logo-loader
viewCradle Arc PLC

Cradle Arc renews prospecting rights north of Mowana deposit

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

Permits folder
Cradle said there was potential to increase the strike length to 36km from the current 5km

Cradle Arc PLC (LON:CRA) has renewed prospecting licenses for an area north of its Mowana copper mine in Botswana.

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.

READ: Cradle Arc signs joint venture deal with Indiana Resources to advance Kossanto West

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.

-- Adds share price --

Quick facts: Cradle Arc PLC

Price: 0 GBX

LSE:CRA
Market: LSE
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cradle Arc PLC named herein, including the promotion by the Company of Cradle Arc PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Cradle Arc PLC renews two prospecting licences 'with significant potential'

Kevin van Wouw, chief executive of Cradle Arc Plc (LON:CRA) tells Proactive's Andrew Scott they've renewed prospecting licences for an area north of its Mowana copper mine in Botswana. He says two renewals have been granted by the Botswana Ministry of Minerals, Energy and Water Resources...

on 21/9/18

2 min read