Kopore Metals Limited (ASX: KMT) has announced about the initiation of its maiden field program in Namibia. A team has moved to the exploration site and has begun a magnetotellurics ground geophysics program at the Omenye and Ongava Domes. The domes are approximate, 60 km south-west of T23 discovery made in Botswana by MOD Resources Limited (ASX: MOD).
The program is scheduled to come to its conclusion in February 2019, and upon receipt and analysis of results, drill targets will be generated, and it is anticipated that the first drilling program by the Company in Namibia will commence this quarter. The Omenye and Ongava Domes were identified by Kopore utilising the geological database it inherited when the Namibian prospecting licences were awarded to the Company. Both the Omenye and Ongava Domes are on prospecting licences issued to the Company. They are not subject to the action taken against the Ministry by a third party.
On 30 January 2019, KMT published its quarter activities report ending 31 December 2018. During the Quarter, the Company undertook Reverse Circulation (RC), Rotary Air Blast (RAB) and Diamond drilling programs at its Korong Central, Korong North and Kara projects in Botswana, respectively. The drilling achieved important exploration milestones including the intersection of the interpreted D’Kar/Ngwako Pan footwall contact depth and identification of pathfinder alteration and sulphides (pyrrhotite, pyrite) at the Korong Central Domal Prospect.
In addition to drilling activities in Botswana, the Company continued to advance its recently acquired Namibian licences, with access granted to an extensive historical database of drilling, geochemical and geophysical data. This database is estimated to represent A$4-5 million in historical exploration activities and includes full assay results for 59 drill holes, greater than 8,300 soil samples and detailed geophysical surveys.
In late Q4, the Company received the Environmental Clearance Certificates (ECC’s) for its eight Namibian licences, allowing exploration programs to commence across all the licensed areas. The additional RC and Diamond drill rigs were mobilised to Korong North and Kara prospects in Botswana to accelerate exploration program, and technical assistance to the geophysical interpretation was provided. The Cash position as at 31 December 2018, of the company, was $2.54 million.
On 11 October 2018, KMT announced the appointment of Ms Sarah Wilson as Company Secretary, effective from 1 November 2018. Simultaneously with Ms Wilson’s appointment, the Company advised that Mr Andrew Metcalfe ceased in the role of Company Secretary on 1 November 2018.
The shares of KMT closed the day’s session at A$0.013, up by 8.333 % or 0.001 points. KMT’s stock has generated a negative return of 45.45% during the past three months. KMT has circa 542.58 million shares outstanding with a market capitalisation of circa A$6.51 million. The 52-week high and low of the company are marked at A$0.039 and A$0.010 respectively. The earnings per share of KMT stands at -0.017 AUD.
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