Aim-listed Critical Metals, operator of Molulu copper/cobalt project, in the Democratic Republic of Congo, has raised about £215 000 in a placing, the proceeds of which will be used for advancing the diamond drilling campaign at Molulu and for the upgrade of the public road to Molulu.
As announced on December 19, the Molulu project has undertaken diamond drilling in Phases 1, 2 and 4, for resource estimation of the copper/cobalt mineralisation in the area in order to update a Joint Ore Reserves Committee- (Jorc-) compliant report.
The planned drill holes were placed in high signature zones shown by magnetics and induced polarisation surveys done within the project area.
Twenty-four holes have been drilled, logged and sampled at Molulu. The outcomes of the drillhole campaign have been encouraging, revealing high-grade copper mineralisation that underscores the remarkable promise of the Molulu project, the company acclaims.
Going forward, drilling is anticipated to restart in January with core logging, scanning X-ray fluorescence analysis, quality assurance/quality control and sampling to begin soon after.
An extension of the drilling plan into Phase 2 and 3 is set to also begin in the first quarter of this year.
The key factors to this drilling programme are to scale out the mineralised zones in all the phases, and to get the grade, mineralogy, thickness and extent of the mineralised beds in each phase.
The drilling data and information is planned to be inserted into the Jorc report, which is expected to be released in the first quarter.
In addition, and as further set out in the company’s announcement in December, the decision has been made to further invest in the public road from the Molulu project to ensure reliable ore delivery at anticipated volumes.
These road improvements also benefit the local community and form a continuing part of our programme of local stakeholder engagement, the company posits.
Improvements to the road include additional grading, ground compacting, with a layer of stones to be placed in the areas of water collection and heavy usage. Such improvements include rainwater drainage points.
A road contractor has already been appointed and the time to improve the road is anticipated to take about 45 days.
Work on the road is scheduled to begin in January and, with these new improvements, the road is expected to be usable for copper ore deliveries for the remainder of the rain season which normally ends in April.
Part of the placing proceeds will be used for the road upgrade.
CEO Russell Fryer has participated in this placement.