The AIM-listed metals miner said the two renewals had been granted by the Botswana Ministry of Minerals, Energy and Water Resources for a period of two years, with a proposed work plan to conduct further geophysics to extend the resource through the northernmost permit area with a maiden drilling programme to prove mineralisation in the known structure.
Cradle said there was potential to increase the combined strike length to 36km from the current 5km within the Mowana license area, which hosts a measured and indicated resource of 55mln tonnes at 1.17% copper (Cu) for 640,000 tonnes of contained copper and Inferred resource of 20mln tonnes at 1.08% Cu for 220,000 tonnes of contained copper.
The firm added that to date, the northernmost drill holes in the license have returned high-grade intercepts, with Hole MWN007 returning 50 meters at 2.11% TCu from 667m depth, and Hole MWN025 returning 19.28m at 2.94% TCu from 272.38m.
Kevin van Wouw, chief executive of Cradle Arc, said that historical data had shown the shear zone passed through both of the renewed permit areas and that the likelihood of mineralisation was “very high”.
He added that there was “significant potential” for future underground workings and a substantial mine life for the Mowana project.
In late-morning trading Friday, shares were steady at 3.8p.
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