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African Copper Plc ("ACU" or "the Company")
(AIM:ACU)(BOTSWANA:AFRICAN COPPER), the AIM and Botswana listed copper producer
and exploration company, announces that four prospecting licences held by its 100% owned Matsitama
Minerals (Pty) Ltd ("Matsitama
Minerals") subsidiary have been extended for a further two years
by the Minister for Minerals, Energy and Water Resources, Botswana. The
four prospecting licenses, PL 14/2004, 15/2004, 16/2004 and 17/2004,
total 1,988.6km2 in extent and cover much of the highly prospective Matsitama Schist Belt in northeastern Botswana. Matsitama Minerals also holds title to two other prospecting
licenses in the Matsitama Schist Belt, which
collectively cover an area of 96.2km2.
Matsitama Minerals was originally granted the
prospecting licences in 2004. Between 2004
and 2009 the Company carried out extensive exploration work across all
four licence areas creating a substantial
geological knowledge base. Exploration activities recommenced in March
2010 when it was decided to re-examine the Matsitama
Schist Belt from a totally new perspective. To this end, a number of
world renowned earth scientists from a range of disciplines were
brought into Botswana to assess and evaluate the existing datasets. The
international panel applied the latest thinking and generated a number
of new, highly prospective, hitherto unexplored targets.
A one year, fast-track exploration programme
was drawn up in June 2010 and US$2.5 million was committed for spending
over the upcoming 12 month period. Fieldwork commenced in the latter
half of 2010 and the new exploration targets generated by the panel of
international experts were rapidly determined to be highly prospective.
It was additionally determined that detailed fieldwork spanning a
number of years would be required to progress the new exploration
targets so that detailed mineral resource assessments and economic
studies, if warranted, could be carried out.
Exploration in the Matsitama Schist Belt is
now focused on iron-oxide-copper-gold ("IOCG")
mineralization. These deposits can be very large, capable of supporting
mining operations for periods of 30 or more years. It has long been
believed that the Matsitama Schist Belt may
host IOCG mineralization but until recently, no conclusive proof had
been found to confirm the existence of this type of deposit in the
belt. Three highly prospective IOCG targets have now been identified by
the Company: the Nakalakwana, Lepashe and Matsitama
West targets. The Nakalakwana target also
hosts a pre-tectonic, copper-rich protore of
possible basaltic affinity. Resources for the protore
have recently been estimated by the MSA Group using historical,
unverified drillhole data. The resource
estimate was completed in order to guide future exploration activities
at Nakalakwana.
-- The Nakalakwana IOCG target is characterized by drill-verified, iron oxide-rich, copper and gold mineralization, numerous ancient artisanal copper and iron workings, a marked gravity high, pronounced soil geochemical (Cu, Au, Bi) anomalies, anomalous potassium and uranium- equivalent radiometrics and an aeromagnetic high. -- The Matsitama West IOCG target is characterized by copper and gold mineralization in surface outcrops, ancient artisanal copper workings, anomalous soil geochemistry (Cu, Ni) and the presence of a north-south trending, late tectonic high strain zone believed to be related to copper mineralization in the area. Copper and gold-bearing grab samples were taken from two separate localities over areas measuring 200m x 75m and 175m x 75m, respectively (there are very few outcrops in the Matsitama Schist Belt). -- The Lepashe IOCG target is characterized by copper and gold mineralization in surface outcrops, ancient artisanal copper workings, anomalous soil geochemistry (Cu, Ni), a circular gravity low (interpreted as a Palaeoproterozoic granite intrusive), the presence of a north-south trending, late tectonic high strain zone and an aeromagnetic high.
In addition, the Company is
currently evaluating banded iron formation ("BIF") exposures
in the Gamogae area for both iron and gold.
The BIF can be traced over a distance of 13km. Very limited sampling
has been completed to date.
The locality of the target areas is shown in a map available at:
http://www.africancopper.com/i/maps/2011-06-22_NR1.jpg
Selected exploration results obtained from the various targets over the
past year are shown in Tables 1 to 5 below.
