BeMetals Corp has entered into a joint exploration and option agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) that aims to provide an initial investment of US$1.5mn for money-in-the-ground exploration at the Pangeni Copper Project in Zambia
This investment from JOGMEC is set to further strengthen BeMetals’ ability to advance the project using its existing technical and local community relationships with Copper Cross Zambia and Pangeni Mineral Resources.
BeMetals is planning to report the analytical results of its 2020 aircore and core drilling exploration programmes in the coming weeks when available for release.
JOGMEC will initially invest US$1mn into copper exploration for the project by 31 March 2021, by way of a cash payment to BeMetals for exploration activities completed in the 2020 field programme and a further US$0.5mn by 31 December 2021, with additional pro-rata funding required for future exploration programmes to earn and maintain its interest in the project.
Upon completion of the above investment, JOGMEC will have earned 27.8% interest of BeMetals' option of up to 72% interest in the property, which will be maintained through ongoing 27.8% pro-rata funding of the project's future exploration expenditures.
BeMetals president and CEO John Wilton stated, “This joint exploration investment from JOGMEC will enhance an already robust project team with additional funding and technical expertise. Importantly it will support our, soon to commence, 2021 field work for our largest single season work plan to follow up on the encouraging results to date and the testing of other high priority copper targets. It will also allow the company to sustain the early stage exploration investments in Pangeni through continued disciplined, efficient money-in-the-ground focused exploration, and shared funding with JOGMEC.”
