Kaoko Metals Limited has raised approximately N$78 million (A$6.5 million) through an oversubscribed Initial Public Offering (IPO) to accelerate copper exploration activities across two prospective mineral belts in Namibia.
The Australian mining explorer 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,” said Gerard O’Donovan.
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 Copperbelt 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 2,030 grams per tonne silver, indicating significant exploration potential.
Kaoko Metals said 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 grams 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 grams per tonne gold and 0.72% tungsten from a depth of nine metres.
The company said it plans to undertake systematic exploration programmes across both projects as it seeks to expand Namibia-focused mineral discoveries.
