
November 01, 2023
Belararox Ltd (ASX: BRX) (Belararox or the Company), an advanced mineral explorer focused on high-value clean energy metals, is pleased to announce the Company has secured the potential acquisition of a 100% interest in two (2) exploration licence tenements, Solwezi East and Chantente, in Zambia from Chemopharm Limited. The tenements consist of over 17,800 hectares in the Central African Copper Belt (“CACB”), within a region close to the northern Zambian border, with exploration and mining service providers that are dedicated to servicing the copper mines and exploration projects in the region. The location of the tenures relative to Zambia’s capital city Lusaka is displayed in Figure 1 on page 3.
KEY HIGHLIGHTS
- Belararox has signed a non-binding terms sheet with Chemopharm Limited to acquire the Solwezi East and Chantente exploration licences located in the Zambian Copperbelt.
- The Solwezi East and Chantente exploration licences are located in the north of Zambia near the border shared with the Democratic Republic of the Congo.
- Five (5) key copper mines surround the tenures and are located within ~175km of the tenures: Sentinel (First Quantum), Lumwana (Barrick Gold Corp.), Kansanshi (First Quantum), Kipushi (Ivanhoe Mines), and Konkola (Vendanta Resources) copper mines.
- BRX has proposed to purchase from Chemopharm Limited, a company registered in Zambia, a 100% interest in two tenements (exploration licences) namely 19806-HQ-LEL (Solwezi East) and 19712- HQ-LEL (Chantente).
- As part of Belararox’s ongoing technical due diligence, desktop studies and project planning are underway to validate the information from previous reports and to review copper targets.
- The proposed strategic acquisition will complement Belararox’s existing portfolio consisting of the TMT copper project in Argentina and its Australian zinc-copper projects providing a strong value proposition for shareholders.
Neither Chemopharm nor any of its associates are related parties of, or material investors in, the Company.
The Central African Copperbelt constitutes a metallogenic province that hosts numerous world-class copper-cobalt deposits both in the Democratic Republic of the Congo (“DRC”) and Zambia (refer to Figure 3 on page 5).
Exploration Director - Argentina, Jason Ward, commented: “This acquisition of the Solwezi East and Chantente projects present a unique opportunity to explore the Zambian Copperbelt and further diversify Belararox’s portfolio of copper and base metals projects in world class metallogenic regions.”
Belararox’s Managing Director, Arvind Misra, commented: “Belararox's significant move involves a non-binding term sheet with Chemopharm to acquire Solwezi East and Chantente exploration licences in the Zambian Copperbelt, near the Congolese border. Our tenures lie within 175km of five major copper mines: Sentinel, Lumwana, Kansanshi, Kipushi, and Konkola. This enhances our copper project portfolio, demonstrating our commitment to increasing shareholder value. As part of the due diligence process, we're actively pursuing desktop studies and project planning to validate data, confirm copper results, and identify promising targets.”
Click here for the full ASX Release
This article includes content from Belararox Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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The Conversation (0)
14 September 2023
Belararox Limited
Overview
Belararox Limited (ASX:BRX) is an Australian mineral exploration and development company focusing on its 100-percent-owned base and precious metals projects, targeting zinc, copper, gold, silver, nickel and lead resources, and aiming to be. The company aims to be a significant contributor to help meet the world’s growing demand for battery and renewable energy metals.
The Australian government is investing nearly AU$70 billion to boost renewable energy initiatives to meet its 2030 net-zero goals, which not only provides Belararox opportunity to access government funding but also allows it to benefit from a supportive policy regime.
Belara, the company’s flagship project in New South Wales, has an inferred resource estimate of 5 million tonnes of base and precious metals. Belararox also recently acquired a new asset in Argentina, which the company will soon begin exploration work on.
Belararox has completed Phase 1 drilling, confirmed historical mineralizations, and upgraded the JORC-compliant inferred resource estimate at its flagship Belara asset. The updated resource estimate resulted in a 100-percent increase in mineralized tonnes, a 65-percent increase in copper, and a newly defined 33,762 ounces of gold. The company is now moving towards Phase 2 drilling.
Bullabulling, the company’s secondary asset in Western Australia, is slated for lithium permatite exploration work to be completed by middle of 2023, with results being available by the end of the year.
In March 2023, Belararox entered a binding agreement to acquire 100 percent of the Toro-Malambo-Tambo (TMT) Base Metals and Cu-Au Porphyry project in Argentina (TMT Project) from Fomo Ventures. As part of the transaction, Belararox will enter into royalty deeds with Fomo shareholders with respect to a one-percent net smelter royalty. The TMT project is believed to be highly prospective for zinc, an in-demand clean energy metal used in processes to reduce carbon emissions.
Company Highlights
- Belararox Limited is a mineral exploration and development company focussing on its 100-percent-owned precious and base metal assets.
- The company’s focus on battery metals creates an opportunity to gain access to funding from the Australian government, which is investing in mining projects to reach its 2030 net-zero goals.
- Belara, the company’s flagship asset, has an inferred resource of 5 million tonnes of base and precious metals, including zinc, lead, copper, silver and gold.
- Belararox Limited will soon begin the next phase of drilling at Belara.
- The company’s secondary Bullabulling project in Western Australia has a planned drilling campaign for 2023.
- Belararox’s recently acquired Toro-Malambo-Tambo (TMT) project in Argentina includes untested assets. The company inspected and reviewed key mineralised sections of historical drill core stored in trays as part of its due diligence process in acquiring the project and has verified the presence of zinc mineralisation.
- An experienced board and management team leads the company towards exploring and developing its asset portfolio with expertise throughout the mining industry.
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