Moxico Resources owns 95% of the Kaoma licence area, which contains a former producing copper mine

The Kaoma project is 30km from a town of the same name located in Northwestern Province of Zambia, the region that hosts the giant Sentinel copper project (First Quantum) as well as Lumwana (Barrick Gold) and Kansanshi (First Quantum). Geologically the region is much less explored on the Zambian side than the traditional Copperbelt and is therefore is ripe for discoveries. The Kaoma area has several artisanal copper mines including a recently active open pit mine which is located inside Moxico's license area.

EXPLORATION HISTORY

Kaoma was mined from approximately 2007-2012 from a single open pit. Moxico interprets that about a million tonnes were mined at a grade of in excess of 5% Cu up to 2012 by a local operator. The mine has never been subjected to systematic exploration. The area immediately surrounding the mine was held by the Brazilian company Vale until 2013 and when Vale left Zambia the area reverted to Eastern Minerals and then went onto West Lumba Minerals. Vale carried out regional geophysics and geochemistry and drilled three holes. At that time the part that was outcropping was being mined by a Zambian operator under a small scale mining license (SML). Moxico has obtained that open pit which was outside the Vale area. This is interpreted to be the high grade/near surface expression of the same structure held by West Lumba and formerly held by Vale.

LOCAL GEOLOGY AND MINERALISATION

The Kaoma area is underlain by rocks belonging to the Proterozoic Kundulungu Group (650 Ma) comprising shales, siltstones and sandstones flanked by basement granites. The geology of the Kaoma area is similar to that found on both sides of the border between Zambia's Northwestern Province and the Democratic Republic of Congo (DRC) which hosts a series of giant ore bodies such as Kansanshi, Kalumbila (First Quantum) Kamoa, Deziwa, Kinsevere and Tenke-Fungurume (Ivanhoe). The open pit located inside Moxico's license area is a surface expression of what has the potential to be a larger ore body. Much more exploration is required in order to show that this might be the case.

ACQUISITION AND PLANS

The license 21063-HQ-SEL is held 95% by Moxico under an agreement with House of Minerals Limited. Moxico plans to carry out closely spaced soil sampling to check extensions from the open pit, followed by trenching and drilling of the mineralized structure both underneath the existing open pit and along strike.