Mukuba Resources Limited

Mukuba Resources Limited

September 24, 2009 16:22 ET

Mukuba Reports Copper Mineralization from Reconnaisance Drilling Program

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2009) - Mukuba Resources Limited is pleased to announce the successful completion of its 2009 reconnaissance drilling program of identified shallow targets totalling 1,700 metres in 13 drill holes at its Northcore Project. The program targeted seven regional anomalies within a limited 2,000 square km area of the southern portion of the licence area - the total licence area covers some 5000 square km. All 13 drill holes intersected variable levels of copper mineralization and confirmed the presence of Copperbelt lithologies on the Northcore Project. Of the 13 drill holes, 7 intersected anomalous copper mineralization ranging from 0.12% to 0.33% Cu over intervals of 0.7 to 1.5 metres, at depths of less than 125 metres.

Summary of diamond drill hole results, 2009 Reconnaissance Program
Drill Hole Target Target Name Cu (%) Width (m) From (m) To (m)
NC001 #18 St Anthony 0.04 1.00 4.00 5.00
NC002 #18 St Anthony 0.07 1.00 52.00 53.00
NC003 #03 Puku 0.17 1.00 45.00 46.00
NC004 #03 Puku 0.25 1.00 66.00 67.00
NC005 #03 Puku 0.14 1.00 70.00 71.00
NC006 #18 St Anthony 0.20 1.00 34.30 35.30
0.21 1.30 100.70 102.00
NC007 #21 Lushwishi Rd 0.04 1.00 18.00 19.00
NC008 #15 Munkumpu 0.12 1.15 121.65 122.80
NC009 #14 Machiya
Junction 0.02 0.90 95.10 96.00
NC010 #19 Chankalamu 0.07 1.00 54.00 55.00
NC011 #04 Kafue N. of
Machiya 0.05 1.00 71.00 72.00
NC012 #18 St Anthony 0.16 0.70 111.00 111.70
NC013 #18 St Anthony 0.33 1.50 98.00 99.50

Trevor Richardson, President and Chief Executive Officer of Mukuba stated, "Having completed our first 13 holes, we are extremely pleased with the results and consider this reconnaissance drilling program a tremendous success. We have tested only 7 of 21 currently identified target areas in the southern half of the Project and all of the drill holes returned anomalous copper mineralization. We have demonstrated the correlation between copper soil anomalies and geophysical anomalies and have full confidence in using these tools to further our exploration strategy. We remain confident that additional targets will be generated in the northern portion of the licence area based on this season's extensive soil sampling campaign and, that, while the current program has tested the shallow targets, there remains further potential with identified but as yet untested deeper targets.

The 2010 program will focus on the continued testing of current and newly identified targets across the whole licence area in addition to commencing resource definition work."

In 2008, extensive soil sampling and a heliborne VTEM survey (contracted to Geotech Ltd.) over the southern portion of the license area identified 21 regional targets that require further investigation and confirmed the mineral potential of the Northcore Project.

Two of the target areas (Puku and St Anthony) have been prioritized for further work in 2010 because of their association and proximity to large, regional structures and copper mineralization. One is a shear zone that extends SE-NW across much of the southern part of the license and the other is a basin-like structure identified from the VTEM survey that is approximately 16 km x 5 km in extent at surface with an interpreted vertical depth of around 400 m.

An extensive regional soil sampling program is also currently underway across the relatively un-explored, but equally prospective northern portion of the license area of the Northcore Project.

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:

- 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 includes 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 overseeing Mukuba's exploration programmes. 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