Rns9 Dec 2021 12:38
DETAILS
The Mindouli Project - High Grade Chalcocite and Native silver
Mindouli is a large sandstone and limestone hosted copper deposit covering 372km2 in the Republic of Congo, with mining permits valid until 2036 and high-grade mineralisation occurring over a strike length of at least 1.2 kilometres.
Mining records show that a French company extracted 47,000t @ 19% copper during the early 1900s and since then the Project has been subject to a number of phases of exploration, both surface and underground. Initially the Project was explored and drilled by the BGRM in the 1950s and further explored by the Bulgarian geological survey in the 1970s.
Since 2009, the Project has been subject to over US$20 million of exploration expenditure a number of exploration programmes including surface mapping, grab and soil sampling, RC and diamond drilling, development of four exploration adits and completion of non-JORC compliant mineral resource estimates, which formed the basis for a Feasibility Study on the development of a substantial open pit and underground copper mining and SXEW processing operation to produce up to 100,000tpa of copper cathode.
In 2011, an Independent Chinese consulting company published a non JORC-compliant low-end Mineral Resource of 25mt @ 4% Cu and 50g/t Ag and high-end Mineral Resource of 35mt @6% Cu and 150g/t Ag. Using this, ASX-listed AusAmerican Mining Ltd published a JORC Code Exploration Target in 2014 of 15-30Mt at average copper grades of 3% to 5% based upon the assumption that mineralisation is at least 1.2km in strike length.
Looking ahead and given copper's robust market dynamics in line with its critical role in the new energy revolution and constrained supply, on completion of the Acquisition, the Company anticipates undertaking further exploration and resource drilling to publish a JORC compliant Mineral Resource and completing an updated Feasibility Study based on a large open pit mining operation and SXEW processing plant to produce copper cathode.
The Company and Mayflower have had consultants in the Republic of Congo in recent months completing site visits and holding various meetings with key stakeholders and governmental bodies.
The Republic of Congo has a very well-established Mining Code and has seen successful investment in the copper mining and exploration sector on the adjoining Mining License at the Gerald Group and China National Gold Group's operating SOREMI Copper-Lead-Zinc Mine.
Terms of the Acquisition
Plutus has signed HoTs to acquire 100% interest in Mayflower, which is a subsidiary of mining investment group, Mayflower Capital Investments Group.
The Acquisition is subject, inter alia, to the completion of due diligence, documentation, and compliance with all regulatory requirements, including the Listing and Prospectus Rules and as required, the Takeover Code. The Acquisition, if it proceeds, will constitute a Reverse Tak
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