Cobre Limited (
Cobre Ltd (Cobre) has entered into a binding agreement to acquire up to a 51% stake in KML funded by the issue of circa 21.4 million Cobre shares. Under the agreement, Cobre will nominate its wholly owned subsidiary Cobre Kalahari Pty Ltd (Cobre Kalahari) to acquire the interest in KML.
Following completion of the transaction, KML will be operated as a joint venture between Cobre Kalahari (51%) and Metal Tiger PLC (49%).
The KCB is regarded as one of the world's most prospective areas for yet-to-be-discovered sediment-hosted copper deposits by the US Geological Survey. KML's landholdings are along strike, and adjacent to, two major development projects: Cupric Canyon's high-grade Zone 5 Cu-Ag deposit and Sandfire's T3 Motheo Cu-Ag deposit.
Historical exploration in the KCB focused on redox contact mineralisation on fold limbs, however recent discoveries have targeted the high-grade structurally controlled mineralisation in anticlines above the contact.
KML's exploration will focus on these underexplored 'domes' where mineralisation may be further concentrated above the classic redox contact.
Botswana is a stable jurisdiction investing heavily in power transmission to the KCB region.
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About Cobre Limited
Cobre Limited (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.