THE Australian owned mining conglomerate Blackthorn Resources, this year intends to commence a Definitive Feasibility Study (DFS) on the Kitumba copper project located in Mumbwa, Central Province.
Blackthorn Resources chief executive officer Mark Mitchell said in a statement that the company will fund the DFS, with focus on priority exploration opportunities for copper. “The company will explore a range of asset-level funding options for financing the development of the Kitumba project. Blackthorn Resources will actively explore all avenues to realise shareholder value for the Kitumba project,” Mr Mitchell said.
“The company was now finalising planning for the DFS and expects to begin the process during the current quarter of this year.” Mr Mitchell said the aim of the company was to see value in the Kitumba project recognised through increasing confidence in the technical and implementation plans.
“Immediate tasks will be the critical path drilling programme and the process to identify a study manager, as well as preparing the Mining Licence application for lodgement in July 2014. The company will soon have sufficient funds available to commence and progress the DFS and Mining Licence application processes, and its priority Mumbwa exploration programmes,” he said.
Mr Mitchell further stated that, parallel to the DFS process, Blackthorn Resources now hold fully informed discussions with potential partners for the development of the Kitumba Project, including funding to complete the work programme.
He said Blackthorn Resources would actively explore all avenues to realise shareholder value for the project and secure its progress.