Copper Intelligence targets untapped copper deposits in eastern Congo
Copper Intelligence, the U.S.-based explorer, plans to'start drilling in four to six weeks, at what they 'believe is an unexplored copper district,?in eastern Congo.? An?area that has been largely ignored by major miners?, said its chairman. The Democratic Republic of Congo, behind Chile, is the second largest copper producer in the world. It supplied about 4.8 millions metric tons of metal required for electric-vehicle battery and clean-energy conversion last year.
The southern Copperbelt is home to China's CMOC, and Glencore, around Kolwezi, and Lubumbashi. Eastern Congo is known more for its gold, tantalum, and tungsten. Barrick, Alphamin, and small-scale gold producers are among the operators.
Copper Intelligence completed the acquisition of Butembo copper license, a near-surface high-grade prospect that was discovered by artisanal miners after they exposed shallow oxidised mineralisation.
Groves stated that copper?deposits' have been found in soil samples and outcrops of surface extending for about seven kilometers towards the border of Virunga national park, indicating district-scale potential. The licence is for roughly 70-80 square kilometers.
To determine the thickness and depth of the ore body, drilling is required. He said that rock samples had copper?grades as high as 18%. If replicated on a large scale, this would be among the world's highest.
The company will drill in phases to "define" a first resource. He said that annual exploration expenditures are expected to range from $1 to $1.5 million.
Groves stated that the project is located about 50 km away from the Ugandan frontier and has rail connections to Kenya's Mombasa Port, offering a shorter route for export than the Katanga Copperbelt.
Enrique Prado, a former CIA agent, is on the board of Copper?Intelligence. Groves stated that security in the area of Butembo was coordinated by a joint Congolese and Ugandan?military structure targeting insurgents.
Copper Intelligence will?sell copper exclusively to the U.S. market, he said.
The plan is to become a (pure) American copper supplier. We don't sell any copper to China. Maxwell Akalaare Adombila, Fiston Mahamba and Bate Felix contributed to the reporting.
(source: Reuters)
