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Symbol nearly doubles Macy zinc-lead joint venture footprint

Symbol Mining Ltd. said Jan. 7 that it expanded its landholding at the Macy zinc-lead joint venture with partner Goidel Resources Ltd. to 982.8 square kilometers, after the grant of six additional exploration licenses by the Nigerian Mining Cadastre Office.

The tenement applications cover a total of 472.0 square kilometers, which are along strike of the Macy mine.

Further, Symbol and Goidel, which hold the operation on a 60/40 basis, agreed to an amended joint venture deal to introduce a 50-kilometer inclusion zone around the three Imperial joint venture tenements, to grant the joint venture the right to acquire tenements held or acquired by either party within the zone.

Initial work over the new tenements, including a geological review and rock chip sampling program, will begin shortly.

In December 2018, Symbol booked its first profit from the Macy mine after executing a sales contract for the first shipment of direct shipping ore from the operation.

Meanwhile, two additional tenement applications, surrounding the Zurak zinc mine, are expected to be granted by the Nigerian Mining Cadastre Office this month.