Xtract Resources shares jump on JV expansion in Zambia

30th May 2024 12:42

(Sharecast News) - Xtract Resources saw its stock rise by a tenth on Thursday after the brownfield-focused mining company announced the addition of three large-scale exploration licences through its joint venture in north-west Zambia.

The company said it had entered into an addendum to restate the existing joint venture agreement with Cooperlemon Consultancy in relation to the exploration for copper in Zambia as previously announced last August.

The additional licences are all in a highly prospective part of north-west Zambia "where competition for exploration licences is acute". Initial fieldwork will start early in the second half, with potential drill targets defined as soon as possible, the company said.

In aggregate, the five licences held by the joint venture form a combined area of 173,586 hectares, situated within the Western Foreland geological district that hosts the renowned high-grade Kamoa-Kakula deposit.

Shares were up 10% at 1.10p b 1100 BST.