Intrepid Mines Limited: New Access and Option Agreement on Licence Adjacent to Kitumba
(firmenpresse) - SYDNEY, AUSTRALIA -- (Marketwired) -- 10/14/15 -- Intrepid Mines Limited (ASX: IAU) ("Intrepid" or the "Company") is pleased to announce the conclusion of an access and option agreement in respect of a mining licence over land adjacent to the Kitumba project.
African Deposits Limited ("ADL") holds a small-scale mining licence of approximately 4 square kilometres over highly prospective land adjacent to Kitumba (See Figure 1 below). Intrepid has entered into an agreement with ADL which allows the Company access to ADL's mining rights for a period of one year, with an option to extend for an additional year. During this period, the Company may elect to purchase the shares in the company holding the ADL mining rights, subject to statutory approvals being obtained. The Zambian Minister of Mines, Energy and Water Development has granted his consent to the terms of the agreement.
The ADL ground was previously held by BHP Billiton and some legacy exploration data is available to the Company. A number of holes will be drilled to test this target in coming months.
The Company's CEO, Scott Lowe, said:
"This is a positive development as the agreement allows for the drill-testing of ground that is very close to Kitumba and features a number of positive indicators of potential mineralisation."
To view Figure 1. Mumbwa project showing proximity of ADL ground to Kitumba deposit and planned infrastructure, please visit the following link:
Historically known as Lulu (including a small artisanal operation), the ADL ground is considered to be prospective for the following reasons:
The Company plans to drill up to 6 holes, including 4 diamond and 2 RC holes for 2,600 metres.
Shareholder Enquiries
Matters related to shares held, change of address and tax file numbers should be directed to:
ABN: 11 060 156 452
Contacts:
Enquiries regarding this report
Scott Lowe, Chief Executive Officer
Sydney, Australia
(office) +61 2 9357 9000
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Datum: 14.10.2015 - 14:15 Uhr
Sprache: Deutsch
News-ID 426895
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contact information:
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SYDNEY, AUSTRALIA
Kategorie:
Mining & Metals
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