Vancouver — In return for an investment of $1.4 million,
Rubicon President David Adamson says the acquisitions give the company “leverage at low cost” to a major copper-cobalt deposit in the copper belt of the DRC.
Africo has rights to earn a 75% interest in the Kalukundi deposit, which contains an inferred resource of 16.9 million tonnes grading 3.03% copper and 0.66% cobalt. This estimate is based on eight holes drilled by state-owned Gcamines in the 1980s, plus 12 more holes drilled by JCI in 2002.
Africo’s Kalukundi deposit is 50 km west of the famous Tenke Fungurume copper-cobalt deposit in Katanga province, and 4 km from existing rail and power lines.
The existing resource is contained in oxidized host rocks from surface to 100 metres below surface. Mixed oxide-sulphides are found from 100 metres to at least 150 metres.
Africo will carry out a drilling program to upgrade the existing resource and advance the project to the feasibility stage. The company also plans to explore for additional copper-cobalt mineralization on the property. Africo is managed by South African professionals with extensive experience in southern Africa.
Gcamines retains a 25% carried interest in the Kalukundi deposit, while the DRC government holds a 2% net smelter return royalty.
Rubicon can boost its interest in Africo to 33.8% by meeting certain conditions. In addition to Kalukundi, Africo controls gold properties in Zambia and platinum-palladium-gold projects in Zimbabwe.
Rubicon holds gold and base metal properties in Canada, Alaska and Nevada.
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