Xtract has an option to acquire a 50% stake in the project before 1 October 2019 after spending up to US$200,000 to assess its suitability for a resource drilling programme and feasibility study
() saw its shares jump in lunchtime trading Tuesday after it entered an option agreement on the Eureka copper/gold project in Zambia.
The exploration firm said under the agreement, it would have an option to acquire a 50% stake in the project before 1 October 2019 after spending up to US$200,000 to assess the suitability of the project for a resource drilling programme and a feasibility study.
Colin Bird, executive chairman of Xtract, said that they believed there was potential for “a large mineralised body” as previous work at the site had provided a platform for exploration that “may lead to a large-scale copper-gold resource”.
Shares were up 11.1% at 1p.
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