TIDMAFP
RNS Number : 7248B
African Pioneer PLC
06 June 2023
6 June 2023
African Pioneer Plc
("African Pioneer" or "the Company")
Central Africa Copperbelt: Quarterly report update on Western
Foreland
exploration on the NW Zambia Joint Venture
African Pioneer plc ("AFP" or the "Company") the exploration and
resource development company with advanced projects in Namibia,
Botswana, and Zambia, is pleased to confirm that the latest
quarterly Report from First Quantum Minerals Limited ("FQM") has
confirmed the presence of mineralisation with diagnostic regional
geological and architectural similarities apparently consistent
with Kamoa-Kakula deposit mineralisation located in the DRC. The
targets are located in northwest Zambia on licences within the
AFP-FQM Option Agreement concluded by the parties with AFP's 80%
owned subsidiary African Pioneer Zambia Ltd.
Highlights
v Exploration has demonstrated that the geological setting,
regional geology and architectural vectors evident on the JV
licences show apparent similarities to that needed to facilitate
the large-scale deposition of high-grade copper mineralisation of
the Kamoa-Kakula-type.
v Sufficient drilling and geophysics have been completed by FQM
to generate a 3D model of the Western Foreland, the regional
setting evident at Kamoa-Kakula in the DRC.
Multiple high grade copper intercepts peaking at 8m @ 1.25% Cu
(ICP) will be followed up on the Turaco prospect. High-grade cobalt
mineralisation has also been identified peaking at 0.23% Co over 4m
within the Fold and Thrust Belt.
v Diamond drilling in 2023 will focus on targeting reduced
diamictite in the Western Foreland target, as well as testing depth
extent of mineralisation at the Turaco target, previously
delineated with aircore drilling in 2022.
v Further aircore drilling in 2023 is expected at Chibwika and
Chipopa targets and on the other cumulative >35km of anomalous
soil geochemical targets broadly defined and reported at the end of
the 2022 field season.
Colin Bird, Executive Chairman, commented: "The discoveries made
during the last quarter and the resulting report are
ground-breaking for our partners and AFP shareholders. The apparent
confirmation of the extension of the Western Foreland and the
presence of key vectors possibly consistent with Kamoa-Kakula style
of mineralisation is an exciting discovery and potentially paves
the way for the delineation of the type of copper resource that
could be transformational. This new opportunity coupled with the
extensive surface mineralisation on both of our licences focused on
eight primary targets with a combined strike length exceeding 30km
together with the discovery of high-grade cobalt mineralisation
merely amplifies the overall potential of this JV Agreement. We
look forward to the next reporting round to provide shareholders
with further updates based on the drilling and geophysics scheduled
by FQM".
Background
AFP's licence package in Zambia covers part of the NW extension
of the Zambian Copperbelt. The properties are located within
80-100km of First Quantum Minerals' Sentinel mine, one of the
largest copper mines in Africa, with current Measured and Indicated
Resources 867.1Mt @ 0.44% Cu. The projects lie on the Lufilian Fold
Belt in the Domes region of the Central African Copperbelt and
comprise a geological package similar in age and rock type to that
hosting the major copper deposits of the Copperbelt. Therefore, the
licence areas are considered by AFP and FQM to be strongly
prospective for Copperbelt-type copper/cobalt and/or nickel
deposits. They are historically underexplored.
Update on Progress in 2022
The 4th Quarter 2022 report to African Pioneer from Joint
Venture partner FQM confirmed encouraging copper oxide intercepts
at three shallow drill targets and potentially significant copper
mineralisation in two holes on a separate licence being explored
for geological settings similar to those that host the giant
Kamoa-Kakula deposits of Ivanhoe Mines Limited located in the
Democratic Republic of Congo (DRC).
The 4A-ICP-MS analytical results from two diamond drillholes at
the Ikatu target, IKDD001A and IKDD002, returned peak grades of 1%
Cu and 19.3g/t Ag over 1.1m (IKDD001A) and 0.22% Cu and 541ppm Co
over 1.3m and 0.14% Ni and 541ppm Co over 4.3m (IKKDD002).
Lithogeochemical assessment of these results further support the
oxidised diamictite unit is likely to be Petit Conglomerat, whilst
the tuff unit logged near the base of IKDD001A has elevated Nb/Ti,
a characteristic which seems to be diagnostic of the Grand
Conglomerate elsewhere in the Katangan. These results will both
inform and guide the next phase of drilling by FQM to target
thicker, reduced diamictite facies that typify the 'Western
Foreland' setting.
During 2022, aircore drilling at Turaco target within the
External Fold-and-Thrust belt domain, intersected several
significant copper intercepts, including an oxide mineralised zone
with 8 m @ 1.19% Cu (pXRF assay) from 5 m. A selection of samples,
previously analysed in-house by pXRF only, were subject to
4A-ICP-MS assaying by ALS Laboratories in Johannesburg to check for
cobalt and other pathfinders, as well as to verify pXRF data.
