TORONTO, ONTARIO--(Marketwire - Nov. 19, 2012) -
Editors Note: There are three maps associated with this press release.
Mukuba Resources Limited (TSX VENTURE:MKU) ("Mukuba" or the "Company") is pleased to provide an update on the copper Cominex Project ("Cominex Project", previously referred to as the "Benzu Project"), a joint venture with Benzu Resources Limited ("Benzu Resources"). The Cominex Project, which is approximately 165 km2 in size, is located in the Katanga Copper Belt region in the Democratic Republic of Congo ("DRC"). It is adjacent to the eastern boundary of the Tenke-Fungurume mining concession, which is operated by Freeport-McMoRan Copper & Gold Inc. ("Freeport") and owned by Freeport, Lundin Mining Corporation and La Générale des Carrières et des Mines ("Gecamines"). Benzu Resources, the operator of the Cominex Project, has provided an exploration update to the Company.
Cominex Project Highlights
- 7,491 drill meters were completed over 441 holes at shallow depths using reverse circulation ("RC") drilling to identify alluvium covered geochemical soil anomalies overlaying the target geological structure: the Mine Series Group ("MSG"), which hosts the mineralization at the Tenke-Fungurume mine.
- The 2012 exploration program has identified 4 new soil anomalies of between 1km to 1.5km in strike length which are coincident with the mapped and interpreted MSG structure.
- A total of 5 drill targets have now been identified for further evaluation and drill testing in 2013 with the largest target being 4km in strike length on the Kitoma prospect.
- Further soil sampling via drilling is scheduled for 2013 with the potential to identify more drill targets.
- As of this press release, Mukuba has funded exploration expenditures of US$2,002,921 on the Cominex Project and thereby increasing its interest from 25.5% to 34% in Benzu DRC Copper Inc. ("Benzu DRC"), who owns 70% of the Cominex Project.
"We are delighted to provide this update on the exploration progress at the Cominex Project in 2012. A systematic soil sampling program has been completed which identified an additional 4 geochemical soil anomaly targets. Mukuba now has a total of 5 primary targets with over 8km of strike extent for further evaluation and drill testing in 2013. The success of the 2012 program continues to support our view on the potential prospectivity of the Cominex Project and provides encouragement to continue funding in 2013," said Kelly Ehler, President and CEO of Mukuba.
2012 Exploration Program
During 2012, Benzu Resources completed a shallow RC drilling program on the Nkome and Kitete-Salabwe prospects within the Cominex Project license area. The target areas are covered by alluvium and lateritic material and the drilling program was designed as a systematic geochemical sampling campaign across these two prospects on a variable 500m x 100/200m grid. A total of 7,491 drill meters were completed over 441 vertical holes at shallow depths. The samples collected were assayed internally by a Niton portable XRF device at the camp; some 750 samples will be submitted to an internationally reputed laboratory as a check assay program in Q4 2012.
Results show 4 new drill targets of between 1km to 1.5km in length that are coincident with the mapped and interpreted MSG structure that hosts the Tenke-Fungurume Mine copper deposits. See Figures below.
To view, Figure 1: Location of 5 primary targets on Nkome / Kitete-Salabwe and Kitoma, please visit the following link: http://www.marketwire.com/library/20121116-MukubaFigure1.jpg.
To view, Figure 2: 4 new targets identified on Nkome / Kitete-Salabwe from summer 2012 drill program, please visit the following link: http://www.marketwire.com/library/20121116-MukubaFigure2.jpg.
To view, Figure 3: Previously identified 4km anomaly on the Kitoma prospect, please visit the following link: http://www.marketwire.com/library/20121116-MukubaFigure3.jpg.
2013 Planned Exploration Program
Based on the results achieved to date and pending the findings of check assay program in Q1 2013, a preliminary work program for the 2013 season is currently under evaluation and will potentially comprise the following work:
|Kitoma, 4km anomaly
|Detailed geological mapping (using trenching)
2km of ground IP traverses
RC drilling, 200m spaced fences, inclined and overlapping holes down to 150m; test targets over 4.5km EW lateral extension.
|Salabwe, Target "A"
||RC drilling, 200m spaced fences, inclined and overlapping holes down to 150m; test target over 1-1.5km EW lateral extension.
|Kitete, Targets "B, C, D"
||RC drilling, 200m spaced fences, inclined and overlapping holes down to 150m; test targets over 1km lateral extensions.
|Nkome, eastern half of prospect not tested yet
||If under cover, deep soil sampling (as per this year's programme).
If no cover, conventional geochem soil sampling.
A further update on the planned 2013 program will be given during Q1 2013.
Cominex Project Funding
In addition to the technical work completed, Mukuba has now invested US$2,002,921 in the Cominex Project. Based on the investment to date, Mukuba now owns 34% in Benzu DRC, which owns 70% of the Cominex Project. Under the terms of the Cominex Project, Mukuba has the right to invest up to US$3,000,000 in the Cominex Project over a 3 year period to earn 51% of Benzu DRC. Mukuba has an outstanding commitment of US$997,079 to invest by April 21, 2014 to exercise its rights to earn in to 51% of Benzu DRC.
Funding post the completion of the funding requirement is based on a pro-rata obligation between Mukuba and Benzu Resources.
The Cominex Project is operated by Benzu Resources, an African-focused exploration and development company. Management of the Company understands that Benzu Resources Limited has an established geological team targeting unique resource opportunities to maximize asset potential utilizing the skills and experience of an experienced management team.
About the Company
Mukuba is a Canadian exploration and development company primarily focused on copper and other base metal assets in Africa. Mukuba holds a 100% interest in the Northcore Project. The Northcore project covers 2,209 km2 on the Central African Copperbelt and is prospective for copper and cobalt. Mukuba has also signed a joint venture agreement with Benzu Resources Limited to explore and develop the Cominex Project. The Cominex Project, which is approximately 165 km2 in size, is located in the Katanga Copper Belt region in the Democratic Republic of Congo. It is adjacent to the eastern boundary of the Tenke-Fungurume mining concession, which is operated by Freeport and owned by Freeport, Lundin Mining Corporation and Gecamines.
Mr. Cesare Morelli B.Sc. (Pr.Sci.Nat.) is a "Qualified Person" as defined by National Instrument 43-101 and oversees Benzu Resources and Cominex's exploration programs. Mr. Morelli has supervised and approves the preparation of the technical information contained in this press release.
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, including matters relating to the Offering. 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.
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