Table 1. Nakalakwana IOCG target.
---------------------------------------------------------------------------- Borehole ID(1) From (m) To (m) Interval (m) Cu (%) Au (g/t) ---------------------------------------------------------------------------- NTRC02 72 160 88 0.12 0.23 Includes: 95 123 28 0.21 0.69 98 102 4 0.62 0.90 99 104 5 0.46 2.42 ---------------------------------------------------------------------------- (1) Borehole drilled October 2010.
Table 2. Nakalakwana
protore resource estimate.(1)
---------------------------------------------------------------------------- Target Cut-off (% Cu) Tonnage (Mt) Cu (%) Au (g/t) ---------------------------------------------------------------------------- Nakalakwana Hill 0.3 18.8 0.52 0.06 0.0 33.7 0.39 0.05 ---------------------------------------------------------------------------- (1) The resource estimate is based on historical, unverified drillhole data. Consequently, Matsitama Minerals does not consider the estimate to be compliant with modern reporting codes but does consider the estimate to be a reasonable indication of the potential.
Table 3. Matsitama
West IOCG target.
---------------------------------------------------------------------------- Grab sample (selection of better assays)(1) Cu (%) Au (g/t) Ag (g/t) ---------------------------------------------------------------------------- 1.90 0.89 8.66 Gossanous quartz-chlorite schist 0.33 3.71 1.26 1.74 0.95 6.34 ---------------------------------------------- Gossanous vein quartz 3.02 0.50 5.79 ---------------------------------------------------------------------------- (1) Total of 28 samples taken; average Cu value = 1.22%; average Au value = 0.49g/t; average Ag value = 2.39g/t; samples taken across two areas measuring 200m x 75m and 175m x 75m, respectively, in extent.
Table 4. Lepashe
IOCG target
---------------------------------------------------------------------------- Grab sample (all samples)(1) Cu (%) Au (g/t) Ag (g/t) ---------------------------------------------------------------------------- Amphibolite, quartz-haematite breccia 2.14 0.05 3.47 Amphibolite 1.82 0.05 1.07 Quartz-haematite breccia 0.64 0.18 2.06 ---------------------------------------------------------------------------- (1) Total of three samples taken over an area measuring 25m x 25m in extent.
Table 5. Gamogae
BIF target
---------------------------------------------------------------------------- Grab sample Fe Fe Fe (all samples)(1) (%, lowest value) (%, highest value) (%, average value) ---------------------------------------------------------------------------- BIF, Fe-rich quartzite 10.4 41.0 26.6 ---------------------------------------------------------------------------- (1) Total of 35 samples taken over the northern and central portions of the BIF.
Note
The technical information in this announcement has been reviewed and
approved by Warwick Bullen, M.Sc., Pr.Sci.Nat., Exploration Manager - Matsitama
Minerals. Warwick Bullen is a Qualified
Person for the purposes of NI 43-101, and a
Competent Person for the purposes of SAMREC and JORC and the current
Guidance Note for Mining, Oil and Gas Companies issued by the London
Stock Exchange in June 2009.
Exploration data is acquired by Matsitama
Minerals and its consultants under strict quality assurance and quality
control protocols. Samples are prepared and assayed at ALS Chemex laboratory located near Johannesburg
, South Africa. All gold assay values are accredited in
accordance with the recognized International Standard ISO/IEC
17025:2005. All copper samples assaying at greater than 0.2% Cu are
re-assayed using the ALS Chemex Cu-OG62
method and these sample assays are similarly accredited. On-site
quality control procedures follow industry standard protocols.
For further information please visit www.africancopper.com.
Notes to Editors:
African Copper Plc is an AIM and Botswana
listed copper producer and exploration company, currently focused on
Botswana. The Company's flagship project is the copper producing open
pit Mowana Mine. ACU also operates the Thakadu copper mine. Both deposits are situated on
the highly prospective Matsitama belt,
located close to Botswana's second largest city, Francistown, in the
north-eastern part of the country.
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