The Mokabe-Kasiri Cobalt-Copper Project
The Mokabe-Kasiri Cobalt-Copper Project is located in the Congolese part of the prolific Central African Copperbelt. It lies approximately 50 km to the north of one of the world’s largest Copper-Cobalt mines, Tenke Fungurume (Tenke). Tenke is currently owned by a consortium which includes Toronto-based Lundin Mining and Phoenix-based Freeport McMoRan. The large Kamoto Copper-Cobalt Mine in the Kolwezi mining district is operated by a joint venture between Glencore and the state owned GECAMINES and is approximately 110 km southwest from the tenements. The Mokabe Cobalt-Copper Project is well-located relative to infrastructure including roads, power and water.
Tenure and Historical Work
The Mokabe Cobalt-Copper Project comprises of a contiguous land package of 116 square km’s (Figure 1). CoCu is in the process of converting the artisanal exploitation licenses to mining prospecting permits
Artisanal miners extract Copper-Cobalt oxide mineralisation (malachite and heterogenite) at several locations within the property area. During a recent reconnaissance site visit several grab samples were collected. Laboratory results have provided an average grade of Cobalt of between 1.6% and 2.9% and of Copper of 1.3% to 9.2%.
Following ongoing negotiations with the introducing party, CoCu Pty Ltd, commercial terms have been revised and RMX may earn up to 90% of the Mokabe Kasari Cobalt-Copper Project via:
1. The issue of 14 million shares in RMX (7.5 million of which will be subject to 12 months escrow)
2. Payment of A$70,000 on commencement of phase 1 exploration;
3. Payment of A$75,000 90 days after phase 1 exploration commencement provided that RMX notifies CoCu that it wishes to continue with the Project; and
4. Payment of US$100,000 on issue of Mining Licence (or equivalent) over Project area or portion thereof.