KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has been awarded an exploration licence for 100% of the Konso critical metals area in Ethiopia.
Konson was previously explored by the Ethiopian Geological Survey, and by Brazilian giant Vale prior to its country exit in 2012
Vale identified large zones of copper and tantalum (plus lithium) which KEFI believes now warrant follow-up exploration for critical metals.
KEFI adds the Brazilian group did not focus on the tantalum/ lithium-bearing pegmatites but confirmed large areas of copper/nickel/cobalt/platinum group metals mineralisation.
Konso, approximately 635 kilometres southwest of Addis Ababa, looks to have geological analogies to certain projects in East Africa currently being explored, KEFI added.
The exploration licence runs for three years initially and KEFI intends to follow up Vale's early-stage work that used a combination of remote sensing and classical field geology.
This included establishing 2500 geological stations for data collection and database assembly, a 3000 line km EM (Electromagnetic airborne survey), 4000 soil samples and 120 rock chip samples.
KEFI’s initial programme will comprise mapping, trenching and geophysics.
Harry Adams, KEFI’s executive chairman, said Konso is the first of a number of opportunities its Ethiopian holding company KEFI Minerals Ethiopia, or KME, is assessing.
"Our portfolio of assets in Ethiopia is now expected to grow and we look forward to providing further updates on this and our expected Ethiopian Stock Exchange listing of KME securities.”