By Oscar Nkala
Canadian miner Be Metals Corporation (formerly BQ Metals Corp) has announced the acquisition of a 72.5% interest in Pangeni copper mining project in the Zambian Copper Belt.
In a cautionary notice to shareholders, company director Clive Johnson said the Zambian concern is the first of many exploration and development stage projects lined up for acquisition worldwide under new company President John Wilton. Johnson said the preliminary agreement allows the company to gradually expand its shareholding at Pangeni over a period of 5-years.
“The company will acquire a 67.5% interest in the project over a 5 year period by spending US$2.5 million on exploration, incurring cash payments of US $1.45 million, and issuing 500,000 shares. Following the acquisition of the initial 67.5% interest, the company can acquire an additional 5% interest by completing a feasibility study and making a further cash payment of US$750 000,” Johnson said.
The Zambian project holds high prospects, buoyed by several past exploratory reports that confirmed the Copperbelt as a highly prospect zone for the discovery of high grade copper deposits.
Recently concluded exploratory works include core drilling of 5 holes in two different geochemical anomalies. The drilling has yielded between 0.34% and 0.48% copper mineralisation.
“These mineralized zones remain open to additional drill testing and other areas of the licence are largely unexplored. The encouraging initial drilling results provide significant proof of concept, of the exploration potential and indicate that further copper mineralization can be discovered under the extensive Kalahari sand cover within the licence area,” Johnson said.
Exploration activities are expected to commence within the first half of 2018. Meanwhile, the company has appointed John Wilton as chief executive officer and president. The board also resolved to change the name from BQ Metals Corp to Be Metals Corp with immediate effect.