RE: Sp3 Mar 2024 13:45
Full potential as in exploration target is now known. They went in cheap and are now working out how big. Again I apologise that its not the usual format of a miner. That's the disclaimer but also the attraction here.
Phase 1 didn't include drilling, my mistake. It was the Lithium mine which had drilling as past of phase 1.
Quarterly activities report:
Exploration at the Kinusi Copper Project Confirms a Major Copper Mineralised Corridor and an Initial 10 -15Mt Exploration Target of High-Grade Copper, Gold, and Other Base Metals
The Kinusi Copper Mine (“Kinusi”) is located near the village of Kinusi in Mpwapwa District in the Dodoma Region of central Tanzania and comprises 10 primary mining licences where the Company is working with its local partner Takela Mining Tanzania Limited (“Takela”) on exploration, mine development and the establishment of new copper processing operations.
As announced on 18 August 2023, exploration results received from the Phase I Program of exploration activities completed by the Company’s independent geological consultants, Geofields Tanzania Limited (“Geofields”) confirmed the presence of a copper mineralised corridor at Kinusi that extends for over 1 kilometre (“km”) length and over 300m (“m”) in width at the main Sasimo Prospect.
The copper mineralised zones identified at Kinusi were seen to comprise mainly malachite and azurite with minor bornite and native copper mineralisation and is associated with the base-metal sulphides and is oxidised near the surface and which indicates the potential extensions of the copper mineralisation at depth.
Based on the Phase I Program of exploration activities, Geofields estimated an initial Exploration Target at Kinusi of a 10-15Mt deposit of high-grade copper, gold, and other base metals, with the potential to increase to in excess of 50Mt on completion of definitive resource drilling programs proposed to be completed in the next phase of exploration work at Kinusi.
As announced on 5 October 2023, a total of 51 samples including reference material samples were collected and prepared by Geofields and sent for laboratory analyses at SGS testing facilities in Tanzania during the Quarter. Assay results were received after the Quarter end, the average grade across the samples was 2.68% copper and included results of 15.48%, 11.69%, 11.03%, 8.11%, 6.55% and 6.54% copper. The results confirmed the high-grade copper mineralisation at the Sasimo Prospect.
The Company and Geofields are currently finalising the Phase 2 Program of exploration activities to be completed at Kinusi. This work will include geochemistry and geophysics survey work, and a resource exploration drilling program.
Phase two $2m already budgeted and started will consist of 12 drills at 1500m total as part of a 5000m program. LIDAR and airborne geophysics study.
https://twitter.com/Chuggley1/status/1750600786399105322?t=R5bElCad5BaU2QODYMMXpg&s=19
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