Xtract Resources has launched a diamond drilling program at the Silverking project in Zambia. This project, developed through a joint venture with Oval Mining Limited, aims to analyze the main copper pipe’s depth and mineralized width, potentially leading to a high-grade open pit operation. Xtract Resources focuses on copper mining in Zambia and currently holds a market cap of £4.28M with a ‘Buy’ consensus rating.
Xtract Resources Plc has initiated a diamond drilling program at its Silverking project located in Zambia. The primary objectives of this program include testing the depth and mineralized width of the main copper pipe and assessing additional geological structures. This program is a collaborative effort with Oval Mining Limited, under which Xtract aims to acquire up to a 70% interest in the project.
The diamond drilling is anticipated to yield critical data that could inform future mine development, potentially establishing a high-grade open pit operation. This advancement may significantly bolster Xtract’s standing within the copper mining industry, enhancing its operations and profitability in this competitive sector.
Xtract Resources focuses primarily on mineral resource exploration and development, notably in the copper mining arena. The company’s operations emphasize projects in Zambia, with the Silverking copper mine being a central focus of its current activities.
The average trading volume for Xtract Resources stands at 796,920, reflecting healthy market activity. The technical sentiment consensus rating for the stock is classified as a ‘Buy,’ indicating positive investor outlook. Currently, the company holds a market capitalization of £4.28 million, positioning it for potential growth in the mining sector.
Xtract Resources’ commencement of diamond drilling at the Silverking project marks a significant step in its exploration efforts. The joint venture with Oval Mining Limited not only allows Xtract to increase its stake in the project but also holds the promise of valuable insights that could facilitate future mine operations. Overall, these developments are poised to enhance Xtract’s market presence in the copper mining industry.
Original Source: www.tipranks.com
