Cobre Ltd (ASX:CBE) has completed the acquisition of Triprop Holdings, the registered licence tenement holder for the company’s Ngami Copper Project as well as the northern portion of the Okavango Copper Project in Botswana.
The acquisition involved the issuance of 3,001,300 shares to non-related parties of Triprop, enabling Cobre to move to full ownership of Triprop.
Consequently, this move makes Triprop a wholly-owned subsidiary of Kalahari Metals Ltd, which in turn is a subsidiary of Cobre.
Another positive outcome
Cobre chief executive officer Adam Wooldridge said:
“This is another positive outcome for Cobre to have 100% control of all its subsidiary entities and projects including the Ngami Copper Project, which sits on the prospective northern margin of the Kalahari Copperbelt in Botswana.
“The company has had a strong start to the year with solid progress on the 5,000-metre diamond drill program at Ngami with approximately 3,000 metres of drilling completed ahead of schedule.
“Drill testing of new targets surrounding Comet is nearly complete and the programme will now focus on testing for further high-grade zones of copper-silver mineralisation at Comet following encouraging results from orientation soil and geophysical surveys.”
Another milestone
Cobre initially increased its ownership from 51% to 80% in November 2022, and with this latest move, the company marks the full acquisition of Triprop.
The newly issued shares are subject to a 12-month escrow period, which will expire on February 24, 2024.
Wooldridge adds:
“We look forward to updating the market with results from this important phase of work at the end of the programme when assay results have been completed.
“In addition to the work at Ngami, a second phase of soil sampling at Kitlanya West is scheduled to start this week along with access preparation for the upcoming 10,000-metre aircore drill program.
“Results from these programmes, combined with the collaborative airborne gravity gradient survey being undertaken with Sandfire Resources, are expected to provide several priority targets for drill testing in this emerging new copper district.”
