FQM Advances Option Agreement with African Pioneer Zambia Ltd in Namibia
Namibia-focused exploration and development company, African Pioneer Zambia Ltd, provided updates regarding its option agreement with First Quantum Minerals Ltd, an 80% owned subsidiary of African Pioneer Zambia Ltd.
An addendum to the original agreement, announced in January, was agreed upon on October 20. First Quantum Minerals exercised their option over two out of four licenses subject to the agreement, initiating a two-year earn-in period.
Due to the progress made and expenses incurred so far, First Quantum has been granted an additional six months until January 17, 2024, to spend $500,000 on exploration expenses for the remaining two licenses included in the option agreement.
Additionally, First Quantum has successfully identified the structural architecture that defines the boundary between the Western Foreland and the Central Fold and Thrust Terrain in the area covered by African Pioneer Zambia’s licenses.
Deep drilling on these licenses has revealed characteristics indicative of stratigraphy and mineralization processes similar to those involved in the formation of the Kamoa-Kakula deposit.
Colin Bird, the Executive Chair, expressed satisfaction with First Quantum’s decision to commence earning on two licenses and the extension of the option period on the other two licenses.
