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Cape Lambert Resources attracts more funds for cobalt-copper project

The Kipushi project consists of a tailings dam and nearby processing plant.
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Shares in the company last traded at 3.3 cents

Cape Lambert Resources Ltd (ASX:CFE) has raised $318,000 in a share placement to sophisticated and professional investors priced at 3 cents per share.

Proceeds will be used to fund exploration at the Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo (DRC) and settle creditors to the value of $18,000.

The Kipushi project consists of a tailings dam and the Kipushi processing plant located adjacent mining licence PE481.

READ: Cape Lambert Resources attracts new capital to advance cobalt-copper project in DRC

In February 2017 Cape Lambert formed a joint venture to develop Kipushi, the Kasombo Copper-Cobalt Projects and operate the Kipushi Processing Plant in the DRC.

Earlier this year, test work at the Kipushi project indicated that the recovery of copper and cobalt in the flotation process would be in the order of 55% to 65% for copper and 40% to 50% for cobalt.

Given the positive leaching results, a separate leaching plant is being considered alongside the flotation plant.

The leaching plant would aim to produce a high-grade copper and cobalt hydroxide product.

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