A copper/cobalt exploration play for 2018 from the same management of AVZ. Short term is an opportunity is accumulate a position until DD is completed and commencement of their first drilling campaign.
Subsequent to end of Quarter, an Option secured to earned up to a 70% interest in three licences collectively, known as “The Katanga Copper-Cobalt Project”
Prospective for copper and cobalt within Roan Group Mine Sequence rock units within close or reasonable proximity and along strike to either substantial copper cobalt mines (including the Tenke Fungurume Mine some 50km to the east) or know mineral occurrences.
Technical teams mobilised to undertake initial field investigations and exploration planning.
The Tenke Project - PR5468 ----------------------------------------- The area immediately surrounding Okapi’s Tenke Project - PR 5468, contains many deposits renowned for copper and cobalt deposits and mines including such known projects as: the main Tenke Fungurume Mine which hosts one of the world’s largest known copper and cobalt deposits; the Fwaulu deposit; Kansalawile deposit; Kwatebala deposit; Pumpi and Mambilimba deposits.
These are located close to Okapi’s Tenke Project (Map 2) and were all owned or operated by Freeport McMoran. Freeport sold its 56% stake in the Tenke Fugurume mine, located approximately 40kms due west of Okapi’s Tenke Project in May 2016 for US$2.65 billion in order to reduce its global debt. In December 2013 Lundin Mining (a 24% equity shareholder in the Tenke Fugurume mine) reported 2P Reserves of 141Mt at 2.9% Cu and 0.4% Co and was producing 50,000 tonnes of copper cathode and 3,048 tonnes of cobalt hydroxide per annum.
PR 5468 is also surrounded to the north by PR’s 803 and 804, which are held by GICC SARL (“GICC”). Also located in the north we can find the MMG Limited (“MMG”) Kinsevere and in the east Mining Development Investment’s (“MDI”) licence - PR13422.
Corporate --------------- ? Mr. Raymond (Jinyu) Liu appointed to the board ? Okapi well funded - end of quarter Cash Reserves of 4Million ? Subsequent to quarter-end, commitments received for a further $1.5 Million placement (at $0.70 each) ? 13.98% shareholder Havelock Mining investment (Hong Kong) participating to maintain their interest in Okapi.
Directors --------------- Klaus Eckhof, Non-Executive Chairman Nigel Ferguson, Managing Director Jinyu (Raymond) Liu, Non-Executive Director