18th Jun 2025 14:24
(Alliance News) - Xtract Resources PLC on Wednesday said that its Silverking project in the Mumbwa district of the central province of Zambia "may be more than a small-scale mining opportunity."
The Australia and Zambia-focused miner said information will be assessed to improve the definition of the main body, once assays have been received for drill holes SKIDD013 to SKIDD020. It added that drilling is being planned for the shallow body located parallel to the main body.
Silverking is subject to an option and joint venture agreement with Oval Mining Ltd, enabling Xtract to earn up to a 70% interest in the Silverking copper mine.
Xtract highlighted a new discovery which showed SKIDD018 intersected mineralisation at a shallow depth indicating the presence of a new mineralised body oriented sub-parallel to the main body.
Executive Chair Colin Bird said: "The success of recent exploration and the innovative addition of the ground VTEM [versatile time domain electromagnetic] survey capability has shown that Silverking may be more than a small-scale mining opportunity. We have carefully considered our plans and have elected to complete more thorough and detailed exploration over the Licence before commencing mining. We will keep shareholders up to date with pending assay results and any further successes with ongoing exploration."
Xtract Resources shares were down 4.9% at 88 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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