The Silverking project encompasses confirmed zones of high-grade copper-silver (Cu-Ag) mineralization linked to the historic Silverking mine. This area holds significant potential for expansion into a larger resource, aligned with the Iron Oxide Copper-Gold (IOCG) deposit model – like the nearby Kitumba deposit, which in 2024 attracted a US$58.5m investment for a 65% stake by Sinomine Resource Group of China.
The project comprises exploration licence 26673-HQ-LEL, consisting of several drill ready targets, as well as the advanced historic Silverking Cu-Ag mine. In April 2024 Xtract entered into a joint venture with Oval Mining Limited (in collaboration with Cooperlemon Consultancy Limited), allowing Xtract to earn up to a 70% interest in the project.
Location of the Silverking Cu-Ag mine and prospecting licence 26673-HQ-LEL
Plan view of the historic Silverking pit and workings
Geology & Mineralisation
Mineralisation at the historic Silverking mine is associated with an outcropping breccia pipe that contains vein and stockwork hosted copper, further characterised by deep levels of intense oxidation and high-grade supergene enrichment, which is characteristic of the nearby Kitumba deposit. The former Silverking open pit and underground mine extends to a mining depth of just 70m, and the known resources remain open both along-strike and down-dip, where there is significant potential to define a larger resource, inclusive of a lower grade mineralised envelope.
Historical drilling at the Silverking mine was exceptionally high-grade – 1m intercepts peaked at over 52% Cu, and a best interval of 50m @ 5.47% Cu was returned from 55m downhole in in drillhole SVKRC002.
Historical exploration was focussed on the discovery of a tier one deposit and data compilation suggests that high-grade supergene mineralisation was not targeted down-dip or down-plunge, resulting in several drill holes ending in mineralisation. As a consequence of the tier one targeting, wider licence exploration was limited to 1 hole per anomaly, leaving many targets untested.
Surface outcrop at the historic Silverking Cu-Ag mine
Work Completed
The main objective for the on-going exploration at Silverking is the development of a near-term mineral resource that can be developed into a small-scale mining operation. A Phase One drill programme in Q2/Q3 2025 aims to assess the continuity of the main orebody at surface and at depth and to provide information on the potential scale of wall-rock alteration assemblages and associated lower-grade mineralised envelopes surrounding the main breccia pipe body. The aim is to generate sufficient spatial data that will assist in producing a preliminary resource estimate for the deposit, and that this will enable the assessment of the economic feasibility of any potential future mining operation.
Further licence development potential exists, including on a second breccia pipe structure identified 800m from the main Silverking orebody. This is coincident with surface anomalism, and several untested ground magnetic anomalies near the main body that could represent mineralized off-shoots. It is anticipated that all outlying anomalies will also be tested during Phase 1 drilling.
Preliminary results from the Phase 1 drilling completed to May 2025 confirm the continuation of high-grade copper and silver intercepts across substantial widths at the Silverking orebody. Drilling to date has so far doubled the surface expression of the high-grade mineralisation to over 160m and includes best intersections of 29.7m at 4.15% Cu and 42.91g/t Ag from 93m in drill hole SKIDD003, and 54.1m at 3.18% Cu and 40.32g/t Ag from 57m in drill hole SKIDD002.
A second objective of the Phase 1 exploration considers the establishment of effective pre-concentration processes that have the potential to enhance the economic viability of the lower-grade mineralised envelope and increase the overall mineable resource. Several bulk samples will be subjected to metallurgical test work, mainly conventional gravity separation techniques, in order to generate enhanced pre-concentrate material that is suitable for downstream processing and final beneficiation.
Bornite and chalcopyrite copper-mineralisation visible in drill core at Silverking, returned from Phase 1 drilling
Mineralised breccia visible in drill core at Silverking, returned from Phase 1 drilling
Joint Venture Agreement
Xtract entered an initial 18-month option period to acquire a 51% interest in the project, contingent upon fulfilling expenditure commitments of US$500,000. Xtract has the option to increase its interest to 70% by expending an additional US$1,000,000 over the subsequent two years, subject to Cooperlemon’s right to maintain its interest in the licence through its option to earn back up to 70% by participating in such ongoing expenditure.
Should an inferred resource in excess of 300,000 tonnes of contained copper be identified, Xtract’s beneficial interest shall remain at 70%, or if different, its respective interest at the date of the resource estimate. If an inferred resource of greater than 500,000 tonnes of contained copper is reported, then any subsequent sale of the project to a third-party will result in an equal share of the disposal proceeds between the parties, excluding the cost of the resource discovery.
If the exploration programme demonstrates that the licence cannot support an inferred resource of 300,000 tonnes or more, then the parties may elect to commence a small mining project by mutual agreement. In the event that a small mining project is developed, Xtract’s interest in the project will be 70% and the Company will be wholly responsible for financing the project. The management and compliance (statutory and regulatory) of the Silverking licence will be the responsibility of Cooperlemon.
