Recent drilling at Monwezi 2 included a hit of 20.2m grading 1.85% copper, with mineralisation extending over a strike length of 300m to a vertical depth of at least 150m.
The mineralised zone has a thickness of about 20m and dips at 40 degrees, while an additional 300m of potential strike has been “sporadically and ineffectively” tested by historical drill holes.
Nzuri believes Monwezi’s copper and cobalt has “the potential to significantly extend the Kalongwe mine life”.
Kalongwe currently has an initial seven-year life producing 19,360 tonnes per annum of copper and 1507tpa cobalt.
The project is slated to cost about US$53 million to get up and running, with financing awaited.
The company recently got a $10 million capital injection from China’s Huayou Cobalt, which now holds a 14.8% stake.
Shares in Nzuri were up 1.7% to A30.5c in morning trade, capitalising the company at $82 million.
The stock was at 15c in October 2017 and reached a 12-month high of 48c last month.
