In addition to its mining licences, Moxico holds mineral rights to highly prospective exploration opportunities across Zambia, with the most prospective exploration assets prioritised on the development curve. These are shown on the map in figure 1.

A drilling programme is underway at the Mimbula Copper Project to expand the overall resource base and grade and further delineate the high grade oxide zones. Based on the current JORC reserves and production at the rate of 56,000 tonnes per annum, Mimbula has a life of mine of 13 years which Moxico is confident can be extended further with additional drilling, both infill and near-mine.

Over time, it is expected that the resource for Mimbula will be augmented by assets currently outside the Mimbula, Luano OB18 and Zuka licence areas, such as the Samba North property and, potentially, Nchanga Nose. 

Moxico holds an 81% interest in the Nchanga Nose exploration licence (20752-HQ-LEL) which is underlain by basement rocks and the northern extension of the Lower Roan sequence that hosts the giant Nchanga deposit. Exploration activities to date include ground magnetics and induced polarisation geophysics surveys, soil sampling and pitting to assist in identifying drill targets.

Of the 10 early-stage target testing holes drilled, six intersected mineralisation covering a strike length of about 800 metres and indicating that mineralisation is hosted along the foliation of biotite-quartz schists, in a few occasions in carbonate veinlets. Mineralisation is mainly fine grained to medium grained bornite associated with chalcopyrite and minor pyrite. Interpretation of exploration data compiled is ongoing to generate additional drilling targets.

The area covered by Moxico’s 100% owned Samba North large-scale exploration licence (25685-HQ-LEL) is on trend with the regional faults associated with the Konkola and Nchanga deposits as previously mapped by BHP.

Exploration activities to date include soil sampling, pitting and a ground magnetics survey to identify anomalies for follow-up and to generate drilling targets. Diamond drilling is in the planning to improve our understanding of the prospectivity.

Moxico holds a 72.9% interest in the highly prospective Kalengwa large-scale exploration licence (8584-HQ-LEL).

During its period of production (1968-1978), Kalengwa was the richest copper mine in Zambia by ore grade and produced 140,000 tonnes of copper.

There exists within the Kalengwa licence area stockpiles of material previously mined from the existing open pit. This material sits in 10 piles with varying volumes and grades with an initial total quantity estimated by a land surveyor in 2017 to be about 2.645 million tonnes with an average grade of about 1.08% TCu, although more recent estimations suggest the surface deposits are closer to 4 million tonnes at 0.9% TCu. These stockpiles were drilled by Moxico between November 2018 and February 2019 using reverse circulation to be able to calculate the tonnages and grades with increased confidence and determine the most appropriate metallurgical flow process for the ore material. Studies for the processing of these existing stockpiles are being concluded and an initial plant is planned to be installed to process some of the stockpile material. Whilst the production volume from the initial plant is expected to be modest, important technical and operational data will be collated which will assist with the longer-term vision of completing technical assessments and studies and ultimately developing a new mine in Zambia.

Prior to the drilling undertaken by Moxico, Kalengwa had last been drilled in the period between 1964 and 1968 and there remains significant upside potential for additional ore in and around the open pit and within the greater licence area. Drilling is planned to continue around the existing pit and other high priority targets, and gravity analysis has been concluded which will allow acceleration of a further diamond drill programme.

Moxico’s 100% owned Kalengwa East large-scale exploration licence (22756-HQ-LEL) is contiguous to the Kalengwa licence area to the east and is underlain by similar stratigraphic sequence. To date, soil sampling and anthill sampling campaigns have been carried out with the soil sampling confirming the historical soil anomalies that were followed up with ground magnetics and induced polarisation geophysics surveys.

A total of 1,814 metres of diamond drilling was performed in nine holes, which revealed that the soil copper anomaly is caused by specular haematite associated with elevated copper in one of the anomalies.  Work is currently ongoing to interpret the data generated from exploration activities.

Moxico holds a 90% interest in the Kamikochi large-scale exploration licence (24726-HQ-LEL), which contains three prospects with Kansanshi-style copper-gold stratigraphy and mineralisation with proximity to an intrusive dome. Exploration activities to date include soil sampling, ground magnetics and induced polarisation geophysical surveys, infill soil sampling and pitting.

19 diamond drill holes were drilled in 2021, totalling 2,480 metres, over a strike length of 1,700 metres, of which 11 holes showed visual sulphide copper mineralisation, and laboratory results on three showed intersections of copper and gold that warrant further investigation. Work on the ground magnetics survey, soil sampling and pitting is planned with a view to generate more drilling targets.

Moxico’s 90% owned Kaoma large-scale exploration licence (25726-HQ-LEL) area is in a similar geological setting to the Kamikochi property, with mineralisation expected to be controlled by fault zones which are associated with intrusive rocks that are of the same age as the intrusive rocks  associated with the Kalengwa and Kitumba deposits. Exploration work to date includes a soil sampling programme that revealed three soil anomalies, of which two were observed to be associated with structures as seen from the historical airborne magnetics map.

These anomalies have also been observed to have copper and other elements that are associated with copper-bearing fluid systems, which makes these anomalies suitable to be followed up with infill sampling, before pitting, ground magnetics and eventually drilling can be planned. A third anomaly was identified with a similar strike trend to the other anomalies, which signifies a control by similar underlying structures in the east-west direction. Technical data collated to date is currently under review to generate drill targets.

Moxico’s wholly owned Solwezi East large-scale exploration licence (22800-HQ-LEL) lies 50 kilometres to the east of the town of Solwezi. The Solwezi East licence area is underlain by the same stratigraphy as First Quantum Minerals’ Kansanshi copper and gold mine which is located to the north-west extension of the same rock strike from Solwezi East.

Exploration activities to date include soil sampling to detected soil anomalies, followed by pitting.  Ground magnetics work is planned in order to determine and generate credible drill targets.