The mining licence in Botswana held by Cradle Arc Plc (LON:CRA) over 28.5 square kilometres of ground including the Thakadu open pit and Makala underground deposit has now been extended by the Ministry of Mineral Resources until 2020.
This licence is 70km south-east of the Cradle Arc’s flagship Mowana copper mine.
Thakadu was mined by its previous owners, with ore delivered to the Mowana processing plant, up to June 2015. The project has a JORC-compliant indicated mineral resource of 2.3mln tonnes at 1.11% copper and 11 grams per tonne silver, and an inferred resource of 5.4mln tonnes at 0.63% copper and 9 grams silver.
The combined deposits have the potential to contain a resource of over 50mln tonnes.
"We have always believed that the Makala and Thakadu deposits present a great opportunity for Cradle Arc,” said chief executive Kevin van Wouw.
“Thakadu ores were mined and transported to our Mowana copper mine by its previous owners as recently as 2015, so we have significant existing knowledge of the potential quality of the copper sulphide ore which also has significant silver credits.”