THE BOURSE WHISPERER: Plymouth Minerals (ASX: PLH) has entered into two exclusive option agreements in Zambia.
The first involves Plymouth proposing to acquire shares in an entity which has indirect interests or rights to indirectly acquire a portfolio of prospective copper-gold exploration tenements in the Zambian Copperbelt and other regions within Zambia.
The second Agreement is a share sale transaction, by which the company said it proposes to acquire an equity interest in an entity which owns a tenement with small scale existing copper production.
Under the first Agreement Plymouth may acquire up to a 100 per cent interest in Finesse Projects Limited, which is registered in the Isle of Man.
Plymouth explained Finesse indirectly owns or proposes to acquire 80 per cent of a large package of exploration ground in North Western Zambia.
Under the second agreement Plymouth may acquire a 10 per cent interest in Zambian company, H and S Mining, which operates the Kasempa Copper Mine in North Western Zambia.
Plymouth said this agreement provide a low-cost entry point into a portfolio of prospective copper exploration tenements and applications located in close proximity to a number of world class mining operations.
These include First Quantum Minerals’ Kansanshi copper mine and Barrick Gold’s Lumwana copper mine.
Tenement plan and project (Kansanshi) location plan. Source: Company announcement
“This is an exciting entry into a blue chip copper mining address,” Plymouth Minerals managing director Adrian Byass said in the company’s announcement to the Australian Securities Exchange.
“The package of ground will be aggressively explored and potentially offers shareholders exceptional leverage to reward in the event of a commercial discovery.
“An exploration team is currently being assembled with first pass exploration planned to commence in the near future.”
Plymouth indicated it would be carrying out due diligence with the aim of verifying historical exploration data on hand and, if required, resample and re-assay material in order to allow reporting under ASX JORC guidelines.
As yet, Plymouth is not in possession of exploration data which is suitable for reporting to the ASX.