ASX Announcement
28 October 2016
September 2016 Quarterly Operations Report
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Corporate
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Annual General Meeting
The Company held its Annual General Meeting on Wednesday, 17th August 2016. All resolutions before the meeting were passed.
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Change of Board/Management
As announced by the Company on the 19th August 2016, Mr Bradley Drabsch was appointed as Non-Executive director of the Company as approved at the Annual General Meeting on the 17th August.
Mr Drabsch is a Geologist and has over 18 years' experience in the minerals exploration industry. He has previously worked as Exploration Manager for Doray Minerals Limited (ASX: DRM), Duketon Mining Limited (ASX: DKM), Montezuma Mining Company Limited (ASX: MZM) and for Independence Group NL (ASX: IGO) and Ivanhoe Mines (TSX: IVN) in senior project roles.
Mr Drabsch has a very strong technical and management background with a focus on remote greenfields mineral exploration. Brad has operated across Australia with experience in gold, base metals, iron ore, and rare earth metals exploration and throughout Mongolia exploring for large porphyry copper deposits.
On the 30th September 2016 Mr David Vilensky resigned from the Board of ZRL. ZRL thanks David for his tireless efforts and commitment to the Company.
Mr Gregory Bittar became Chairman on the 30th September 2016. Mr Bradley Drabsch became Managing Director, and Marinko Vidovich resumed his previous role as Finance Director.
BERMUDA
TRINITY HALL
43 CEDAR AVENUE HAMILTON HM12 BERMUDA
ZAMBIA
PLOT 5697 BEU CRESCENT
KALUNDU LUSAKA
AUSTRALIA
SUITE 5, 56 KINGS PARK ROAD
WEST PERTH, WA AUSTRALIA 6005
TEL: +61 8 6555 1879
FAX: +61 8 9398 4104
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TM Resources Pty Ltd
The Company announced on the 16th September that it had entered into a share sale agreement to purchase 100% of TM Resources Pty Ltd which holds two exploration tenement applications in the Northern Territory, known as the Lawn Hill Project. The tenements contain highly prospective geology with the potential to host large scale sediment hosted zinc-lead deposits similar in style to the World Class Century deposit (>150Mt @ 8.2% Zn + 1.2% Pb + 33g/t Ag).
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General Meeting
The Company announced on the 23rd September a Notice of General Meeting to be held on the 19th October 2016 seeking shareholder approval for the issue of up to 37,500,000 Capital Raising Shares at an issue price of $0.02 per Capital Raising Share, to raise up to $750,000. Subsequent to the end of the Quarter, ZRL shareholders approved this capital raising.
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Operations Review
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Kangaluwi Copper Project
2.1.1 Court Case
The Company is awaiting written judgement on the appeal
Court Case Background
The appeal hearing in the High Court of Lusaka referred to above is the appeal lodged by conservation groups against a decision of the Minister of Lands, Natural Resources and Environmental Protection on 17 January 2014 to allow the Company to develop its 100% owned Kangaluwi Copper Project in the Lower Zambezi National Park in Zambia. In the appeal the Zambian Government is the first respondent and Mwembeshi Resources Ltd, a wholly owned subsidiary of Zambezi, is the second respondent.
The decision of the Minister effectively allowed the Company to proceed with the developments of its 100% owned Kangaluwi Copper Project located in the Lower Zambezi National Park in Zambia.
On 6 February 2014 at the request of the Appellants, the Lusaka High Court granted an order, on an ex parte basis, for a stay of execution of the decision of the Minister to allow Zambezi to develop its Kangaluwi Copper Project.
The stay of execution remains in place pending the outcome of the appeal against the Minister's decision.
3.0 Business Development
ZRL continues to evaluate new project opportunities both within Australia and offshore.
The new management team, whilst remaining committed to achieving a positive outcome with respect to the current situation at Kangaluwi, is striving to bring new and highly prospective projects into the company to allow it to grow into the future.
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Tenements
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Mwembeshi Resources (a wholly owned Subsidiary of Zambezi Resources Limited)
Large Scale Mining Licence - Kangaluwi 15547-HQ-LML for a period of 25 years.
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Cheowa Resources (Incorporated Joint Venture - Zambezi 49% and Glencore 51%)
There are three licences held under Cheowa Resources:
Chalimbana 13170-HQ-LPL Chayinda 13171-HQ-LPL Cheowa 8573-HQ-LPL
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TM Resources Pty Ltd (a wholly owned Subsidiary of Zambezi Resources Limited)
There are two licence applications held under TM Resources Pty Ltd:
ELA 31260
ELA 31261
5.0 Competent Persons Statement
The information in this report relating to Mineral Resources was compiled by Mr Dean Carville who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Carville is a full-time employee of AMC Consultants Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. Mr Carville consents to the inclusion of this information in the form and context in which it appears.
The information in this report that relates to exploration results is based on information compiled by Mr Bradley Drabsch, Member of the Australian Institute of Geoscientists ("AIG") and Managing Director of Zambezi Resources Limited. Mr Drabsch has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a competent person as defined in the JORC Code 2012. Mr Drabsch consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
Brad Drabsch
Managing Director
Zambezi Resources Limited
Tel: +61 8 6555 1879
Email: [email protected]