Copper and base metals developer Oscillate has signed a nonbinding heads of terms agreement with Kalahari Copper to acquire a subsidiary that holds copper and silver exploration tenements, in Botswana.

The acquisition of the Dalsu prospects comprise 17 licences which have been granted or have been applied to be transferred to Kalahari Copper, in the Kalahari Copper Belt and the Bushman Lineament.

The acquisition will occur through a share purchase agreement comprising 30% of Oscillate’s share capital, including a payment of £500 000 to Kalahari Copper.

Oscillate has an exclusivity period to complete due diligence on the Dalsu prospects and enter into final binding documentation by September 30.

Additionally, Kalahari Copper will be able to acquire additional ordinary shares for nil consideration to maintain a 30% holding of Oscillate up to the point where it lists on a more senior stock exchange.

Further milestone payments will be due to Kalahari Copper upon publication of a maiden mineral resource estimate, a prefeasibility study and final investment decision on Dalsu.

The licences of the Dalsu prospects give Oscillate a pathway to 100% ownership of highly prospective copper and silver tenements and one of the largest tenement packages in the Kalahari Copper Belt.

The licences are adjacent to multiple existing mining operations.

Oscillate is targeting unexplored basin margins and strike extension of known deposits with ideal geological position for sedimentary copper.

Initial soil sampling and geophysical exploration programmes having been carried out across some of the licences, in addition to a drill programme comprising 2 084 m of reverse circulation and diamond drilling on the PL 232 cluster of licences, whereby the drilling intersected grades higher than 1% copper in two of the holes.

The Kalahari Copper Belt remains largely underexplored and is regarded as one of the world’s most prospective areas for sediment-hosted copper deposits by the US Geological Survey.

“We are excited to be in a period of exclusivity to document acquiring the Dalsu licences in Botswana, which, from the recent exploration programmes carried out by Kalahari Copper, we believe to be highly prospective. The data indicates elevated copper and silver mineralisation,” says Oscillate CEO Robin Birchall.

He adds that the licences have been shown to be along strike from some globally significant producing copper mines in a first-rate mining jurisdiction. “This is a very important opportunity for Oscillate as we continue to advance our copper and base metals strategy.”