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Xtract Resources said it had concluded a memorandum of agreement with KPZ International involving the potential development of a copper prospect in Zambia.
The agreement was for Xtract to act as contractor for the Kalengwa processing project on the copper large-scale mining license number 24401-HQ-LEL in Zambia.
The historic mine was one of the highest-grade copper mines in the African nation, with a mineralised high-grade core reported to have yielded an average grade of 27% copper.
Xtract would oversee and commence initial production from the Kalengwa dumps of around 1.34m tonnes with a potential to contain 25,000 tonnes of copper metal.
Xtract and KPZ had agreed a 90-day due diligence period following completion of which, should Xtract wish to proceed, Xtract will pay $200k to KPZ to be settled through the issuance of new Xtract ordinary shares.
At 1:20pm: (LON:XTR) Xtract Resources Plc share price was +0.03p at 1.18p