PROJECTS
Virgo Copper Project
Kalahari Copper Belt, Botsawana
Overview
The Virgo Project, comprises two prospecting licences (PL 135/2017 & PL 162/2017)is located in an emerging copper district in the Kalahari Copper Belt covers an area of over 210km2. The Virgo licenses lie within close proximity of larger discoveries, and in particular within 10km and 50km of the Zone 5 and Banana Zone copper projects, respectively, which are known as the two largest copper projects on the Kalahari Copper Belt.
As announced on the ASX on 25 March 2021, ENRG Elements Ltd (formerly Kopore Metals Ltd) executed a binding term sheet with ARC Minerals Limited (AIM:ARCM) (ARC) to assist with ongoing exploration at the Company’s Virgo Project in the Republic of Botswana (Transaction)1.
Pursuant to the terms of the Transaction, the Company agreed to sell 75% of the issued capital in its wholly owned subsidiary company, Alvis-Crest (Proprietary) Limited (Alvis) to ARC.
On 26 July 2021, ENRG Elements Ltd announced that it had satisfied key conditions precedent to the Transaction by entering a binding shareholders agreement and royalty deed with ARC. Closing of the transaction proceeded following receipt of Ministerial approval in Botswana, resulting in ENRG Elements retaining a 25% interest in the Virgo Project.
To view ARC’s recent announcements, please click here.
(1) ASX Release: Virgo Project Transaction With Arc Minerals - 25 March 2021
Map of The Virgo Copper Project and location in the Kalahari Copper Belt, Botswana
