The project comprises five large scale exploration licences totalling 173,586 Ha across the prospective Western Foreland and Fold & Thrust Belt geological districts of Northwestern Zambia, collectively known as the Western Foreland. The Western Foreland region is an emerging copper district, underexplored to date and subject to fresh geological remodelling propelled by investment from leading global exploration companies.
Significant potential exists for the discovery of high-grade and high-tonnage copper deposits similar to Ivanhoe Mines Kamoa-Kakula complex, which is situated just 100km along strike in the neighbouring Democratic Republic of Congo. Ivanhoe continue to make new discoveries in the region and have reported a total of 48Mt of copper discovered to date (Ivanhoe Mine’s 2024 Company Presentation). Recent exploration at the Kitoko deposit discovered copper mineralisation in previously unknown stratigraphic horizons, highlighting the prospectivity and potential of the whole region (Ivanhoe Mines Kitoko Summary).
In tandem, the Fold & Thrust Belt terrane is host to the near-surface, bulk tonnage, Kolwezi deposit, and further potential exists for the identification of similar deposits on the Xtract licences.
Locality map of the Western Foreland tenements showing proximity to the regional geological domains and neighbouring copper mines
Work Completed
Licence 29123 – HQ – LEL is located to the west of the perceived boundary between the Western Foreland and the Fold Belt, while the four other licences (30458 – HQ – LEL, 30459-HQ- LEL, 21850-HQ-LEL and 21851-HQ-LEL) are coincident with the boundary and the Fold Belt. Xtract believes there is scope for the discovery of both high-grade Kamoa-style mineralisation at depth and lower grade Kolwezi-type mineralisation at or near-surface on all five licences.
Xtract’s primary objective since acquisition has been to define the stratigraphy and prospective redox boundaries that host copper mineralisation in the region. Redox fronts are situated between oxidised and reducing strata and can be targeted based on lithological succession, manifested in the local stratigraphy. Reconnaissance surface mapping and lithological drilling completed on the licences to date have been successful in establishing the prospective stratigraphy of the target area and have provided invaluable information for a broader exploration programme.
African Pioneer PLC, which is a close affiliate of Xtract, recently reported that exploration by its partner, First Quantum Minerals had confirmed the presence of copper mineralisation with diagnostic regional geological and architectural similarities consistent with Kamoa-Kakula type mineralisation on its licences, three of which are adjacent to the Xtract licences.
Location of lithological drilling on licence number 29123-HQ-LEL, designed to test basin stratigraphy
Background Geology
In the Western Foreland geological terrane, the company is applying the Kamoa–Kakula deposit model to explore for copper mineralisation. This approach targets prospective redox fronts within favourable stratigraphic horizons in the basin architecture. These redox fronts act as reducing barriers that trap copper mineralisation and concentrate it along stratigraphic horizons. Structural geology is also critical, as it facilitates the flow of circulating mineralising fluids, leading to copper deposition within fault-bound, stratabound sedimentary units.
Copper mineralisation at Kamoa is hosted at the base of the Grande Conglomerate Formation. This unit lies immediately above the redox boundary at the transition from the oxidised Mwashya Subgroup arenites and the reduced diamictites. This sequence is capped by the Kamoa Pyritic Siltstone-Sandstone unit, forming the hangingwall (Schmandt et al., 2013; Parker et al., 2013).
Joint Venture Agreement
In August 2023, Xtract entered into a joint venture with Cooperlemon Consultancy to explore two large-scale exploration licences; 29123-HQ-LEL and 30459-HQ-LEL. In May 2024, three additional licences, 21850-HQ-LEL, 21851-HQ-LEL & 30458-HQ-LEL, were added to the agreement, bringing the total to five licences.
As part of the agreement, Xtract committed an initial investment of US$3.5 million to fund the first phase of exploration across all 5 licences. This investment aims to earn Xtract a 65% interest in the project.
Success in this initial phase will be determined by demonstrating the continuity of mineralisation at grades that indicate the potential to develop a mineral resource of no less than 500,000 tonnes of contained copper. The project must also meet key economic thresholds, including an internal rate of return of at least 25% and a payback period not exceeding 42 months (including capital expenditure recovery).
