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(Alliance News) - Xtract Resources PLC on Thursday said it entered into a joint venture agreement with Cooperlemon Consultancy Ltd concerning two large scale copper exploration licences in Zambia.
Shares in Xtract were up 12% at 1.52 pence each in London on Thursday morning.
Under the deal, the Australia and Africa-focused resources, development and mining company will earn a 65% interest by funding exploration expenses of no less than USD2 million over an initial two-year period. Phase two exploration will cost around USD3 million. Phase one of exploration is set to begin next month.
Xtract will also operate both copper licences as part of the agreement.
The 29123-HQ-LEL and 30459-HQ-LEL licences in northwest Zambia cover a 107,000 hectare area within the "highly prospective" Western Foreland geological district that hosts the Kamoa - Kakula deposit and the Central fold and Thrust belt.
Cooperlemon is a mining consultancy based in Lusaka, Zambia.
Executive Chair Colin Bird said: "It is our intent to commence field work with the objective of identifying potential drill targets for Kamoa style mineralisation and also for Kolwezi style mineralisation which has the potential for near surface copper and possibly cobalt mineralisation. We are very excited about the prospects for the joint venture and look forward to updating the market on exploration activities."
By Sabrina Penty, Alliance News reporter
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