Unicorn Mineral Resources Plc, (LSE: UMR), a mineral exploration and development company exploring for Zinc, Lead, Copper and Silver, is pleased to provide an update on the potential copper exploration and development project located on two granted Exclusive Prospecting Licenses in Namibia, which covers an old mine and associated tailings.
Following a preliminary independent technical evaluation of the project opportunity and the legal framework and mining policy in Namibia, the Company’s management team and consultants carried out a site visit to complete a review of the tailings dams and waste dumps resulting from over 21 years of historic mining activities. Various drilling and sampling investigations on the tailings dam have occurred throughout the years and have defined non-JORC compliant resources of copper and silver. Similarly historical non-JORC compliant resources have been reported on the remaining in-situ mineralisation from the historical underground mining activities.
The Company’s management team and consultants met with key local stakeholders and also inspected multiple outcrops and broad veins of visible copper mineralisation at several potential targets areas that indicated the potential continuation of the copper mineralisation along strike from the historical mining activities, further supporting the possibility that in-situ resources remain.
Samples, predominantly from the extensive outcrops of copper mineralisation that were observed and the waste rock and tailings stockpiles, were taken for analysis and assay at laboratories in Namibia. The Company is expecting to receive final assay results and certification of these results later this quarter and a further update will be made once these results are received.
The majority shareholders and local shareholders have expressed an intent to promptly complete the sale of a controlling interest to Unicorn, subject to the Company completing its legal, technical and financial due diligence, and the Board is advancing preliminary and non-binding negotiations with a view to signing heads of terms in the near term.
As well as this particular opportunity, the Company’s consultants have identified several other interesting brownfield mining opportunities and advanced exploration projects and the Company’s Board believes this acquisition could serve as a platform for further growth and expansion in Southern Africa.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
– Ends –
For further information, please visit www.UnicornMineralResources.com or contact:
| Unicorn Mineral Resources PlcJohn O’Connor, CFOTel: +353 86 259 5123Email: John.OConnor@UMR.ie | Novum Securities Limited – Financial Adviser and BrokerDavid Coffman / Ana EleyColin RowburyTel: +44 (0)207 399 9400 |
| Gathoni Muchai Investments Faith Kinyanjui Mumbiinfo@gathonimuchaiinvestments.com |