By Benjamin Chiou
Date: Thursday 24 Aug 2023
LONDON (ShareCast) - (Sharecast News) - AIM-listed Xtract Resources has signed a new joint venture to mine copper in a 107,000-hectare area in Northwest Zambia.
The partnership, with Cooperlemon Consultancy Limited, relates to licenses 29123-HQ-LEL and 30459-HQ-LEL located within the Western Foreland geological district that hosts the Kamoa-Kakula deposit and the Central Fold and Thrust Belt.
Xtract will earn a 65% stake in the joint venture and spend up to $2m on exploration over an initial two-year period, expected to start next month.
If proven successful, and tests indicate a resource of at least 500,000 tonnes of contained copper, there will be a second two-year exploration period, at a cost of $3m to Xtract.
Executive chair Colin Bird said: "We are very excited about the prospects for the joint venture and look forward to updating the market on exploration activities."
The stock was up 4% at 1.4p by 0932 on Thursday.
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Currency | UK Pounds |
Share Price | 1.00p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 1.85 |
52 Week Low | 0.83 |
Volume | 524,205 |
Shares Issued | 856.38m |
Market Cap | £8.56m |
RiskGrade | 1,021 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
14:53 | 130,000 @ 1.04p |
11:46 | 32 @ 0.95p |
10:42 | 25,000 @ 0.95p |
09:29 | 200,000 @ 1.04p |
09:22 | 114,943 @ 1.04p |
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