Xtract Resources PLC (LON:XTR) 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.
READ: Xtract Resources surges as it agrees joint exploration deal at Matrix project in Zambia
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.
