Anomaly found near Kipushi

Zamgold, a wholly owned subsidiary of America Mineral Fields (AMZ-T), has discovered a significant copper anomaly in southern Zambia.

The discovery is generating interest because it is only 2 km from the past-producing Kipushi copper-zinc mine in neighboring Democratic Republic of Congo (DRC).

Situated along the fault line associated with the Kipushi fault system, the anomaly is elongated and strikes northeast for 1.8 km, with a varying width of up to 800 metres.

Copper values in the anomaly vary from 200 to 700 parts per million (ppm), significantly higher than the 127-ppm average for the area. Within the anomaly is an area measuring 1 km by 600 metres in which copper values exceed 400 ppm.

Zamgold is conducting a multi-resistivity electromagnetic and induced-polarization (IP) survey to identify targets for a drill program scheduled to begin in March.

America Mineral Fields is evaluating plans to revive the Kipushi mine and related processing facilities as a joint venture with the DRC’s state-owned mining agency, Gecamines.

Kipushi has been dormant since 1983 because of a lack of funds. Capital requirements at the mine are pegged at US$30-35 million.

The resource is estimated at 22.6 million tonnes grading 2.1% copper and 13.8% zinc; included in that figure is a proven reserve of 8.8 million tonnes grading 2.7% copper and 12.8% zinc that would support about six years of production.

In related news, Zamgold has acquired the Mpata Gorge gold property in Zambia. Situated near the Zimbabwean border, the 1,500-sq.-km concession is home to a gold mine that was worked prior to 1950. Exploration plans have yet to be announced.

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