African Pioneer Provides Exploration Update on Zambia Licences
Exploration and development firm African Pioneer has released an update on exploration activities funded by First Quantum Minerals (FQM) in Zambia.
The six-month period ending December 31 saw drilling activities confirming proof of concept for Congo-style mineralization in the licensed areas.
The licences, situated within the fold and thrust belt and Western Foreland, are subject to an option agreement between African Pioneer and FQM, held by African Pioneer Zambia, an 80%-owned subsidiary.
FQM exercised its option over all four licences owned by African Pioneer Zambia, leading to the completion of exploration activities.
At the Turaco target, four diamond drill holes totaling 1,297.1 meters were completed. Additionally, a 772.3-meter-deep diamond drill hole was finalized over the Ikatu target, with results pending. At the Chipopa target, nine reverse circulation holes covering 780 meters were drilled, awaiting results.
Confirmation of FQM’s intention to exercise its option was reported in February, prompting both parties to devise a ground relinquishment strategy for license renewal later in the year, along with an aggressive exploration plan.
Colin Bird, Executive Chairperson of African Pioneer, expressed enthusiasm about the joint venture with FQM, emphasizing the confirmation of proof of concept.
The objective now is to continue exploration to identify structures and lithologies conducive to mineral deposition akin to the Ivanhoe deposits to the north.
Bird highlighted the increasing corporate activity in the region, underscoring the advantageous position of African Pioneer in Zambia’s Northwest amidst rising copper prices and positive market trends.
The collaboration with FQM, a prominent copper producer in Zambia, reflects African Pioneer’s strategic positioning for future growth and exploration success.
