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Highlights
- Mount Burgess has secured renewal for its Prospecting Licence PL043/2016 in Botswana for another two years.
- Post the renewal announcement, MTB share price gained more than 14% on the ASX.
- The Prospecting Licence granted covers around 995.9km2, situated in Western Ngamiland on the border with Namibia.
- According to the company, the Kihabe-Nxuu project area covered is highly prospective for copper, vanadium pentoxide, zinc, lead, silver, gallium, and germanium.
In a major development, Mount Burgess Mining NL (ASX:MTB) today revealed that its Prospecting Licence PL043/2016 has been renewed by the Minister of Minerals and Energy, Botswana, for another two years. The licence now holds validity till 31 December 2024.
Propelled by the update, share price of MTB was trading 14.28% higher at AU$0.004 apiece at 12:16 PM AEST on 19 January 2023.
The Prospecting Licence granted covers around 995.9km2, situated in Western Ngamiland on the border with Namibia. It covers the area of a Neo-Proterozoic belt on the Botswana side of the border. According to the company, the Kihabe-Nxuu project area covered is highly prospective for copper, vanadium pentoxide, zinc, lead, silver, gallium, and germanium.
Here’s a track of developments so far
- The Kihabe zinc/lead/silver/vanadium pentoxide deposit has an Indicated and Inferred Mineral Resource estimated at 21 million tonnes, in line with the 2012 JORC Code.
- The Nxuu zinc/lead/silver/vanadium pentoxide/gallium/germanium has an Indicated and Inferred Mineral Resource estimated at 8.3 million tonnes as per the 2012 JORC Code.
- The project also has seven geochemical anomalies containing zinc/lead/silver mineralisation.
Data source: Company update; Image source: © 2023 Krish Capital Pty. Ltd.
Overview of Kihabe-Nxuu Deposit
The Kihabe-Nxuu deposit contains multiple polymetallics that are in high demand and witnessing price surges. Moreover, these polymetallics have been included in the 2022 US critical metals list.
The deposit is located within Botswana, which is a favourable jurisdiction with established sound political and social standards concerning mining practices that the company believes will enable expedited project development.
The company is focused on initially developing the Nxuu Deposit, which presents as a low risk, low cost, shallow, basin shaped deposit.
