African Pioneer raises funds for Namibia project
London-listed African Pioneer, which owns projects in Namibia, Botswana and Zambia, has raised £420 000 from existing and new shareholders to further develop its Ongombo copper and gold project, in Namibia.
The proceeds will be used for the analysis of gold distribution and association with copper and/or magnetite quartzite and orebody-wide assessment of gold distribution ahead of planning drillholes to test areas with only low-density gold assay analysis; and engagement with external mining and resource advisers who have provided updated resource estimates for the openpit mineralisation and who will provide recommendations for infill drilling and collar locations that will maximise increases in the global resource.
Further, the proceeds will be used to fund planning discussions with the preferred mining contractor for both openpit and underground mining; production scheduling for the 930 000 tonnes openpit; and detailed assessment using external advisers reviewing a range of development options leading to the presentation, to the board, of a proposed development plan.
African Pioneer will also use some of the funds for activities at its projects in Zambia and Botswana.
-MINING WEEKLY
The proceeds will be used for the analysis of gold distribution and association with copper and/or magnetite quartzite and orebody-wide assessment of gold distribution ahead of planning drillholes to test areas with only low-density gold assay analysis; and engagement with external mining and resource advisers who have provided updated resource estimates for the openpit mineralisation and who will provide recommendations for infill drilling and collar locations that will maximise increases in the global resource.
Further, the proceeds will be used to fund planning discussions with the preferred mining contractor for both openpit and underground mining; production scheduling for the 930 000 tonnes openpit; and detailed assessment using external advisers reviewing a range of development options leading to the presentation, to the board, of a proposed development plan.
African Pioneer will also use some of the funds for activities at its projects in Zambia and Botswana.
-MINING WEEKLY
