Jubilee Metals: update on Munkoyo Project
Munkoyo is located within 50 kilometres of Sable Copper Refinery and will be a feed source to the Sable. An estimated 80 000 tonnes of mined ore from Munkoyo has been tested and refined at Sable indicating copper ore grades of between 1.5% to 3%. Preparations commenced to construct an upgrading copper processing module. In addition, initial exploration and aerial surveying has confirmed the existence of a significant one kilometre long copper anomaly at surface. This suggests the continuation of the current near surface and exposed copper reef capable of providing Sable with a sustained long term feed resource.
Commencing an accelerated exploration programme to better delineate the resource and targeting the expansion of current operations to reach production levels of approximately 25 000 tonnes of ROM per month over the next 12 months.
Jubilee has agreed an option to acquire Munkoyo for up to US$1.5 million.
Both the large waste rock dump and the Munkoyo resources align with Jubilee’s strategy of unlocking overlooked copper resources through the application of processing capability. Jubilee has identified several further similar opportunities in Zambia which it seeks to secure in the short term as it drives to continuously increase its copper resource base as the catalyst for further expanding its processing capacity.
