Termination will be effective
Under the terms of the Earn-In Agreement, Rio Tinto has not earned any ownership of the Solwezi Licences, and control will be returned to
2021 WORK PROGRAM
The work consisted of 5,968 meters ('m') of drilling divided into: 2,483 m of diamond drilling ('DD') over 8 holes, 1,050 m of Reverse Circulation drilling ('RC') and 2,682 m of air core drilling ('AC'). There were also 668 new soil samples taken and 1,200 AC samples from Mitu reanalyzed.
A total of five target areas were examined: Gameno, Likoko, Sanda, Mawemba and Dumbwa.
Gameno
There were three DD holes at Gameno totalling 1,300 m. The program was designed to test a Cu-Bi anomaly that was upgraded by two AC holes in 2020 that returned 18 m of 0.21% Cu and 14 m of 0.23% Cu. The three best intercepts were 2.1 m of 0.68% Cu from 360 m, 1.5 m of 0.79% Cu from 188.5 m, and 1.42 m of 8.3% Cu from 164 m.
No further work is recommended due to lack of strike continuity and thickness. It is also the most populous part of the licenses, running into the town of Solwezi, which hampers further exploration and potential development.
Likoka
Two DD holes, totalling 461 m tested the Mitu extension to the southeast over a moderate copper soil anomaly coincident with a strong Versatile Time Domain Electromagnetic ('VTEM') anomaly and an audiomagnetotelluric ('AMT') conductor.
Sanda
Two DD holes totalling 499 m tested a weak soil geochemical anomaly and a large VTEM anomaly similar to Mitu. Weak mineralisation was encountered in each hole.
Mawemba
One diamond drill hole was completed to test a Cu in soil anomaly on the north-west edge of a large mafic intrusive body. This diamond drill hole intercepted 20 m of 0.19% Cu from 27.3 m.
At Mawemba NE, 18 air core holes were drilled across three fences, testing a Cu in soil anomaly and along a linear magnetic anomaly. The strongest result was 1 m of 1.13% Cu from 26 m, terminating in mineralization.
Dumbwa
Rio Tinto performed a full review of the diamond drilling previously performed by
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This news release includes certain statements that may be deemed 'forward-looking statements.' All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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