African Pioneer PLC has made a positive start to 2022 and that it has entered into option agreements for licenses in Zambia and Botswana.
The copper-gold exploration-and-development company said it has entered an agreement with First Quantum Minerals Ltd. in relation to four of five 80%-owned Zambian exploration licenses and another agreement with Sandfire Resources Ltd. in relation to four of eight 100%-owned Botswana prospecting licenses.
African Pioneer has also increased its interest–from 70% to 85%–in its Namibian projects. At the Ongombo Project, measured & indicated mineral resources have increased by 3.76 million metric tons, for which the company said it has submitted a mining license application. Shares in African Pioneer at 0839 GMT were down 0.05 pence, or 1.7%, at 2.95 pence.
African Pioneer Plc’s (LSE:AFP) principal business is to explore opportunities within the natural resources sector in Sub-Saharan Africa, with a focus on base and precious metals including but not limited to copper, nickel, lead and zinc.
The African Pioneer exploration licenses are located within the Southern African countries of Namibia, Botswana and Zambia. Whereas Namibia has two sea ports on the Atlantic Ocean at Walvis Bay and Luderitz, Botswana and Zambia are both landlocked countries.
The two Namibian Exclusive Prospecting Licenses are located within the Matchless Amphibolite Belt of central Namibia, just north of Windhoek. The eight Botswana Prospecting Licenses are located in the Kalahari Copper belt (six licenses) between Ghanzi and Maun and in the Limpopo Mobile Belt (two licences) close to Selebi-Phikwe. The five Zambia Large Scale Prospecting Licenses are located in the Central Africa Copperbelt in northwestern Zambia (four licenses) as well as in the Zambezi Mobile belt in southern Zambia (one license) not far from Lusaka.