-effective and expedited exploration programme, facilitating efficient progress in its endeavours.

"We have recently embarked on an intensive exploration campaign targeting a discovery of commercial grade and tonnage of copper in a region of NW Zambia that is not only the subject of more intense competition than I have ever known for exploration ground but also the focus of attention for most of the world's major mining companies," said executive chairman Colin Bird.

"NW Zambia is a proven host for large scale copper deposits and the geology of our joint venture ground is highly prospective.

"Zambia as a nation has set ambitious targets for copper production to underpin its economic progress and Xtract intends to become a part of that story initially by being the only junior company operating its own Joint Venture licences on a self-financing and independent basis."

At 1332 GMT, shares in Xtract Resources were up 0.43% at 1.06p.

Reporting by Josh White for

Share this article

Related Sharecast Articles

UPS tops Q1 profit forecasts but misses on revenue
(Sharecast News) - American transport and logistics giant United Parcel Service saw shares rise on Tuesday after quarterly profits beat analysts' forecasts, even though revenues fell more than expected.
Getir investors said to fund European exit with new cash injection
(Sharecast News) - Investors in grocery delivery app Getir, which at one point attained a valuation of almost £10bn, are reportedly set to inject yet more money into the company to fund its exit from the UK and Europe.
Bushveld updates Vametco mineral resources
(Sharecast News) - Bushveld Minerals updated the market on mineral resources and reserves for the Vametco vanadium mine near Brits on the Western Limb of the Bushveld Complex on Tuesday.
Power Metal Resources completes Molopo drillhole
(Sharecast News) - Power Metal Resources announced the completion of drillhole DDH1-14C at its Molopo Farms Complex project in southwestern Botswana on Tuesday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.