viewCape Lambert Resources Limited

Cape Lambert Resources prepares for critical news flow from Kipushi

Assays from a 47-hole drill program are expected to be released this week.

man with suit case running up an arrow line
Assays from the tailings dam will then be used to estimate a JORC resource

Cape Lambert Resources Ltd (ASX:CFE) is expecting imminent news flow from its Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo (DRC).

The project involves the reprocessing of cobalt-copper tailings contained in the Kipushi Tailings Storage Facility (Kipushi TSF).

Tailings assays from a 47-hole, 432-metre drilling program in early October 2018 are expected to be revealed this week.

Importantly, once these assays are reviewed, work will commence on preparing a JORC resource estimate for the tailings dam.

Discussions with project financiers and off-takers progressing

Notably, discussions with several potential project financiers have progressed as well as discussions with a major party for an off-take agreement for the cobalt hydroxide product.

Cobalt hydroxide plans to be produced through a leaching process.

Cape Lambert has also been approached by an engineering, procurement and construction management (EPCM) contractor that has offered to fund and build the project.

The cost would be repaid from production revenue.

Discussions with this company are progressing with a firm costed proposal awaited.

READ: Cape Lambert Resources highlights value in tailings pipeline

Cape Lambert’s chairman Tony Sage said: “I am confident that financing and offtake agreements can be finalised in the very near future.

“I am also encouraged by the offer received for an EPCM contractor to fund the building of the leaching plant, which presents an alternative option to getting into production, so I look forward to receiving their proposal.”

Quick facts: Cape Lambert Resources Limited

Price: 0.004 AUD

Market: ASX
Market Cap: $4.42 m

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