Mukuba Resources Limited

Mukuba Resources Limited

February 17, 2010 11:22 ET

Mukuba Announces the Completion of Airborne Magnetic and Radiometric Survey

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2010) - Mukuba Resources Limited ("Mukuba" or the "Company"), now trading as MKU (TSX VENTURE:MKU), is pleased to announce the successful completion of an airborne magnetic and radiometric survey over the entire license area of its Northcore Project in Zambia. New Resolution Geophysics from South Africa was contracted to complete the survey totalling 24,505 line kilometres within the Northcore Project prospecting license area (PLLS356).

Preliminary results from the survey show good quality, high resolution data which will be used by the Company in combination with data from the VTEM survey carried out by the Company in 2008 in the ongoing interpretation and understanding of the regional geology and structural system within the Northcore Project area and the identification of additional, smaller target areas for follow-up and investigation during the 2010 field season.

An extensive, detailed soil sampling program covering the interpreted "basin like" structure between Target #17 and #18 was completed at the end of November 2009. This survey is aimed at identifying anomalous copper-insoil targets for further follow up with ground geophysics and drilling in 2010. Assay values received to date show anomalies that correlate well with the laterally extensive VTEM conductors. One of these conductors, Target #18, was drilled in 2009, returning encouraging copper concentrations (see Company press release, September 24, 2009).

Trevor Richardson, President and Chief Executive Officer of Mukuba stated, "The completion of this geophysical survey further enhances our knowledge of the Northcore Project license area and we are confident that it will assist in the identification of additional prospective copper targets. Completing the geophysics puts us ahead of our schedule for the 2010 exploration season and we are keen to start drill testing the various targets in the months to come. With the recent completion of Mukuba's initial public offering, Mukuba is looking forward to an exciting 2010."

About the Company

The business of Mukuba consists of the exploration and development of two early-stage exploration projects (the Northcore Project and the Lunga Project) in the highly prospective Central African Copperbelt region of Central Zambia, with a primary focus on the Northcore Project:

- The Northcore Project area encompasses approximately 4,562 km2 of
geologically prospective ground in the Domes Region of the Zambian
Copperbelt. The Northcore Project is licensed for copper and cobalt.
Geological mapping, soil sampling and investigation of the historical
showings as well as ground-truthing of the geophysical survey results
have confirmed the historical geological anomalies, and identified new
anomalies. The 2009 exploration program included drilling several of
these anomalies.

- The Lunga Project area adjoins the south-west margin of the Northcore
Project area, and is licensed for copper, cobalt, and other base
metals. The property encompasses 480 km2 and contains numerous
geochemically delineated copper and zinc anomalies along 10 kilometres
of strike that also extend into the Northcore Project area.
The Company can earn an 80% interest in the Lunga Project area through
a farm-in agreement by completing a preliminary feasibility study.

The Central African Copperbelt is the world's largest and highest-grade sediment hosted stratiform copper province and includes both the Zambian Copperbelt and the Congolese Copperbelt which is located immediately to the north in the Democratic Republic of Congo. Over 95% of the known Zambian copper reserves occur in rocks of the Lower Roan Group, or in the adjacent basement complex. The Northcore Project area contains roughly 2,000 km2 of the Lower Roan Group.

Mr. Chris Meyer, Pr.Sci.Nat., is a "Qualified Person" as defined by National Instrument 43-101 and oversees Mukuba's exploration programs. Mr. Meyer has supervised the preparation of the technical information contained in this press release.

Forward-looking Information

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

Contact Information

  • Mukuba Resources Limited
    Trevor Richardson
    President and Chief Executive Officer
    +1 (416) 918-2242