Cazaly Resources has increased its land position in Namibia after completing the acquisition of the Kaoko Kobalt Project in Kunene Cobalt Province. The company has finalised the formal acquisition of holding company Kunene North Pty Ltd and now has the right to earn a 95% interest in the project.
The project in northern Namibia is primarily prospective for copper-cobalt mineralisation.
The acquisition will give Cazaly 350 square kilometres of ground if the exploration prospecting licence applications are approved.
The Kaoko Kobalt project is immediately north of and abuts Celsius Resources’ Opuwo Cobalt project. Celsius recently announced a maiden resource for the project of 112 million tonnes at 0.11% cobalt and 0.41% copper.
The Kaoko project has only had cursory exploration in the past, the results of which highlighted widespread base metal mineralisation.
Aside from having the potential of about 80km of prospective Dolomite Ore Formation (DOF), a previous regional 1km by 1km soils program delineated a 20km by 5km area of subdued magnetics coincident with anomalous copper-cobalt-zinc-manganese at the Kamwe prospect.
Cazaly has assembled a team of key in-country personnel and is planning its initial exploration work at Kaoko.
This will involve negotiating land access and reconnaissance mapping and sampling of the DOF horizon and the Kamwe target.
The company is also investigating an opportunity to fly a regional electromagnetic survey over a significant area of the project to fast-track targeting areas for drilling.