The Silverking Project is located in the Mumbwa District of Zambia’s Central Province of Zambia and lies within a region considered highly prospective for copper discoveries associated with the Iron Oxide Copper Gold (IOCG) model.
The project is being developed through separate exploration and mining joint venture agreements with local partners Cooperlemon Consultancy Limited and Oval Mining Limited. Xtract holds a 70% interest in the Silverking Exploration Joint Venture covering Exploration Licence 26673-HQ-LEL and a 35% interest in the Silverking Mining Joint Venture covering Small-Scale Mining Licence 34544-HQ-SML.
The commencement of initial copper-silver production in 2026 established Silverking as Xtract’s first producing copper asset in Zambia.
Location of the Silverking Cu-Ag mine and prospecting licence 26673-HQ-LEL
Plan view of the historic Silverking pit and workings
Geology & Mineralisation
The historic Silverking mine was established in the 1890s and is recognised as one of Zambia’s earliest copper mines. Mineralisation is hosted within an outcropping breccia pipe containing vein and stockwork copper, with intense oxidation and high-grade supergene enrichment similar to that observed at the nearby Kitumba deposit. In 2024 the nearby Kitumba deposit attracted a US$58.5m investment for a 65% interest by Sinomine Resource Group.
Phase 1 drilling completed by Xtract in 2025 substantially expanded the known footprint of the deposit, confirming consistent high-grade copper-silver mineralisation over a strike length exceeding 260 metres and downhole widths of up to 25 metres. Key intercepts include 24.1m at 5.99% Cu and 40.2 g/t Ag from 111m in SKIDD010, 29.7m at 4.15% Cu and 42.9 g/t Ag from 93m in SKIDD003, and 54.1m at 3.18% Cu and 40.3 g/t Ag from 60m in SKIDD002. Historical drilling completed by Glencore in 2012 was also exceptionally high-grade and included a peak 1m interval exceeding 52% Cu and a 50m intercept at 5.47% Cu from 55m in SVKRC002.
Modelling of the deposit identified a high-grade bornite-rich vertical core extending from approximately 60m to at least 140m depth, surrounded by a broader 200m by 110m chalcopyrite-rich envelope projected to around 170m depth. Mineralisation remains open at depth, with drilling intersecting 4m at 7.67% Cu and 63.5 g/t Ag from 228m, supporting planned deeper drilling.
Surface outcrop at the historic Silverking Cu-Ag mine
Mine Development
In early 2026, Xtract entered into the Silverking Mining Joint Venture with project partners Oval Mining Limited and Cooperlemon Consultancy Limited.
Mining operations are being progressively ramped up through the joint venture’s flotation plant, while ongoing drilling and deposit modelling continue to support mine planning and future production growth.
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
Wider Exploration
Historical exploration in the wider licence was largely focused on the search for a tier-one copper deposit, leaving numerous surrounding targets untested.
At the Kopje prospect, a second mineralised body has been identified sub-parallel to the main Silverking orebody. Phase 2 drilling intersected visible copper mineralisation in several holes, including intervals of native copper, chalcocite and chalcopyrite. Additional priority targets include a second breccia pipe located approximately 800m from the main Silverking orebody and the Worm Prospect, where a 2km-long structure may represent an extension of the regional mineralised trend that hosts the Kitumba deposit.
