Xtract Resources has commenced a diamond drilling program at the Silverking project in Zambia. The initiative seeks to explore the main copper pipe and evaluate further structures to support future mine development. Xtract’s partnership with Oval Mining Limited allows for a potential 70% interest in the project, enhancing its prospects in the copper sector. The company has a market cap of £4.28 million and a ‘Buy’ consensus rating from analysts.
Xtract Resources Plc has announced the initiation of a diamond drilling program at the Silverking project located in Zambia. This program is designed to advance the project’s development by achieving multiple objectives such as assessing the depth and mineralized width of the primary copper pipe, along with evaluating other structural formations. This drilling effort is conducted in conjunction with a joint venture with Oval Mining Limited and aims to allow Xtract to acquire up to a 70% interest in the project.
The outcomes of the drilling program are anticipated to yield crucial data that will inform future mine development. There is significant potential for establishing a high-grade open pit operation, which could enhance Xtract’s standing within the copper mining industry. As Xtract Resources Plc continues to focus on exploring and developing mineral resources, its activities at the Silverking project constitute a vital aspect of its strategy in the copper mining sector, particularly in Zambia.
Xtract Resources is primarily engaged in mining operations related to the copper sector, positioning itself strategically to capitalize on the growing demand for copper. Presently, the company maintains an average trading volume of 796,920 shares, and the consensus rating from analysts suggests a favorable outlook, with a technical sentiment rating of ‘Buy’. As of now, Xtract has a market capitalization of £4.28 million.
Xtract Resources Plc’s launch of the diamond drilling program at the Silverking project represents a significant advancement in their exploration and development efforts. The initiative, undertaken in a joint venture with Oval Mining Limited, aims to provide valuable insights into the copper resource at the site, potentially positioning Xtract for future growth in the copper mining sector. As the company navigates this project, its strategic focus on mining operations in Zambia remains paramount.
Original Source: www.tipranks.com
