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Kopore Metals to acquire 4 copper-silver licenses in Botswana

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Kopore Metals to acquire 4 copper-silver licenses in Botswana

Kopore Metals Ltd. said June 12 that it agreed to acquire four copper-silver prospecting licenses in the Kalahari Copper Belt of Botswana from Virgo Business Solutions in a cash and stock deal.

The licenses cover an area of 767 square kilometers and are located near the Banana Zone and Zone 5 deposits of Cupric Canyon Capital LLC's Khoemacau project.

Under the terms, Kopore must pay A$25,000 in cash and issue 1.5 million fully paid shares to Virgo or its nominee. The shares should be at a 30-day volume weighted average price or not less than a deemed value of 4 cents apiece.

Additionally, the company is required to issue 625,000 shares on the second year of the agreement, and a further A$650,000 worth of shares upon achieving a resource of more than 1 million tonnes of contained copper at a grade of greater than 1.2%.

Kopore plans to conduct an extensive field program in the second half of the year, including mapping and sampling, once its secures the necessary environmental approvals for the area. It also aims to identify targeted zones for subsequent geophysics and drilling programs.

The company recently received approval to drill its Ghanzi West copper prospecting license portfolio in Botswana.