Modern Mining May 2024

MINING news

Altona Rare Earths Zambia copper license acquisition

LSE-listed Altona, a resource exploration and development company focused on critical raw materials in Africa, has entered into an agreement with Sustineri Group and with the benefi cial owners of Phelps Dodge Mining (Zambia) to acquire the issued share capital of Phelps Dodge Mining (Zambia), the reg istered holder of large-scale Exploration Licence 21403-HQ-LEL, located in the Mufumbe District of Northwestern Province of Zambia. The consideration for the transfer of the exclusivity over the Tenement from Sustineri to Altona is £40 000, to be satisfied by the immediate issue of 800 000 new ordinary Altona shares at a price of 5p. The tenement has a surface area of around 616 km² and is valid for copper, cobalt, nickel, lead, zinc, gold and dia monds. The tenement is located 4 km west of the Kamweji copper occurrence, and 60 km southwest of the Mufumbwe copper mine. Immediate exploration work will include repro cessing the magnetometer survey data and an ionic leach soil sampling survey at a reduced sample spacing, ahead of defin ing drilling targets by year end. Cedric Simonet, CEO of Altona, commented: “Securing an asset with enough potential to have historically attracted the

Altona Rare Earths Zambia inks copper license acquisition. attention of a major player in the copper mining industry is a sig nificant achievement for Altona. We are delighted to make our entry into Zambia with this acquisition; a country where world class copper and cobalt discoveries regularly make the news. 

Awalé hits multiple shallow high-grade intercepts the Odienné Project TSX.V-listed Awalé Resources has reported significant assay results at the Odienné Project. The BBM Zone is a grassroots discovery. The latest holes followed up on this promising new discovery, and the company expects to restart drilling in April. The multiple, shallow, broad, high-grade intercepts demonstrate the BBM zone’s excellent continuity and scale potential. high-grade gold mineralisation encoun tered in multiple drill holes underscores the prospectivity of our exploration area and highlights the substantial value it holds for our company and stakeholders.”

With an established robust geologic framework, the company can progress with a targeted drilling programme to scope

Andrew Chubb, CEO of Awale Resources, commented: “We are delighted with these assays from the follow-up programme at the BBM target. The mineralisation is robust, and we have now confirmed plunging high grade mineralisation over 500 m of strike, which remains open in all directions. The consistently

Andrew Chubb, CEO of Awale Resources.

size potential, geological and grade continuity of the minerali sation as well as test for new parallel shoots along the 8 km of open strike. 

May 2024  MODERN MINING  3