ZAMBEZI RESOURCES LIMITED - ASX: ZRL

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Description

Zambezi Resources Limited is focused on adding shareholder value by exploring for and developing copper and gold projects in Southern Zambia. The basis for the company’s strategy is Zambian mineral endowment, international capital and Australian expertise.

Zambezi has identified seven major project areas, which it is actively exploring. The projects have been identified as Iron Oxide Copper Gold (IOCG) type deposits and also shear-hosted gold deposits. These projects are contained within eight prospecting licenses covering an area of over 16,000km². Zambezi currently retains 100% ownership of its projects, although Zambia's abundant mineral endowment has lead Zambezi to seek joint venture partners to assist with funding exploration on some of its projects.

Zambezi previously listed on the London Stock Exchange’s AIM in July 2004, raising £2.5 million - subsequently delisted in June 2009. Since then Zambezi has raised an additional £14 million on AIM through subsequent placements, including a strategic placement to Glencore. In July 2007, Zambezi successfully listed on the ASX through an IPO, raising an additional A$15 million. The nominal A$25 million raised in 2007 together with a nominal US$16 million from Glencore is being used by the company to accelerate their exploration activities in Zambia. Zambezi is now listed solely on the ASX where it raised $8 million via a placement in August 2010

KANGALUWI COPPER PROJECT

* 20th August 2008: First systematic RC drilling from the Chisawa Prospect at Kangaluwi returns significant mineralised widths and grades including: 14m at 1.52% copper, 12m at 1.36% copper, 10m at 1.23% copper and 14m at 0.65% copper. Copper mineralisation remains open-ended along strike and at depth.
* 4th August 2008: RC drilling returns substantial mineralised widths and grades including: 13m at 2.36% copper, 15m at 1.47% copper, 9m at 1.79% copper and 4m at 2.66% copper. Mineralisation at Kangaluwi still remains open along strike and at depth.
* 8th July 2008: Wholly owned Kangaluwi prospect confirmed as major new copper discovery in Southern Zambia.
* 8th July 2008: 28km of prospective strike length identified in immediate area. Drilling to date has tested only 10% of the estimated prospective strike length.
* 8th July 2008: Initial Metallurgical Test results indicate sulphide recovery in excess of 95% for copper from conventional flotation.
* 9th May 2008: Large VTEM Conductive Anomaly defined at Kangaluwi Copper Project.
* 30th April 2008: Mineralised strike at Kangaluwi Prospect extended to 3kms based on visual indications in RC and Diamond drilling, and mineralisation remains open along strike and at depth.

CHEOWA JV

* 9th July 2008: Total Cheowa JV Resource more than doubled to 6.5 million tonnes as follows; Indicated Resource of 3.5Mt @ 1.1% copper and 0.23g/t gold, Inferred Resource of 2.9Mt @ 1.1% copper and 0.38 g/t gold.
* 9th July 2008: Deep Diamond Drilling at CC2 demonstrates that mineralisation continues to depths of at least 500m and that grades may be increasing with depth.
* 9th July 2008: New drilling results include: 4.4m at 2.73% Cu, 2.0m at 3.63 % Cu & 2.6m at 3.97% Cu.

EMERGING PROJECTS

* 20th May 2008: 11.4% copper and 1.8 g/t gold returned from rock chips at Mukwizi Copper Gold Project.
* 20th May 2008: 23m at 0.43% copper returned from trench samples at Mvula Copper Gold Project

OTHER JVs

* 20th August 2008: Lithic Metals & Energy (AIM:LMY), a joint venture partner of Zambezi Resources announces identifying 18 new uranium radiometric anomalies on the Mpande licence.
* 14th July 2008: Rio Tinto, joint venture partner of Zambezi Resources, announces that a recently completed VTEM survey highlights conductors in a regional shear zone over 30 kms in strike. These conductors are coincident with uranium anomalism identified in a previous radiometric survey. Based on these results both parties have agreed to expand the existing JV to incorporate newly identified prospective areas.
* 2nd July 2008: Lithic Metals & Energy (AIM:LMY), a joint venture partner of Zambezi Resources, announces significant progress at the Oryx Uranium Project, with visible uranium mineralization identified in diamond drilling.
* 2nd July 2008: Lithic Metals & Energy (AIM:LMY), a joint venture partner of Zambezi Resources, announces the following trench results from the Oryx Uranium Project: Trench 23; 3m @ 642 ppm U3O8, Trench 25; 3m @ 292 ppm U3O8 & Trench 34; 1m @ 839 ppm U3O8.

Mine For

copper, gold, uranium, limestone, nickel

Location of operation(s)

Zambia

Address

17 Ord Street
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 6555 1879

Email

Website

http://www.zambeziresources.com

Last Updated

3/8/2011