Redhawk Resources (TSX:RDK), a Canadian resource exploration and development company, will conduct USD1.5m exploration expenditures over 1 year in 4 copper and cobalt projects in north-west Zambia.
It results from an option agreement entered between Redhawk Resources and another private Canadian company, CopperZone Resources.
The option agreement entitles Redhawk to earn a 55% interest in the projects by making exploration expenditures of USD1.5m.
Stephen Barley, Executive Chairman at Redhawk, commented: “We are excited to have entered into the option agreement with Copperzone and launch our entry into the resource rich African mineral sector with a focus on African copper and cobalt. Zambia is internationally recognized as a major producer of copper and cobalt and in 1997 Zambia ranked as the world’s seventh largest producer of copper, generating 3.3% of the western world’s production, and the world’s second highest producer of cobalt (19.7%) behind the leading producer, the DRC […]”
He added: “Copperzone has […] a strong and experienced African operating team to supplement the team that the Company [Redhawk] has been building to assist expansion into Africa.”
Copperzone has been operating in Zambia since 2009 and controls over 4,000 km² of prospective properties in Zambia comprised of 20 separate licenses.