Sign up
Mining Capital

Symbol Mining doubles exploration holding in Benue Trough

The company and JV partner Goidel Resources have amended and extended the Imperial Joint Venture agreement.
1546845299_SL1-project-map-757.jpg
472 square kilometres have been added to the JV’s Nigerian landholding

Symbol Mining Ltd (ASX:SL1) has doubled its landholding in Nigeria’s highly prospective Benue Trough after receiving six additional exploration licences.

The licences were received from Nigeria’s Mining Cadastre Office (MCO) for the Imperial Joint Venture and total 472 square kilometres.

This takes the JV’s total landholding in the region surrounding Imperial’s Macy zinc and lead mine to 982 square kilometres.

Symbol holds 60% of the base metals focused JV with Goidel Resources holding the remainder.

Two further applications

A further two tenement applications surrounding the Zurak Zinc Mine are progressing through the approval process and are expected to be granted within a month.

The new tenements make Symbol and its partner Goidel the largest landholder for base metals in Nigeria.

This helps fulfil the company’s strategy to grow in a country that has had little or no modern-day exploration but where substantial high-grade deposits occur.

Aim to expand Imperial project

Symbol’s chief executive officer Tim Wither said the agreement with Goidel and granting of six new tenements from the government doubled the JV’s landholding.

“The granting of the additional licences is in line with our target to expand the Imperial project into a globally substantial and long-term project,” he said.

“These additional licences represent a rare opportunity to secure a growing land position in an underexplored region, where we have significant expertise.”

Geological review

Symbol plans to complete a geological review involving mapping over the new tenements to begin rock chip sampling and geochemistry programs.

Ground geophysical surveys will begin over the entire Macy mining licence in the first quarter of 2019 and continuation of ground geophysical surveys on new tenements could be utilised to target shallow zinc and lead mineralisation.

- Jessica Cummins



Register here to be notified of future SL1 Company articles
View full SL1 profile View Profile
View All

Related Articles

© mining Capital 2019

Mining Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed mining companies to interact with institutional and highly capitalised investors.
Headquartered in London, Mining Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.