Cradle Arc has announced that the Botswana Ministry of Mineral Resources, Green Technology and Energy Security (MMR) has extended the group's existing mining licence for Thakadu and Makala deposits, which is now valid until 31 May 2020.
Image: Silver bullion bar 1000oz top view. Photo courtesy of Unit 5/Wikipedia.
The Licence area covers 28.5km2 and includes the Thakadu open pit and adjacent Makala underground deposit, approximately 70km south east of the Company’s flagship Mowana copper mine (Mowana).
Hiighlights
- Extension of Mining Licence No. 2010/96L granted by the MMR in Botswana, which is now valid until 31 May 2020, covering the Thakadu and Makala deposits.
- Thakadu was mined by its previous owners, with ore delivered to the Mowana processing plant, up to June 2015.
- Thakadu has a JORC-compliant indicated mineral resource estimate of 2.3Mt at 1.11% copper and 11 g/t of silver, and a JORC-compliant inferred mineral resource estimate of 5.4Mt at 0.63% copper and 9 g/t of silver.
- Makala, which is 700m north east of Thakadu, is a higher grade copper and silver deposit containing a JORC-compliant inferred mineral resource estimate of 11.5Mt at 1.46% copper and 34 g/t of silver.
- Shallow, historical mining between the two deposits indicates the potential for future infill drilling to join the two deposits along strike to create a total strike length of over 3km.
- Makala and Thakadu have been the subject of two historical independent scoping studies that indicate underground mining techniques can potentially be deployed to successfully exploit the deposit.
- The combined deposits have the potential to contain a resource of over 50Mt, with an approximate 19Mt resource already established in the indicated and inferred categories as noted above.
Cradle Arc CEO commented: “We have always believed that the Makala and Thakadu deposits present a great opportunity for Cradle Arc. Thakadu ores were mined and transported to our Mowana copper mine by its previous owners as recently as 2015, so we have significant existing knowledge of the potential quality of the copper sulphide ore which also has significant silver credits.
“Now that we have been formally granted an extension to the mining licence until the end of May 2020, we can, subject to obtaining the requisite finance in due course, start to plan for the additional drilling required in the future to enhance the confidence of the existing resource, a vital step towards completing a feasibility study for a potential underground mining operation using access from the base of the existing open pit.”
Source: Company Press Release