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Copper mine seeks to develop Northwest deposits

Copper mine seeks to develop Northwest deposits

By BUUMBA CHIMBULU

CENTRAL Copper Resources (CCR) is looking to raise equity to finance the development of its mines and exploration work in Zambia’s North-western province as well as Democratic Republic of Congo (DRC) through floating on the London Stock Exchange (AIM).

CCR is a new copper exploration and development company with a 65 percent interest in 13 permits with an explorations permit covering an area of 292km2 in the Lunga basin in Zambia and 770km2 in the DRC and an exploration permit covering

The funds raised will be invested directly into the company’s portfolio to advance the direct exploration and evaluation work programmes in the DRC and in Zambia, says CCR Chief Executive Officer, Kevin van Wouw.

Mr van Wouw in an interview said the group was looking forward to accessing the capital markets in London and to build on its current strong shareholder register.

CCR, he explained, was now finalising the necessary documentation and final procedures for Admission.

“We believe that we are listing on AIM at a good time in the project life cycles of the portfolio and given the recent performance of the copper price.

“The company’s corporate and in-country leadership team boasts extensive experience in resource development in the DRC, Zambia, and across Africa,” he said.

Mr van Wouw said CCR’s wholly owned Zambian subsidiary, Lunga Basin Project, holds an exploration permit covering an area of 292km2, located in the Lunga basin.

This, he said, was highly prospective for copper and lied in close proximity to the Chifumpa mine that had a mineral resource estimate (non-JORC Code (2012) compliant) with a grade of over four percent copper.

The company acquired the project in 2020 through the acquisition of Armada Minerals Limited.

The planned work programme includes airborne and ground geophysics, infill soil sampling and 3,000m of RC drilling to test priority target areas where geochemical anomalies have been identified.

He said that project work done to date includes soil-sampling programme completed in September 2020, demonstrated robust copper anomalies (200-500ppm), with coincident Lead and Zinc.

“Follow-up work to be carried out in the next 18 months includes: Airborne and ground geophysics, Infill soil sampling and 3,000m of RC drilling to test priority geology/anomalies.

“A portion of the proceeds from the IPO are to be directed towards Lunga to advance this highly prospective licence,” Mr van Wouw said.

He said the team are excited to be working on high grade, world class copper projects, furthering exploration and continuing development at these assets.

Central Copper holds a 65 percent stake in COMILU (DRC) and 100 percent of Armada Minerals (Zambia), in addition to a 20 percent stake in Titan Mining and Exploration in the DRC.

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