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Okapi kicks off Phase 2 of copper-cobalt hunt


Published 20-AUG-2018 11:16 A.M.


3 minute read

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This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. Finfeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.

Okapi Resources (ASX:OKR) has kicked off a follow-up field program at the Tenke and Ntondo projects in the Democratic Republic of Congo (DRC) as part of its technical due diligence program across the Katanga Copper-Cobalt Project.

OKR has mobilised field teams to begin its Phase 2 exploration due diligence programs at the Ntondo and Tenke licences.

Orion Geoconsulting and Associates Sarl have been engaged as consulting geoscientists to facilitate the field work, and have significant experience in the southern DRC copper/cobalt belt.

The Phase 2 program will include detailed mapping and sampling programs of each of these license areas, targeting the Roan and Kundulungu exposed rock units identified during Phase 1 field work.

Significantly, these rocks are highly prospective for hosting world-class copper/cobalt mineralisation such as the Tenke Fungurume Copper/Cobalt Mine (Measured and Indicated – 680Mt at 2.5% copper & 0.3% cobalt) and Kamoa-Kakula (Indicated Resource 1.03 billion tonnes at 3.17% copper).

The Tenke Project sits in close proximity to many well-known copper/cobalt deposits — the Tenke Fungurume, Fwaulu, Kansalawile, Kwatebala, Pumpi and the Mambilimba deposits. It is known to have highly prospective Roan Group sediments outcrop in the license area.

Planned Phase 2 work at Tenke will consist of detailed field mapping and sampling. The plan is to cover the entire extent of the license area with mapping at a 1:50k scale.

The work which is currently underway will form the basis of future targeting work, which could include airborne geophysics, geochemical sampling and drilling.

The Ntondo Project, on the other hand, describes a series of rocks of both the Roan and Kundulungu Groups. This geological setting is extremely prospective for both traditional copper/cobalt mineralisation of the district hosted within the Roan sedimentary package (the Tondo copper/cobalt deposit is 12 kilometres east of this license) and for Kamoa-Kakula style mineralisation hosted in the Kundulungu Formation. Kamoa-Kakula is touted as one of the four largest copper deposits in the world and the highest grade copper deposit in the world’s 10 largest deposits.

The Phase 2 work program at Ntondo will be similar to that of Tenke. OKR will be engaging a second field team at Ntondo so as to run the exploration work concurrently with that of Tenke, thereby expediting outcomes.

Legal due diligence continues on the properties within the Katanga Project. Once this is completed, the option agreement with Rubamin FZC (the current owner) will formally begin, giving OKR the rights to invest and earn equity in the Tenke, Luisha and Ntondo projects, collectively known as the Katanga Copper-Cobalt Project.

Although legal due diligence is still in progress, the Phase 2 exploration program has commenced to take advantage of access to the licence areas, given the seasonal implications on field work in the Katanga region.

It should be noted that OKR is still in its early stages and investors should seek professional financial advice if considering this stock for their portfolio.

Managing director, Nigel Ferguson, commented: “We are very delighted to have commenced the Phase 2 work on the Ntondo and Tenke licences.”

“We know this work will form the foundation required to build the geological context around the properties and provide a great geological base for any airborne geophysics which we choose to pursue.”

“We have already sought quotes and commenced logistical work for an airborne EM program over the Katanga properties. This is work that probably sits beyond the scope of the due diligence program but given wet season access problems, the timing is considered appropriate,” Ferguson added.

Licenses of the Katanga Copper-Cobalt Project

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