Bankers diversifies with copper-cobalt exploration project in Namibia
Bankers Cobalt Corp. has entered an option with a private Namibian partner to acquire a 70 per cent interest in a prospective base metals, precious metals and industrial metals license located in Namibia.
The option is for a period of two years with no defined expenditure requirements and may be extended or converted into a 70/30 corporate joint venture within the two-year option timeline.
Stephen Barley, Chairman and CEO stated: "Bankers' primary focus will remain on the exploration of our large property portfolio in the DRC.
Based on key relationships, Bankers was presented with the opportunity to participate in a highly prospective substantial land package in Namibia and the potential was so compelling the Corporation determined to add this to the portfolio.
This allows Bankers to provide diversification from the DRC with nominal cash consideration, no additional share or equity consideration and with no distraction from our primary DRC cobalt and copper focus."
Grant Dempsey, President and COO of Bankers, stated: "Namibia is a stable English speaking country with an independent judiciary and clearly defined mining laws. Namibia is underdeveloped from an exploration perspective. The unexplored Kamanjab project at 135 km² in area, has the size and appropriate geology to possess a tremendous amount of upside potential regarding copper, cobalt and other metals. Bankers will utilize the considerable expertise of the existing DRC exploration team to evaluate the prospect avoiding any duplication of costs while continuing unabated with all planned activities in the DRC."
The 135 km² Kamanjab license is situated in the North of Namibia, approximately 500 km north west of Windhoek the capital city of Namibia, and 90 km north of the village of Kamanjab.
The geology of this area is underlain by basement rocks of the Epupa/Nosib Group and alluvium sediments. Mineralization is widespread and variable in style, occurring in discrete sedimentary horizons, such as the Dolostone Ore Formation, where the copper-cobalt is associated with disseminations and veinlets of sulphide minerals, orogenic copper and strata bound zinc-lead mineralization.
Existing regional geological data sets from the Geological Survey of Namibia as well as the known mineral occurrences within the vicinity, indicate the property has a potential to host base metals, precious metals and industrial minerals deposits.
The majority of the geology is dominated by Nosib/Epupa porphyritic gneiss that is known to host copper mineralization. The high resolution aero-magnetic data carried out in the area, shows moderate magnetic responses with two large magnetic anomalies in the western and eastern parts of the permit, indicating potential occurrence of magnetic bodies.
There is visible copper staining in multiple out cropping's on the permit. Copper minerals hosted by the Epupa/Nosib formation and Sandstone, are malachite, blue azurite, light blue chrysocolla, cuprite, bornite, and chalcopyrite. Zinc minerals are whitish willemite, brown limonite, and brown goethite.
Lead minerals are anglesite, and galena. Tennantite is also present.