Kendrick Resources exercises option for Zambia licence
London-listed Kendrick Resources has, further to its announcement on June 10, exercised its option in relation to the acquisition of the Blue Fox licence, in north-west Zambia.
Accordingly, the company says it is committed to spending not less than $500 000 on assessing and exploring the licence area over the next 30 months.
"We are pleased to have exercised our option over the Blue Fox licence, which is located within the External Fold and Thrust Belt in north-west Zambia, a country well known to the board and where the company has access to a large knowledge base and experienced geological personal,” says executive chairperson Colin Bird.
He says the licence is highly prospective, adding that the External Fold and Thrust Belt which extends into the Democratic Republic of Congo hosts the Tenke Fungurume and Mutanda mines.
As previously announced, the board continues to seek new resource project opportunities in areas where the board has expertise in, including Southern Africa, and is currently also discussing with brokers and third parties to obtain financing for this strategy, he notes.
“We will keep shareholders advised on our progress with this strategy."
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