14th Sep 2018 09:56
LONDON (Alliance News) - Cradle Arc PLC said Friday it has been granted two-year renewals for its prospecting licences located north of the company's flagship Mowana Copper Mine in Botswana.
The company was granted the two-year renewal for its PL33/2005 and PL180/2008 licences from the Botswana Ministry of Minerals, Energy & Water Resources.
Cradle Arc explained the licences are on the same Bushman lineament on which its current copper resource estimates for Mowana are based. Currently, the Mowana strike length if five kilometres but the licences open this up to a possible 36 kilometres.
The firm plans to undertake further geophysics to extend the northernmost PL180/2008 permit area. This would be followed by a maiden drilling programme with the "objective of proving mineralisation within the known structure."
All such further proposed work is subject to financing.
"Gaining renewed access to this vast piece of additional exploration ground is an exciting result for the company," Cradle Arc Chief Executive Officer Kevin van Wouw said. "Historical regional geophysics show that the shear zone passes through both of the renewed permits, and the board believes that the likelihood of the structure continuing to be mineralised is very high."
"When this significant strike length is enhanced by evidence from our planned deep drilling in due course, there is clearly significant potential for future underground workings and a substantial mine life for Mowana", van Wouw said.
Shares in Cradle Arc were 4.0% higher at 3.95 pence on Friday.
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