Bankers Cobalt revealed that it has signed an option to acquire a stake of 70% in the Kamanjab copper-cobalt exploration project in Namibia from an undisclosed local private company.
Image: A cobalt ore. Photo: courtesy of Chris 73 en:Image:Cobalt OreUSGOV.jpg/Materialscientist.
According to Bankers Cobalt, the option is for a period of two years and does not involve any set expenditure requirements. The option can also be extended or converted into a 70:30 corporate joint venture within the two-year option timeline, said the Canadian miner.
Bankers Cobalt is currently engaged in the acquisition, exploration and development of cobalt and copper mineral assets in the Democratic Republic of the Congo (DRC). The acquisition of the Namibian mining license gives it an opportunity to diversify from the DRC with nominal cash consideration.
Bankers Cobalt chairman and CEO Stephen Barley said: “Bankers’ primary focus will remain on the exploration of our large property portfolio in the DRC. Based on key relationships, Bankers was presented with the opportunity to participate in a highly prospective substantial land package in Namibia and the potential was so compelling the Corporation determined to add this to the portfolio.”
Located in northern Namibia, the Kamanjab license is spread over an area of 135km² and is about 500km northwest of the Namibian capital – Windhoek.
Bankers Cobalt said that the mineralization is widespread and variable in style. It occurs in discrete sedimentary horizons, like the Dolostone Ore Formation, where the copper-cobalt is associated with disseminations and veinlets of sulphide minerals, orogenic copper and also strata bound zinc-lead mineralization, said the Canadian firm.
Further, it revealed that most of the geology is dominated by Nosib/Epupa porphyritic gneiss that is known to have copper mineralization.
Bankers Cobalt president and COO Grant Dempsey said: “The unexplored Kamanjab project at 135 km² in area, has the size and appropriate geology to possess a tremendous amount of upside potential regarding copper, cobalt and other metals.
“Bankers will utilize the considerable expertise of the existing DRC exploration team to evaluate the prospect avoiding any duplication of costs while continuing unabated with all planned activities in the DRC.”
Earlier this month, Bankers Cobalt revealed its plans to drill on three exploration permits in the DRC which include the Kankutu Project, the Kabolela Project and the 292 Project.