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Unicorn Mineral Resources PLC on Monday said it is advancing negotiations to acquire a controlling stake in a unnamed copper exploration and development project in Namibia.
The mineral exploration company said it is in ‘preliminary and non-binding’ discussions with the majority and local shareholders of the project, with the goal of signing heads of terms ‘promptly’.
The project covers two granted exclusive prospecting licenses, including an old mine with tailings dams and waste dumps from over 21 years of historical mining activity. Past drilling and sampling work has identified non-JORC compliant copper and silver resources, while Unicorn’s recent site visit revealed visible copper mineralisation at several target areas, suggesting in-situ resources remain.
Unicorn said it has sent collected samples for assay and expects final results and certification later this quarter.
Beyond this opportunity, the company said its consultants have identified additional brownfield mining opportunities and advanced exploration projects, which could serve as a platform for further expansion in Southern Africa.
Shares in Unicorn Mineral Resources were up 4.0% at 5.25 pence in London on Monday afternoon.
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