Australian explorer Kaoko Metals has raised N$78 million to accelerate drilling at its prospective copper, silver, and gold projects across two Namibian mineral belts.
The miner has raised the funds through an oversubscribed initial public offering.
Kaoko Metals Ltd officially commenced trading on the Australian Securities Exchange (ASX) on Thursday, with proceeds from the capital raise earmarked for exploration at its Chalkos copper-silver project in the Kaoko Copper Belt and the Karibib copper-gold-tungsten project in the Damara Belt.
“With two highly prospective, drill-ready copper projects in one of the world’s most exciting frontier copper provinces and drilling imminent, we are well positioned to rapidly advance exploration and unlock value for our shareholders,” Gerard O’Donovan says.
The company’s flagship Chalkos copper-silver project is located within the underexplored Kaoko Copper Belt, an area increasingly recognised for its potential to host large sediment-hosted copper systems similar to those found in the Central African Copper Belt and Namibia’s Otavi Fold Belt.
According to the company, surface sampling at the project returned copper grades of up to 69.6% copper and 2 grammes per tonne silver, indicating significant exploration potential.
Kaoko Metals says several high-priority drill-ready targets have already been identified at the project, with maiden drilling programmes expected to commence shortly.
The company also pointed to growing exploration success within the region as further evidence of the area’s prospectivity.
Nearby explorer Midas Minerals recently announced a maiden mineral resource estimate of 10.5 million tonnes grading 1.6% copper and 21 grams per tonne silver, including drilling intercepts of 50 metres at 5.55% copper and more than 125 grammes per tonne silver.
The region is also home to the historic Tsumeb Mine, one of the world’s highest-grade base metal mines, which historically produced 1.7 million tonnes grading 4.3% copper.
Meanwhile, Kaoko Metals’ Karibib Project in the Damara Belt is targeting copper, gold and tungsten mineralisation near established mining operations including the Navachab Gold Mine and the Twin Hills Gold Project.
Historical drilling at Karibib reportedly returned results including four metres grading 1.98% copper, 0.92 grammes per tonne gold and 0.72% tungsten from a depth of nine metres.
The company says it plans to undertake systematic exploration programmes across both projects as it seeks to expand Namibia-focused mineral discoveries.
In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.
The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