Results for Cu were consistent with those previously reported by
pXRF (Table 2). Furthermore, several significant Co intercepts were
identified, the best being 4 m @ 0.23% and 10 m @ 0.14% Co in
drillhole TUAC012 (Table 1). The results are subject to ongoing
review, but are an encouraging indicator of prospective shallow
resources within the External Fold-and-Thrust belt, which is
renowned for Cu-Co deposits in the DRC.
Table 1 : Cobalt grades (by ICP) and intercepts from drillhole
TUAC012
Table 2 : Copper grades (by ICP and pXRF) and intercepts from
drillhole TUAC012
Exploration Plans and Priorities for 2023
FQM has recently advised African Pioneer of its forthcoming AMT
geophysical exploration and combined diamond core (DDH) and air
core (AC) drill programme for the 2023 field season.
A priority focus will be further AMT at Ikatu target, within the
Western Foreland domain, aimed to better constrain the basin
architecture and evaluate interpreted NW-SE trending structures. At
Kamoa-Kakula, there is evidence that NW-SE trending structures are
important for controlling the sedimentary facies, thickness of
units and grades of mineralisation. In addition to Ikatu, AMT work
planned by FQM will target the fold- and thrust belt at Chipopa and
Chibwika, both within licence 27771-HQ-LEL.
Further aircore drilling will test the Northern and Southern
extents of the copper in soil anomalies at Turaco target in
27770-HQ-LEL, in addition to following up new targets refined
during 2022 work programme, such as Chibwika and Chipopa in
27771-HQ-LEL. This wide-ranging programme is considered by FQM to
be fully justified by the outcome of the 2022 programme.
Later in the 2023 field season, 4000m of diamond drilling (DDH)
by FQM is scheduled from July. The main objectives will be to test
for thicker, reduced diamictite facies at Ikatu target along strike
from Kamoa in the Western Foreland, and also test depth extent of
mineralization at Turaco target.
For further information, please contact:
African Pioneer Plc Tel +44 (0) 20 7581 4477
Colin Bird, Chairman
Beaumont Cornish Limited (Financial Tel +44 (0) 20 7628 3396
Adviser)
Roland Cornish/Asia Szusciak
Novum Securities Limited (Broker) Tel +44 (0) 20 7399 9400
Jon Belliss
or visit https://africanpioneerplc.com/
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Qualified Person:
Colin Bird : The technical information contained in this
announcement has been reviewed, verified, and approved by Colin
Bird, C.Eng, FIMMM, South African and UK Certified Mine Manager and
Director of African Pioneer plc, with more than 40 years'
experience mainly in hard rock mining.
Glossary
"Air-core drilling (AC)" A rotary drilling technique employing
an annular drag bit in which cuttings
and small core samples are recovered
through the drill rods by compressed
air
----------------------------- ---------------------------------------------------
"Audio-magneto telluric A geophysical technique that measures
(AMT)" variations in the Earth's natural electromagnetic
fields to detect electrical resistivity
variations in the subsurface horizons
----------------------------- ---------------------------------------------------
"Diamictite" A lithified sedimentary rock that consists
of
non-sorted to poorly sorted terrigenous
sediment containing particles that
range in size from clay to boulders,
suspended in a matrix of mudstone or
sandstone
----------------------------- ---------------------------------------------------
"DRC" Democratic Republic of the Congo
----------------------------- ---------------------------------------------------
"ICP analysis" An analytical method that provides
total elemental analysis of materials
in solution
----------------------------- ---------------------------------------------------
"Indicated Mineral Resource" That part of a Mineral Resource for
which quantity, grade (or quality),
densities, shape and physical characteristics
are estimated with sufficient confidence
to allow the application of Modifying
Factors in sufficient detail to support
mine planning and evaluation of the
economic viability of the deposit.
Geological evidence is derived from
adequately detailed and reliable exploration,
sampling and testing gathered through
appropriate techniques from locations
such as outcrops, trenches, pits workings
and drill holes, and is sufficient
to assume geological and grade (or
quality) continuity between points
of observation where data and samples
are gathered. (JORC 2012)
----------------------------- ---------------------------------------------------
"Mineralisation" The concentration of metals and their
chemical compounds within a body of
rock
----------------------------- ---------------------------------------------------
"pXRF" Hand-held instrument to determine the
chemistry of a sample by measuring
the fluorescent (or secondary) X-ray
emitted from a sample when it is excited
by a primary X-ray source
----------------------------- ---------------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFFFILRFIEIIV
(END) Dow Jones Newswires
June 06, 2023 02:00 ET (06:00 GMT)
African Pioneer (LSE:AFP)
Historical Stock Chart
From Oct 2024 to Nov 2024
African Pioneer (LSE:AFP)
Historical Stock Chart
From Nov 2023 to Nov 2024
