Hipo Resources Limited (ASX: HIP) focuses on mineral exploration services. The company offers mining and exporting operation of metals. Hipo Resources serves customers in Australia.
The company, today on 8th April 2019, has updated regarding the Kamola Lithium Project (“Kamola”) in the Democratic Republic of the Congo (DRC). In November 2018, the company had executed a Joint Venture Agreement (“JV”) with Crown Mining Sarl (“Crown”), where the company has a potential to earn a 60% interest in Kamola. The JV is based on exploration and future progress of the adjoining Mining License PE 13081 and Exploration Licenses PR 4072 and 4076.
An experienced South African consulting geologists, Minex Consulting SARL, has completed a more comprehensive mapping and sampling program following on from the previous report by the Kweneng Group, which had emphasized a significant lithium-bearing pegmatite within the project areas. Minex Consulting sent Lievin Mukebu, a Senior Geologist, Kazadi S-B. Barry, the Managing Director of Minex Consulting, and Steffen Kalbskopf, Senior Associate Geologist, as an advisor. Both Steffen and Kazadi are JORC qualified persons.
The three permits, which are located 51km SW of Manono on the western border of Tanganyika Province, were visited by Minex Consulting in the previous month. Traverses were conducted over the locations where significant lithium assays had previously been obtained by Kweneng Group, as well as reconnaissance visits over the areas of known tin-tantalite mineralisation on PE 13081. Additionally, accessible places on PR4072 and PR4076 were visited, although wet season conditions restricted the survey. The key findings of the site visit were as follows:
- Artisanal workings along two north-easterly trends on PE 13081 appears to overlie pegmatites, and one of these at Kabimbi revealed weathered lilac-coloured minerals that might be spodumene or lepidolite and possible zinnwaldite (indicating potential lithium mineralisation). This appears to lie along a corridor that includes the differentiated and Libearing Kanunka – Bukena – Malemba – Nkulu pegmatites.
- A large cassiterite-bearing differentiated pegmatite at Kamola in PR4076 also appears to carry spodumene in a partly developed inner zone and grab samples were also collected. Judging by the extensive artisanal mining in the adjoining small-scale mining licence, the potential for other pegmatites in the northern fringe of this PR is considered significant, although much of the area may require pitting to assess the geology better.
- The potential of PR4072 is still unknown given the accessibility issues.
- The next stage exploration activity would include a targeted 1,200m reverse circulation drilling programme.
The company is now awaiting the assay results from the sampling program, and a drill program is planned following the end of the wet season. The company will report assay results as soon as they become available.
On the stock-performance front, the stock has posted the YTD return of -21.43%. The company also has posted returns of -47.62% over the past six months. While writing, i.e. on the 8th April 2019 AEST 1:30 PM, the stock of the company is trading at a price of A$0.011, with a market capitalisation of ~A$4.25 million. It had a 52-week high price of $0.043, with an average volume of 226,219 approximately.
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