Argonaut Resources (ASX: ARE) is progressing the exploration and development of the Lumwana West copper project in Zambia with a non-binding term sheet with a financing partner.
The term sheet covers a proposed option and joint venture agreement over the project. This will overlie the existing Lumwana West Joint Venture Agreement.
Argonaut’s wholly-owned subsidiary, Lumwana West Resources Ltd, has a 90% interest in the Lumwana West Joint Venture.
Lumwana West
The Lumwana West licence area covers numerous prospects, as defined by regional soil geochemistry.
It has a global exploration target of between 1,090 million and 1,560 million tonnes at 0.45% to 0.65% copper.
Drilling is scheduled to start during the dry season in May 2014.
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