Mount Burgess Mining
Full Mount Burgess Mining profile here
Mount Burgess Mining (ASX: MTB) is focused on resource development/exploration on the company’s extensive adjoining ground holding in Namibia and Botswana on the margins of the Angolan Craton, bordered by a large proterozoic mobile belt.
Mount Burgess Mining to raise funds for Botswana exploration
Wednesday, February 08, 2012 by Bevis Yeo
Mount Burgess Mining (ASX:MTB) has reached agreements to raise A$250,000 through a placement of 41.7 million shares priced at $A0.006 each to fund ongoing exploration and resource development.
At the company’s Kihabe-Nxuu zinc-lead-silver project in Botswana, assays from close-spaced geochemical soil sampling have generated five major zinc-lead geochemical anomalies and one copper-cobalt anomaly that have the potential to increase the company’s resource base.
Mount Burgess is continuing with soil geochemical sampling over several other prospective areas within its 100%-owned 3,000 square kilometre neo-Proterozoic belt.
The company is investigating the metallurgical process of an initial up-front concentration
by way of gravity separation in relation to the oxide zones of mineralisation in both the Kihabe and Nxuu resources.
This pre-concentration could significantly reduce power costs and acid consumption.
Mount Burgess has delineated a combined 25 million tonnes at 3% zinc and lead resource along with 3.3 million ounces of silver at Kihabe and Nxuu.
Nxuu is totally oxidised while Kihabe is oxidised in the top 35 to 50 metres with the remaining resource in sulphide mineralisation.
The wholly owned project is located on the border of Botswana and Namibia about 700 kilometres north-west of the capital, Gaborone, in Ngamiland, and 350 kilometres by road from Maun and 50 kilometres from Tsumkwe, Namibia.
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