Vancouver – African Metals (AFR-V, AFMCF-O) has inked an option deal on a large land position in the Katanga copper belt of southeastern Democratic Republic of Congo (DRC).
In acquiring 80% of eight properties that comprise a total of 682-sq km, the company will pay US$1 million over two years and issue 300,000 shares. Should any economic resource be defined, an additional US$125,000 would be due.
The Katanga copper belt, which hosts a number of significant copper, cobalt and zinc deposits, adjoins the well known Zambian copper belt across the border.
African Metals’ projects are situated between 30 and 90 km north of Lubumbashi and are road-accessible from the town. Active copper mining occurs near one of licence boundaries.
The properties are underlain by Katangian sediments that consist of three supergroups. Large areas of Roan supergroup rocks, which host more than 230 base metal occurrences within the copper belt, are contained within the projects.
The company also recently entered an agreement to acquire 75% in a DRC oil and gas licence.
Additionally, African Metals holds diamond and gold concessions in western Mali.
Shares of the African-focused explorer have recently traded up to the 80-level, setting a new 52-week high.
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