#DRC #Democratic Republic of Congo #Copper Intelligence #Kitungu Project #Lubumbashi

Copper Intelligence Strengthens Its Position with Kitungu Acquisition

Copper Intelligence (CI) has recently announced the successful acquisition of the Kitungu Exploration Licence (PR-15880), located in a prominent region of the Democratic Republic of Congo (DRC) known for its rich copper resources. The licence covers approximately 764.55 hectares and is strategically positioned about 73 kilometers from the mining city of Lubumbashi. This acquisition marks a significant milestone for CI as the project is surrounded by other active mining operations, including the well-established Kinsvere project that reportedly contains 30 million tonnes of copper at a grade of 3.65%.

The Kitungu area is accessible via national road N5, connecting Lubumbashi to Minga, making it logistically feasible for future exploration and development activities. Andrew Groves, the Chairman of Copper Intelligence, emphasized the importance of this acquisition by citing preliminary drilling results. Notably, one of the tests reported a substantial 82 meters of ore with a copper grading of 1.5%. This suggests a promising future for the project, with the potential to expand the documented resources through further exploration. Groves stated, “The ore bodies are open both on strike and to depth; thus, we expect significant increases in the documented tonnes after continuing drilling to JORC standards.”

Past exploration efforts in the Kitungu project have been undertaken by skilled geologists who adhered to industry-standard practices. Historical data indicates that the site was previously subjected to nine reverse circulation (RC) boreholes, where it was estimated that there are around 18.2 million tonnes of mineralized ore with an average grade of 1.74% copper. CI regards this historical dataset as technically credible, providing a solid foundation for future evaluations compliant with the JORC code, which is essential for resource reporting.

The company has meticulously reviewed, remodeled, and reinterpreted the historical drilling data, leading to a conceptual in-situ copper endowment estimate of about 27 million tonnes, averaging 1.54% copper. This robust estimate is further supported by repeated analyses using various modeling parameters, suggesting that a cutoff grade of 1% Cu may yield an impressive figure of 24.8 million tonnes at an average grade of 1.62%.

Importantly, the previous drilling data implies that the orebody may extend beyond the current coverage area influenced by the nine reverse circulation holes. Given that the drilled area spans only around 700 meters along strike, there is considerable potential to enhance this coverage significantly. This opens up the possibility of increased resource estimates, which is promising for CI’s future operations in the region.

To further evaluate the economic viability of the Kitungu project, the Copper Intelligence technical team has employed a version of the Lerch-Grossman optimizer, confirming the project’s attractiveness for potential investment and development. The acquisition of Kitungu is not just a strategic move within a mineral-rich belt; it reflects CI's commitment to expanding its portfolio and enhancing its position in the global mining sector.

In conclusion, the acquisition of the Kitungu Exploration Licence underscores Copper Intelligence's proactive approach towards harnessing the mineral potential of the DRC. With ongoing evaluations and further exploration in the pipeline, CI is poised to unlock significant value from this promising asset in the near future.