Canada-based Bankers Cobalt has signed an option agreement with an undisclosed Namibian company to acquire a 70% stake in a 943km² permit adjoining its recently acquired copper prospect in Namibia, dubbed as the Kamanjab Project.
The new permit, which is located in Exclusive Prospecting License 4477 (EPL 4477), increases the land package of the Kamanjab Project to 1,078km². Located on the Northern Zone of the Damara Orogeny Belt, the Kamanjab Project has similar geological and tectonic-metallogenetic background as the Tsumeb copper-gold mine owned by Weatherly International.
According to Bankers Cobalt, the Damara Orogeny Belt trends ENE in north-central Namibia into Botswana and Zambia. The belt connects the Lufilian Arc in the Democratic Republic of the Congo and the Zambezi Belt.
The unexplored Kamanjab license is located in northern part of Namibia, about 500km northwest of Windhoek, and 90km north of the Kamanjab village. The geology of the area is characterized by basement rocks of the Epupa/Nosib Group and alluvium sediments.
As per Bankers Cobalt, mineralization at the Kamanjab Project is distributed over a large area and is variable in style. It occurs in discrete sedimentary horizons like the Dolostone Ore Formation, where the copper-cobalt relates to disseminations and veinlets of sulphide minerals, orogenic copper and strata bound zinc-lead mineralization.
Bankers Cobalt had entered into an option agreement in July to acquire 70% stake in the Kamanjab license. The option is for a two-year period with no defined expenditure requirements and could be extended or converted into a 70:30 corporate joint venture within the option timeline.
Bankers Cobalt president and COO Grant Dempsey said: “The Kamanjab project has the potential of being a large deposit. The optioning of EPL 4477 further solidifies Bankers control of the entire region.
“EPL 4477 displays the same visible copper staining and other mineralization evident on the adjoining license EPL 6217.
Headquartered in Vancouver, Bankers Cobalt is a natural resource company, which is mainly engaged in the acquisition, exploration and development of cobalt and copper mineral properties across the Democratic Republic of the Congo and Namibia.
The Canadian company has rights to 30 separate mineral concessions located in the southern DRC Copperbelt that are spread over a total area of over 400km².