Weatherly recently announced that it has received a letter from Intrepid Mines Limited requesting an extension of the backstop date.
The two parties were expected to work on concluding the deal by the 31 March 2018.
Following the passing of the backstop date, Intrepid have requested an extension to 30 April 2018 in the binding agreement for the acquisition of the Kitumba Project.
“The Company confirms that it will seek to positively engage with Intrepid regarding such extension and will provide an update in due course,” said the Weatherly in a statement.
Kitumba copper development project hosts a JORC-compliant measured and indicated resource of 24.9Mt at a copper grade of 2.32% containing 578,000 tonnes of copper.
Included within this resource is a JORC-compliant reserve of 21.9Mt at a copper grade of 2.20%Cu containing 492,000 tonnes of copper.
In addition, the Kitumba deposit is contained within a granted mining license valid until 2029, while the wider project area also includes four exploration licenses, with a combined current mining and exploration tenure area covering more than 900 square kilometres.
To date an estimated US$30 million or more has been spent on exploration, drilling, metallurgical test work and other studies for Kitumba, and the purchase includes a fully established exploration camp on site.